Abarelix Drug

Amgen Inc. shares rose 6% after the world's biggest biotechnology company said it acquired a prostate cancer drug that's in the final stages of human testing. Amgen shares rose $4.13 to close at $74.63 on Nasdaq. Amgen announced the acquisition from closely held Praecis Pharmaceuticals Inc. of Cambridge, Mass., after Wednesday's close of U.S. stock markets. It's Thousand Oaks-based Amgen's first acquisition since 1997 and would bolster its late-stage pipeline of new drug candidates.

Amgen Inc.'s experimental prostate cancer drug lowers levels of testosterone more quickly than drugs from competitors of the world's biggest biotechnology company, a new study shows. Researchers from closely held Praecis Pharmaceuticals Inc., which licensed the drug abarelix to Thousand Oaks-based Amgen in March, found that patients taking it had an immediate and sustained decrease in testosterone, which can worsen the cancer.

Amgen Inc.'s experimental prostate cancer drug lowers levels of testosterone more quickly than drugs from competitors of the world's biggest biotechnology company, a new study shows. Researchers from closely held Praecis Pharmaceuticals Inc., which licensed the drug abarelix to Thousand Oaks-based Amgen in March, found that patients taking it had an immediate and sustained decrease in testosterone, which can worsen the cancer.

Amgen Inc. shares rose 6% after the world's biggest biotechnology company said it acquired a prostate cancer drug that's in the final stages of human testing. Amgen shares rose $4.13 to close at $74.63 on Nasdaq. Amgen announced the acquisition from closely held Praecis Pharmaceuticals Inc. of Cambridge, Mass., after Wednesday's close of U.S. stock markets. It's Thousand Oaks-based Amgen's first acquisition since 1997 and would bolster its late-stage pipeline of new drug candidates.