Intermune Gets EU Advisory Nod; Shares Boom

12/17/10

Intermune (NASDAQ: ITMN), the Brisbane, CA-based maker of a drug for a deadly lung disease called pulmonary fibrosis, said today that it has won a positive recommendation for its treatment from a panel of expert advisors to European Union regulators. The Committee for Medicinal Products for Human Use of the European Medicines Agency recommended that Intermune’s pirfenidone (Esbriet) be cleared for sale in Europe. Shares of the company more than doubled today on the news, rocketing to $34.05 a share at 1:21 pm Eastern today. The news came after Intermune failed to win approval from U.S. regulators back in May.

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