EUROPE OKS AMGEN DRUG.

Byline: Evan Pondel Staff Writer

THOUSAND OAKS - European regulators on Wednesday approved Amgen Inc.'s rheumatoid arthritis drug Kineret, a move that unlocks a market that could push the product's sales over $350 million.

The drug was approved in the U.S. four months ago, paving the way for its acceptance overseas, where two anti-inflammatory drugs, Enbrel and Remicade, already exist. Kineret is intended for patients who haven't responded to other medications, the Thousand Oaks-based company said.

``This is definitely a positive move for Amgen, but I don't think Kineret's approval in Europe makes that much of difference to Amgen's overall financial health,'' said Sena Lund, an analyst with ABN Amro Inc. in New York. ``The sales potential of a drug like Kineret doesn't have enough momentum to move a large profitable company like Amgen.''

While the drug's annual sales estimates are inferior to the $5 billion in revenues projected for Anemia drugs Aranesp and Epogen, Kineret certainly has an audience in Europe. More than 3 million Europeans suffer from rheumatoid arthritis, a population that's likely to grow exponentially in several years.

``There are many people that are likely recipients of the drug because it works in a different manner compared with the other products on the market,'' said Jeff Richardson, a spokesman for Amgen.

Kineret is intended for patients at least 18 years of age who have not responded to one or more drugs referred to as disease modifying antirheumatic drugs. The drug is injected once a day, each dose containing about 0.67 milliliters, or 100 milligrams.

Amgen shares rose 27 cents to close at $59.86 on Wednesday.