Wednesday September 9, 11:23 AM
UPDATE 1-Almirall to file for COPD drug in EU; shares rise
MADRID, Sept 9 (Reuters) - Spanish drug company Almirall (Madrid: ALM.MC - news) said on Wednesday it would file its once-daily aclidinium bromide drug for Chronic Obstructive Pulmonary Disease for European approval in early 2010, much earlier than expected, leading to a jump in its share price.
Almirall shares were 4.12 percent higher at 9.10 euros at 0947 GMT following the announcement about the drug, which would treat COPD.
This was 18-24 months earlier than expected, Citigroup (NYSE: C - news) said in a note.
'We currently assume a launch in EU in 2013 with peak sales of the franchise (including the combination with formoterol) of $200 million in Europe based on new trials with twice-daily dosing but more comparable efficacy to market-leading Spiriva,' Citigroup said.
'The early filing is a surprising positive potential catalyst, although it may not lead to substantial number upgrades. It may also re-invigorate the company's search for a European commercial partner for the drug which is ongoing,' it said.
The company was due to hold a conference call on the development at 1330 GMT.
(Reporting by Jason Webb; Editing by Hans Peters)
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