The stock prices of Amgen (AMGN) and Novartis (NVS) have popped after the pharmaceutical companies won U.S. approval for a new drug that treats migraines.
Aimovig is a monthly shot that’s the first in a new class of anti-migraine treatments, coming at a cost of $6,900 per year without insurance. Amgen and Novartis announced Thursday that the U.S. Food and Drug Administration (FDA) had given it the all-clear.
The new migraine treatment, which can be administered with an autoinjector, should now be available within a week. Amgen and Novartis say Aimovig significantly reduces monthly migraine days.
Amgen’s stock rose 1.2% on the news, while Switzerland’s Novartis was up 0.3% at the time of writing. However, Amgen’s stock price had fallen by 2.1% earlier this week, after Eli Lilly (LLY) reported good results in tests of an Amgen-competing headache drug and Pfizer (PFE) won approval for its version of Amgen’s Epogen/Procrit, a treatment for anemia.
“Migraine is a serious and misunderstood disease with significant gaps in the way it is both perceived and treated,” said Novartis president Fabrice Chouraqui in an announcement about the FDA’s approval of Aimovig.
Around 10 million Americans are thought to suffer frequent migraines, which can cause everything from severe headaches to nausea and light and sound sensitivity.