Spurred by FDA approval for a subsidiary's abbreviated newdrug approval (NDA) for a hypertension treatment, Ivax Corp.stock on Monday rose $4.63 per share to close at $28.88 inheavy trading.
Elsewhere, stocks posted modest gains. The AMEXBiotechnology Index on Monday was up 0.25 to 160.91, whilethe CBOE BioTech Index gained 1.71 to 153.60. The Dow Jonesaverage was up 1.62 to 3,395.40, and the NASDAQ rose 1.53 to582.36.
Ivax (ASE:IVX) of Miami said the abbreviated NDA is for itsoff-patent pharmaceutical product, 240-mg. Verapamil HCL ERtablets, a sustained-release product for the treatment ofhypertension. Ivax, which is a holding company for BakerCummins Pharmaceuticals Inc., said the drug is a genericequivalent of products marketed by G.D. Searle & Co. under thebrand name Calan and by Knoll Pharmaceuticals under thebrand name Isoptin.
Also on Monday, Paine Webber analyst Ronald Nordmann saidhe upgraded Ivax to a "buy" from "attractive," citing news ofthe Verapamil approval.
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