Cephalon shares jump on Fentora decision

Shares of Cephalon surged this morning after the FDA issued an approvable letter for its cancer pain drug Fentora. Cephalon officials said they would respond to the FDA within 60 days. One analyst noted that a 90-day delay in marketing Fentora would actually be to Cephalon's advantage, giving it more time to maximize sales of Actiq before a generic competitor hit the market.

- here's the AP report on Fentora

PLUS: Shares of Celgene were on the rise after the FDA approved a new use for Revlimid as a therapy for a type of blood cancer. Report