Amgen gets FDA approval for heart failure drug Corlanor

Shares of US biotech major Amgen (Nasdaq; AMGN) rose 1.8% to $168.41 in after-hours trading on Wednesday, following the news that the US Food and Drug Administration has granted approval of its heart failure drug Corlanor(ivabradine).

Corlanor is an oral medication indicated to reduce the risk of hospitalization for worsening heart failure in patients with stable, symptomatic chronic heart failure with left ventricular ejection fraction (LVEF) ≤35%, who are in sinus rhythm with resting heart rate ≥70 beats per minute (bpm) and either are on maximally tolerated doses of beta blockers or have a contraindication to beta blocker use. The drug received an expedited review under the FDA’s priority review program.

RBC Capital Markets analyst Michael Yee said that long term Corlanor could become a $500 million a year drug for Amgen.