Shire boost on FDA move to approve Xiidra eye-drops

Shares in Shire rose to its highest level in 10 months in London after the US Food and Drug Administration approved its Xiidra drops to treat dry-eye disease, the first treatment for the ailment to be approved in more than a decade.

Shares rose as much as 4.8% to the highest price since August 20, but later eased back to 4,855 pence.

Xiidra could become a blockbuster by 2022, with sales of just over $1bn (€905m), according to the average of seven analysts’ estimates compiled by Bloomberg.