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 sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

August 28, 2023 14:31 ET (18:31 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
Harmony Biosciences (NASDAQ:HRMY)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024 Click aqui para mais gráficos Harmony Biosciences.
Harmony Biosciences (NASDAQ:HRMY)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024 Click aqui para mais gráficos Harmony Biosciences.