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Bristol-Myers, Pfizer drug OK'd

The FDA approved stroke-prevention drug Eliquis, jointly developed by Bristol-Myers Squibb (BMY) and Pfizer (PFE), well ahead of its March 17 deadline. Still, the drug is a relative latecomer in the race to roll out drugs to replace warfarin, the generic long the standard treatment for blood clots associated with irregular heartbeat. Eliquis will compete with Boehringer Ingelheim's Pradaxa, and Xarelto, a product developed by Johnson & Johnson (JNJ) and Bayer (OTCPK:BAYRY). Bristol-Myers shares rose 2.2% to 32.59. Pfizer rose 0.8% to 25.08.