Drug indexes flat; Endo climbs on FDA nod

The drug sector’s two main indexes were virtually flat in early action Thursday as shares of Endo Pharmaceuticals gained on news that U.S. regulators had approved its topical testosterone product Fortesta.

Endo /quotes/comstock/15*!endp/quotes/nls/endp (ENDP 36.03, +0.81, +2.30%) shares were up 3%.

Late Wednesday, Endo said the U.S. Food and Drug Administration had given the green light to Fortesta for the treatment of low testosterone, or hypogonadism, in adult males.

Endo plans to launch the product in the U.S. in early 2011.

Shares of Peregrine Pharmaceuticals /quotes/comstock/15*!pphm/quotes/nls/pphm (PPHM 2.15, -0.17, -7.33%) were down 6%. According to a media report, the drug maker is considering selling around $75 million of its common stock.

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- Posted: 2010-12-30 09:09:08

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