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Santarus rallies after FDA approval, better-than-expected guidance

In last night's after hours session, Santarus (SNTS) announced it received FDA approval of Uceris extended release tablets for the induction of remission in patients with active, mild to moderate ulcerative colitis. The company expects to commence the commercial launch of Uceris in March. Simultaneously, management guided FY13 revenue above expectations. It currently sees FY13 revenue at $320M-$325M, versus consensus of $301.25M. It also expects to meet or exceed its FY12 revenue view of approximately $210M, versus consensus of $209.33M. The positive news sent shares soaring 10.6% to $12.48 in late morning trade on heavy volume.