By Sabela Ojea
Shares of Harmony Biosciences Holdings on Monday rose after the Food and Drug Administration denied reviewing the company’s patent over a narcolepsy treatment.
At 2:04 pm E.T., shares were up 6.7% at $34.71. The stock has, however, declined 38% since the year started.
The drugmaker said the FDA didn’t validate claims within the patent covering the active ingredient in the medicine Wakix, in line with its expectations.
“This decision not only underscores our confidence in the strength of the Wakix patent portfolio but also reinforces our belief in the potential of the Wakix franchise,” Harmony Biosciences said, noting that its treatment “represents a billion-dollar plus opportunity in narcolepsy alone.”
Write to Sabela Ojea at [email protected]; @sabelaojeaguix
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