Cosmo Pharmaceuticals SpA, an Italian developer of a drug for a type of bowel disease, rose to a record after its U.S. partner Santarus Inc. won regulatory approval for the treatment.
Cosmo climbed 8.1 percent to 37.25 Swiss francs in Zurich, giving the company a market value of 559 Swiss francs ($602 million). Today’s advance was the biggest in over six months, and the stock reached the highest price since the company went public in March 2007. Volume was more than six times the daily average for the past three months.
Santarus won Food and Drug Administration approval to market the drug, Uceris, as a treatment for patients with active, mild to moderate ulcerative colitis, Lainate, Italy-based Cosmo said in a statement today.
Uceris may generate sales of as much as $190 million, according to Peter Welford, an analyst at Jefferies International Ltd. in London.
The disease, which afflicts as many as 700,000 people in the U.S., produces ulcers in the colon that can cause cramping, diarrhea, bleeding, fatigue, weight loss and frequent bowel movements.