BUSINESS BRIEFING / PHARMACEUTICALS
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Amgen Inc. shares rose after study results for the cancer drug Vectibix led at least one analyst to equate the medicine with rival treatment Erbitux from Eli Lilly & Co.
Vectibix failed to meet a statistical threshold for prolonging lives, the Thousand Oaks company said. Still, the results were like those found in a study of Erbitux, said Geoff Porges, an analyst at Sanford C. Bernstein & Co. in New York.
Amgen is seeking U.S. regulatory approval to promote Vectibix as a first-line treatment.
Its shares rose $1.93, or 3.7%, to close at $54.05.
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