Pharmacyclics jumps following Imbruvica approval

Pharmacyclics Inc. (NASDAQ:PCYC) jumped $16.25 (15%) to $124.75 on Tuesday, adding $1.2 billion in market cap for a valuation of $9.4 billion. The move comes after FDA granted full approval to Imbruvica ibrutinib from Pharmacyclics and partner Johnson & Johnson (NYSE:JNJ) as first-line therapy for chronic lymphocytic leukemia (CLL) in patients with 17p deletion and to treat CLL in patients who have received at least one prior therapy. The drug already had accelerated approval for the latter indication (see BioCentury Extra, July 28). ...