Allergan shares rise following approval

Allergan?s shares have climbed, following a favourable review of the company?s eyelash-enhancing drug.

The company, which makes Botox anti-wrinkle injections, received the endorsement for Lumigan formula.

Designed to be applied once daily, the product aims to enhance eyelashes for patients 18 years old and over.

Shares of the company climbed $1.09 (0.74 pounds) – or 2.8 per cent – to $39.63 in afternoon trading on Monday.

Last month, the chief executive officer of Allergan described the pharmaceutical group’s product pipeline as “really cooking”.

Speaking to the Orange County Register, David Pyott said although 2009 “will be tough”, there is enough in the company’s research and development future to work on.

He added Allergan was planning to launch a product line with Clinique, to be sold exclusively in doctors’ offices.

“Our R&D pipeline is really cooking. If Wall Street drew a straight line, 2009 would be a difficult year for Allergan if we didn’t have those,? Mr Pyott said.

Formed in 1948 – following the creation of Allergan Nasal Drops – the company specialises in neurosciences, eye care, medical aesthetics, medical dermatology, obesity intervention and urologics.

Allergan branched out into the fields of dermal fillers and breast aesthetics in 2006 when it acquired Inamed.