Incyte Corp. shares soared 10.1% in extremely heavy Wednesday trade after news that it and Eli Lilly & Co. plan to reapply for approval of rheumatoid arthritis drug baricitinib by the end of January 2018, with a decision expected mid-year. Eli Lilly shares rose 2.5% in heavy Wednesday trade. The Food and Drug Administration previously failed to approve the drug, asking for more clinical data on dosage and to clarify safety concerns. The two companies said they had discussed the matter with the FDA in late August and that the resubmission package would include new safety and efficacy data. Baricitinib is intended for moderate-to-severe rheumatoid arthritis, can be taken once a day and is expected to generate more than $2 billion in sales a year. Incyte shares have surged 5.7% over the last three months and Eli Lilly shares have surged 2.8%, compared with a 1.9% rise in the S&P 500 .
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