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TORONTO (AP) - Biovail Corp. stock jumped Friday after the company said it had received final approval from the U.S. Food and Drug Administration for a once-daily form of painkiller Tramadol.
Shares of Biovail rose $4.31, or 24 percent, to close at $22.58 on the New York Stock Exchange — above the previous 52-week high of $20.38 set Oct. 28.
The Canadian drug company said early Friday that Tramadol ER received FDA approval for use against moderate to moderately severe chronic pain in once-daily doses. It plans to launch the drug early next year and expects to conclude a marketing partnership soon.
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