Mylan rallies on FDA approval of biotech drug similar to Amgen's

U.S. shares of Mylan NV MYL, -0.88%rallied in the extended session after the drug maker received Food and Drug Administration approval for a biologic drug that is similar to one made by Amgen Inc. AMGN, +1.02%Mylan ADRs surged 4.7% after hours, while Amgen shares declined 1.9%. Mylan closed down 0.

9% at $38.50 in the regular session, while Amgen finished up 1% at $185.44. Mylan said it received FDA approval of a drug biosimilar to Neulasta, which is made by Amgen. Mylan's version, called Fulphila, is approved to treat chemotherapy patients with low white-blood-cell counts. Mylan said it hopes to launch Fulphila in the coming weeks. Amgen reported worldwide Neulasta sales of $4.53 billion in 2017.