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Business Briefing / Pharmaceuticals

Drug's prospects lift Amgen stock

November 06, 2009|Times Wire Reports

Amgen Inc. shares rose after study results for the cancer drug Vectibix led at least one analyst to equate the medicine with rival treatment Erbitux from Eli Lilly & Co.

Vectibix failed to meet a statistical threshold for prolonging lives, the Thousand Oaks company said. Still, the results were like those found in a study of Erbitux, said Geoff Porges, an analyst at Sanford C. Bernstein & Co. in New York.

Amgen is seeking U.S. regulatory approval to promote Vectibix as a first-line treatment.

Its shares rose $1.93, or 3.7%, to close at $54.05.

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