Shares of Endo Pharmaceuticals and its development partner Penwest shot up this morning as news circulated of the FDA's approval of two new versions of its powerful new pain killer Opana. The agency approved an extended-release and immediate-release form of the opiate for chronic and acute pain. Endo officials trimmed their financial outlook on earnings, though, saying that it would bear the full cost of the drug's launch. Endo plans to add 220 sales reps to its current marketing force of 370. Penwest was responsible for developing the successful delivery mechanism for the extended release form.
- here's the AP report on Opana