Spin-Off Furiex Pharmaceuticals
Gets FDA Approval For Diabetes Drug -- Stock Surges 49% Today
Furiex Pharmaceuticals (ticker: FURX) received
FDA approval for its new diabetes treatment. The company will
receive a $25 million milestone payment from Takeda, a Japanese
company to which it has licensed the treatment. FURX will
also receive royalties on sales in the U.S. and Japan. Shares
of FURX are up 49.7% this morning.
FURX, which has seen its stock double since
becoming one of our Speculative
Spin-Offs, was spun off from PPD, Inc. in June, 2010.
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