STOCKS NEWS EUROPE-Lundbeck rises 3 pct after FDA drug approval

Danish drug firm Lundbeck (Copenhagen: LUN.CO - news) rises 3 percent after the U.S. Food and Drug Administration approves its injectable form of Abilify, a treatment for schizophrenia to be sold with Japan's Otsuka.

Lundbeck also outperforms a 0.4 percent gain on Denmark's benchmark OMX Copenhagen 20 equity index.

The approval is the second small boost for the firm in two days after European regulators gave their nod for Lundbeck to start selling its new drug to for alcohol dependency.

Analysts said both approvals were mostly priced in but the firm needs all the good news it can get as it fights falling sales because of generic competition, and heavy investments as it works to bring new products to the market.

The stock fell to its lowest in over 12 years in December but has been rising steadily as investors consider it to be oversold given its promising pipeline of products.

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STOCKS NEWS EUROPE-Lundbeck rises 3 pct after FDA drug approval