UPDATE 1-FDA OKs Cangene's human growth hormone injection

(Adds details)

TORONTO, Jan 24 (Reuters) - Cangene Corp (CNJ.TO) said on Thursday that the U.S. Food and Drug Administration has approved its Accretropin recombinant human growth hormone injection.

The company also said that it, along with its majority shareholder and development partner Apotex Group, a privately held Canadian drugmaker, are assessing current market conditions and patent issues to determine an overall strategy for the product.

The drug is targeted for treatment of pediatric patients who have growth failure due to an inadequate secretion of normal endogenous growth hormone, or for treatment of short stature associated with Turner Syndrome in pediatric patients whose epiphyses are not closed.

Cangene shares were up 60 Canadian cents, or 9.1 percent, at C$7.20 on the Toronto Stock Exchange on Thursday, off the 52-week low of C$6.60 at which they closed on Wednesday. (Reporting by Scott Anderson; Editing by Peter Galloway)