Regeneron Surges on VA Order to Drop Avastin for Eyes
This article is for subscribers only.
Regeneron Pharmaceuticals Inc. shares surged to a 20-year high on a Department of Veterans Affairs decision to stop using Roche AG’s cancer drug Avastin to treat an eye disease as it investigates reports of serious infections and blindness.
Regeneron, the developer of a rival drug for the condition, rose $5.93, or 9.2 percent, to $70.28 at 4 p.m. in Nasdaq Stock Market trading, after reaching $79.90, the highest since April 3, 1991. Roche rose less than 1 percent to close at 138.9 Swiss francs before the VA decision was reported.