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FDA approves anti-migraine drug from Novartis, Amgen

Shares of drugmakers Amgen Inc. AMGN, +0.49% and Novartis AG NVS, -0.58% rose in after-hours trading Thursday after collectively pronouncing FDA approval of Aimovig, a first-of-its-kind remedy for migraines. In a statement, Novartis stated the Federal Drug Administration authorized Aimovig's use for the preventive remedy of migraines in adults. "Aimovig is the first therapy of its kind targeting the CGRP receptor, and has demonstrated robust efficacy across the spectrum of migraine," Novartis Chief Executive Paul Hudson stated in the statement. "We look forward to working closely with Amgen in the U.S. to bring this treatment to physicians and their patients, who could now gain days of their lives back each month." About 37 million Americans are stated to revel in migraines. The remedy would possibly not come cheap -- the record value is $6,900 a yr, Novartis stated. Amgen shares were up 1.3% after hours, while Novartis used to be up about 0.3%.