Algeta Surges to Record After Prostate Cancer Drug Approval

Algeta ASA (ALGETA), the Norwegian drugmaker developing a treatment for prostate cancer with Germany’s Bayer AG (BAYN), rose to a record in Oslo after winning U.S. approval for the medication.

Algeta, based in the Norwegian capital, surged as much as 18 percent to 245.4 kroner, the highest intraday level since listing in March 2007, and was up 7.7 percent as of 9:45 a.m. in the Norwegian capital. More than 627,000 shares have traded so far today, more than five times the three-month average daily volume.

The Food and Drug Administration cleared the medicine more than three months early for patients whose disease has spread to their bones, the agency said yesterday. The drug, Xofigo, is designed treat the secondary cancer that has settled in bones.

Algeta signed an agreement in 2009 for Leverkusen, Germany-based Bayer to develop the treatment. The companies will co-promote the drug and split profit from sales in the U.S., Algeta said in a statement in April 2012.

To contact the reporter on this story: Stephen Treloar in Oslo at streloar1@bloomberg.net

To contact the editor responsible for this story: Christian Wienberg at cwienberg@bloomberg.net

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