Clovis Oncology's stock is soaring.
The cancer drug company's stock is up 30% — after being briefly halted for volatility — on the news that the FDA is going to evaluate Clovis' ovarian cancer drug, rucaparib, for approval. The agency should give Clovis an answer on whether they'll approve the drug by February 23, 2017.
Rucaparib is a PARP inhibitors, a new type of medicine that blocks a particular enzyme that's used by our cells to repair DNA so that tumors can't survive. This is the same drug that Pfizer sold the rights to in 2011, and has since picked up a competing drug in its $14 billion Medivation acquisition.
Here's the chart right after the news release dropped.
NOW WATCH: This lunch box for adults could change the way you eat
See Also:
- The maker of the EpiPen is tanking after it was called out for hiking the drug's price by over 500%
- Guys, these are the most comfortable jeans you'll ever wear
- Iran's pharmaceutical ambitions are a Catch 22
SEE ALSO: Pfizer spent $14 billion on a company with just one approved drug — here's why that's a game changer
DON'T MISS: The FDA asked this company for some data, and its stock fell 72%
