FDA approves Anika Therapeutics arthritis drug; shares soar

Anika Therapeutics Inc said the U.S. Food and Drug Administration approved its drug to treat pain and improve joint mobility in patients with osteoarthritis of the knee, more than four years after it first filed for approval. The company’s shares rose about 33 percent to $45.98 in extended trading after the approval for Monovisc, which is already sold in Canada, the United Kingdom and countries in the Middle East, Europe and Asia. “Management did a tremendous job in pushing forward through multiple rejections at the FDA,” Summer Street Research analyst Mark Landy said. “We believe this product will be competitive in a market that is becoming more focused on single-shot injections.” Sanofi SA and Zimmer Holdings Inc also market single-injection treatments for osteoarthritis of the knee.