FDA decision delay sends Sarepta Therapeutic’s share price up by 16 per cent at the open
Sarepta Therapeutic's investors have cheered the news that the US Food and Drug Administration (FDA) will delay its review of one of the firm's key drugs.
Shares in the company climbed by 20 per cent in the pre-market, opening up 16 per cent in New York.
The review is into eteplirsen, a drug that treats Duchenne Muscular Dystrophy.
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In a statement the FDA said:
As mentioned in the company's statement, the FDA contacted Sarepta Therapeutics to let them know we are continuing necessary work on their new drug application for eteplirsen and will not take action by the goal date.
We cannot comment further on the drug review, but you may contact the company for additional details. The FDA is prohibited by law from commenting on pending applications because such information is considered confidential and proprietary to the applicant.
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Today isn't the first time this year the company's share price has made wild swings. Sarepta has posted moves of more than 10 per cent 12 times since January.