By Colin Kellaher
Shares of Amneal Pharmaceuticals rose nearly 50% on Thursday after it received Food and Drug Administration approval for EluRyng, the first generic version of Merck & Co.'s (MRK) NuvaRing contraceptive.
The Bridgewater, N.J., pharmaceutical company said it was manufacturing EluRyng internally and launching the product Thursday.
Analysts at SVB Leerink said they expect the product will contribute about $35 million in sales and 2 cents in per-share earnings to Amneal next year, assuming no capacity constraints.
Shares of Amneal were recently up 49.4% to $5.20.
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