Breaking News

Tweet TWEET

Regeneron Gains as Eye Drug Approved for Expanded Use

Regeneron Pharmaceuticals Inc. (REGN) shares climbed to a four-month high after U.S. regulators approved its eye injection Eylea for use against diabetic macular edema, a disease in 1.5 million Americans that’s linked to vision loss.

Regeneron gained 5.8 percent to close at $322.18 in New York, its highest value since March 20. The company has gained 18 percent in the last 12 months.

Eylea, Regeneron’s top drug, was approved yesterday by the Food and Drug Administration for use against the illness, the Tarrytown, New York-based company said in a statement. The clearance came ahead of an expected Aug. 18 approval date.

Eylea is already used in the U.S. for wet age-related macular degeneration, a disease largely affecting people 60 and older. Diabetic macular edema is a complication suffered by diabetes patients, when fluid from blood vessels leaks into the retina and causes swelling, leading to vision loss and eventually blindness.

“Our consultants expect Eylea will rapidly gain share in DME,” Phil Nadeau, an analyst at New York-based Cowen & Co., wrote in a note to clients today. Its dosing is more convenient, and its effectiveness better than existing competitors, he said.

To contact the reporter on this story: Caroline Chen in New York at cchen509@bloomberg.net

To contact the editors responsible for this story: Reg Gale at rgale5@bloomberg.net Andrew Pollack

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.