Teva Pharmaceutical (TEVA 24.30, +1.45) spiked 6.4%
in premarket after the FDA approved the company's anti-migraine solution for
adults on Friday.
The anti-migraine solution is AJOVY, an injection for the preventive treatment of migraine in adults. The injection represents the first and only anti-CGRP (calcitonin gene-related peptide) treatment for the prevention of migraine with quarterly and monthly dosing options.
The lead investigator of the Phase III trial said that more than 36 mln people in the United States are affected by migraines and that about 40.0% of those affected could be candidates for preventive treatment. Teva's Executive Vice President of global Research & Development talked up the new drug's potential, given the limited availability of preventive treatment options.
The U.S. wholesale acquisition cost of AJOVY is $575 per monthly dose and $1,725 per quarterly dose. The injection will become available through retail and specialty pharmacies in about two weeks. Commercially insured patients may be eligible to have their prescriptions fully covered until the expiration of the promotional offer.
While the FDA approval has boosted shares of TEVA, the stock remains about a point below its high from August. Today's pre-market gain has helped the stock extend its 2018 advance to 28.2%.
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