Clinuvel Pharmaceuticals has suddenly become a $2.2 billion company after a surge of buying triggered by US Food & Drug Administration approval for the company's drug Scenesse to be used on patients in the vast US market.
Shares in the pharmaceuticals group soared 60 per cent to $45 on Wednesday after FDA approval was announced for Scenesse, which is used to treat a rare skin disease that causes extreme sensitivity to light.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
