San Diego-based Ligand Pharmaceuticals Inc., in its partnership with New York-based drugmaker Pfizer Inc., has received U.S. approval for its drug that treats hot flashes and osteoporosis.

Shares for Ligand shot up 7 percent following the announcement, closing day trading Oct. 3 at $47.99 per share. The company showed a market capitalization of $980.9 million.

The U.S. Food and Drug Administration approved the drug, called Duavee, for its use to treat menopause-related hot flashes in women who haven’t had a hysterectomy. It will also be used in preventing post-menopausal osteoporosis.

The medicine will be available in the first quarter of 2014, Pfizer said in a statement.

— Meghana Keshavan