Ardelyx falls after court dismisses lawsuit against CMS over company's kidney disease drug

Ardelyx

08/11/2024 17:44

(Updates)
    ** Shares of drugmaker Ardelyx  ARDX.O  fall 20.61% to a
near one-year low of $5.07
    ** A court dismissed a lawsuit that company filed against
the Centers for Medicare and Medicaid Services over their plan
to include its kidney disease drug in the Medicare payment
bundle system
    ** The drug, Xphozah, was approved in the US last year to
treat high phosphate levels in patients with chronic kidney
disease
    ** The CMS updated regulations to include oral-only
end-stage renal disease drugs and therapies into the bundled
payment beginning Jan. 1, 2025
    ** Ardelyx says it is currently reviewing the District
Court's decision and will consider all options related to the
lawsuit
    ** This will result in incredible harm to dialysis patients
who, as a result of the bundled payment system, are unable to
access the best care and medicine they require — ARDX
    ** Brokerage Jefferies says focus is now back on Congress
and if they can pass HR-5074 in about next 30 days
    ** The bill delays a change to the payment methodology under
Medicare for oral drugs that are used to treat end-stage renal
disease
    ** Stock down ~20% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com))