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Santarus rises as FDA OKs drug

The biotech' shares leapt 11% to 12.52, an 8-year high, after the FDA approved its drug Uceris to treat ulcerative colitis, a form of inflammatory bowel disease. Santarus (SNTS) projects the drug will garner $300 mil in annual sales. The drug will be the 5th commercial product on the market for Santarus, which already sells gastrointestinal drug Zegerid as well as 2 diabetes drugs and the cholesterol-lowering Fenoglide. Uceris is being marketed as a complement to other products for ulcerative colitis, rather than a direct competitor.