BOSTON (AFX) -- Drug stocks finished the week higher on Friday, with Sanofi-Aventis being an early gainer after an E.U. advisory committee recommended approving its two of its weight loss drugs.
The Amex Pharmaceutical Index advanced 1% to 332.50 and the Amex Biotechnology Index inched up 0.1% to 682.45.
European conglomerate Sanofi-Aventis jumped 2% to close at $47.04 after hitting a session high of $47.59. Earlier Friday, the E.U.'s Committee for Medicinal Products for Human Use recommended approval of Sanofi's Acomplia and Zimulti. The committee also gave the green light to its rotavirus vaccine RotaTeq, which is co-marketed with Merck.
The committee also gave the nod to GlaxoSmithKline's diabetes medication Avaglim. Glaxo shares were up for the second day in a row, following a solid first quarter earnings report, issued early Thursday.
Glaxo shares hopped 3% to $56.88.
Pfizer likewise gained on word that the E.U. committee also gave the thumbs up for its renal cancer drug Sutent. Pfizer was up 2% at $25.33.
Meanwhile, Millennium Pharmaceuticals slid 4% to close at $9.08. Analysts at Bank of America lowered their rating of the biotech group to sell, with a price target of $7.00. This story was supplied by MarketWatch. For further information see www.marketwatch.com.