July 26, 2013 / 8:26 AM / 6 years ago

Galenica shares leap after U.S. approval for anaemia drug

ZURICH, July 26 (Reuters) - Shares in Swiss healthcare company Galenica climbed by more than 8 percent after it announced on Friday that U.S. healthcare regulators had approved its iron deficiency treatment Injectafer.

Galenica said that the U.S. Food and Drug Administration had given the nod to Injectafer for the treatment of Iron Deficiency Anaemia (IDA) in adults who have had an unsatisfactory response to oral iron treatments.

IDA occurs when the body lacks sufficient iron for normal production of red blood cells and can cause tiredness, shortness of breath and a pale complexion. An estimated 7.5 million people suffer from the condition in the United States, Galenica said.

Vontobel analyst Carla Baenziger said she was surprised the drug had been given full approval and upgraded her rating on the stock to “hold” from “reduce”, with a new target price of 583 Swiss francs.

Shares in the company were trading up 8.2 percent by 0818 GMT, compared with a flat European healthcare sector index .

Galenica’s U.S. partner, Luitpold Pharmaceuticals Inc, will launch the drug immediately. The drug, branded as Ferinject in the United States, will be manufactured in Columbus, Ohio. (Reporting by Caroline Copley; Editing by David Goodman)

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