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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Most stock quote data provided by BATS. Market indices 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.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.