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NeuroSearch A/S (NEUR) jumped the most on record in Copenhagen trading amid speculation U.S. authorities will approve a second obesity medicine in less than three weeks, reviving interest in the Danish drugmaker’s treatment.
NeuroSearch climbed as much as 160 percent, the most since 1996. Stock in Ballerup, Denmark-based company rose 2.60 kroner, or 52 percent, to 7.60 kroner, the biggest advance since February 2010, at 1:47 p.m. local time.
“It may have to do with the possible FDA approval of Qnexa,” said Rene Schneider, the chief executive officer of NeuroSearch. “I can only speculate.”
The U.S. Food and Drug Administration faces a July 17 deadline to rule on Vivus Inc’s Qnexa. The agency last month approved Arena Pharmaceuticals Inc. and Eisai Co.’s Belviq. The first obesity drug in 13 years to gain FDA backing, Belviq may have sales of $2 billion by 2020, according to Edward Tenthoff, an analyst with Piper Jaffray & Co. in New York.
NeuroSearch has said it wants to out-license or sell its experimental obesity treatment tesofensine to focus on a medicine to treat Huntington’s disease. The drugmaker hasn’t actively developed tesofensine in the past two years, according to its website.
Arena is projected by analysts to increase revenue 18-fold in the next four years, the fastest growth in the world among specialty pharmaceutical companies greater than $1 billion, according to data compiled by Bloomberg.
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