Ardelyx gains as US FDA greenlights kidney disease-related drug

Ardelyx

18/10/2023 12:26

** Shares of drugmaker Ardelyx  ARDX.O  rise ~17% to $4.04
before the bell 
    ** U.S. Food and Drug Administration (FDA) approved ARDX's
drug to treat high phosphate levels in patients with chronic
kidney disease (CKD) late on Tuesday 
    ** The approval comes more than two years after the drug was
initially rejected 
    ** The drug, branded as Xphozah, is now approved to treat
hyperphosphatemia, a condition resulting in an abnormally
elevated level of phosphorus in the blood 
    ** Co plans to make the drug available in November 
    ** Jefferies analysts said that investors will now focus on
the launch of the drug and its 2024 performance 
    ** Brokerage estimates Q4 Xphozah sales to be minimal around
$1 mln to $2 mln, and about $3 mln for Q1 2024 
    ** As of last close, ARDX was up ~21% YTD 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))