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Furiex Pharmaceuticals (FURX) Surged To A New High On Milestone Payment News

Furiex Pharmaceuticals Inc. (FURX) announced after the close Friday that Takeda Pharmaceutical received approval from the FDA for three new type 2 diabetes therapies, NESINA and the fixed-dose combination therapies, OSENI and KAZANO, for the treatment of type 2 diabetes in adults as adjuncts to diet and exercise. Furiex is entitled to receive a $25 million milestone payment as a result of this approval, as well as royalties on sales in the United States and potential sales-based milestones.

Furiex Pharmaceuticals gapped open dramatically higher Monday and rose further around the middle of the afternoon. Shares finished up by 14.10 at $35.34 on the highest volume of the year. The stock surged to a new high for the year.

by RTT Staff Writer

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