Genentech vision-loss drug gets FDA approval
Biotech receives green light for potential blockbuster Lucentis.
By Aaron Smith, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) -- The FDA approved Genentech's drug for age-related vision loss, a potential blockbuster that would treat the leading cause of blindness in older people.

Genentech's (up $1.27 to $81.40, Charts) stock climbed nearly 4 percent as the drug, Lucentis, got the green light from the Food and Drug Administration on Friday.

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Lucentis is a treatment for a type of vision loss called wet age-related macular degeneration. Rahul Jasuja, analyst for MDB Capital Group, has projected that the drug, which is injected into the eye once a month, could reach $1 billion in annual sales within three years.

Genentech, the second-biggest biotech in the world, is based in South San Francisco and had $5.5 billion in 2005 sales. The company's top product is Rituxan, a treatment for non-Hodgkin's lymphoma and rheumatoid arthritis, with $1.8 billion in 2005 sales.

Related: FDA approves a new Bristol drug Top of page

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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.