Drugmaker Schwarz Pharma Gets Nod for Parkinson's Drug

Drug maker Schwarz Pharma said Tuesday that its Neupro treatment for Parkinson's disease has received approval in Europe to treat the illness in its advanced stages.

The drug was first approved in March 2006 in Europe to treat early stages of the illness in March 2006 and is available in Germany, Austria, Switzerland, Britain, Ireland, Denmark, Norway, Sweden, Greece and Spain.

The company, which is set to become part of Belgium's UCB in a 4.4 billion euro ($5.7 billion) deal, has said that sales of the drug could reach as much as 350 million euros annually.

Shares of Schwarz Pharma were up more than half a percent to 106.13 euros in Frankfurt trading.