Vivus Gains After Panel Backs Its Qnexa Weight-Loss Pill
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Vivus Inc. gained the most in 12 years after the company’s pill Qnexa won the backing of a regulatory panel, moving the drug a step closer to gaining U.S. approval as the first new obesity treatment in 13 years.
Vivus jumped 78 percent to $18.73 at the close of New York trading, its biggest single-day increase since December 1999. Competitor Orexigen Therapeutics Inc. also rose after the Food and Drug Administration advisers voted 20-2 yesterday that Qnexa’s benefits outweigh its risks.