Biogen Inc. /zigman2/quotes/201531540/composite BIIB -0.26% and Alkermes PLC /zigman2/quotes/205084517/composite ALKS -0.26% said Wednesday that U.S. Food and Drug Administration approved Vumerity for the treatment of relapsing forms of multiple sclerosis. Biogen's stock surged 2.2% in premarket trading, while Alkermes' stock was still inactive. Biogen holds the exclusive license to commercialize Vumerity worldwide, and plans to make it available in the U.S. in the near futures. Under terms of the licensing agreement with Alkermes, Biogen will pay Alkermes $150 million in connection with the FDA approval. Biogen shares have lost 1.1% year to date through Tuesday and Alkermes' stock has tumbled 32.2%, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.54% has advanced 21.1%.