Novartis AG (ADR) (NYSE:NVS) is having a relatively rough day in the market today, spending most of the morning in the red. However, that could change due to news that was just released. The FDA has approved Rydapt. At the moment (10:32), NVS is trading at $76.72 per share after a loss of $0.34 per share (0.44%) thus far today.
FDA Approves NVS Rydapt
As mentioned above, the FDA has approved Rydapt by Novartis. The approval is for the treatment of adult patients with newly diagnosed acute myeloid leukemia (AML) who have a specific genetic mutation called FLT3, in combination with chemotherapy. In a statement, Richard Pazdur, M.D., Acting Director of the Office of Hematology and Oncology Products in the FDA’s Center for Drug Evaluation and Research and Director of the FDA’s Oncology Center of Excellence, had the following to offer about the newly approved NVS treatment:
“Rydapt is the first targeted therapy to treat patients with AML, in combination with chemotherapy… The ability to detect the gene mutation with a diagnostic test means doctors can identify specific patients who may benefit from this treatment.”
Stop wasting your time! Find winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching NVS incredibly closely. In particular, we’re interested in the next step, the commercialization of Rydapt, and how the company will go about it. We’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!