Pharmacyclics Hits Highest Price in Decade on Drug Status
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Pharmacyclics Inc., a drugmaker developing an experimental therapy for blood cancers, rose to its highest level in more than a decade after gaining “breakthrough” status from U.S. regulators.
Pharmacyclics rose 9.5 percent to $77.03 at the close in New York, its biggest single-day increase in a year and the highest price since March 2000. The Sunnyvale, California-based company’s share value has tripled in the previous 12 months.