Biogen stock rose on the news of FDA granting approval to its Tysabri drug earlier known as Antegren. Although the approval had long been expected, Wall Street was applauding the confirmation of the good news.
Biogen’s shares traded at $58.55, $1.12, or 1.9% up.
FDA’s approval of the new anti-multiple sclerosis led Standard & Poor's to contemplate an upgrade in Biogen Idec Inc.'s corporate credit rating that is now one step under "investment grade" at "BB+". Credit analyst Arthur Wongasid that "Standard & Poor's will take into account Biogen Idec's improving product prospects in evaluating the potential for an upgrade of the company."