Shares of pharmaceutical maker BioGen spiked on hopes that the company could get its multiple sclerosis pill, BG-12, approved by the Food and Drug Administration.
BioGen develops treatments for multiple sclerosis, cancer and other diseases. Investors are most focused on the prospects for BioGen's MS treatment as analysts have speculated that it could be a billion dollar drug.
In October, BioGen said that patients using BG-12 during a third clinical trial showed significant drops in MS relapse rates.
Analysts estimate that BG-12 could be a $2 billion to $3 billion drug, and become the primary treatment for most MS sufferers. BioGen plans to file for approval with the FDA in early 2012.
BG-12 would round out the company's existing drug portfolio, which helped boost BioGen's third-quarter net income by 38%.
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