Catalyst spurred by US FDA approval

The US Food and Drug Administration has given Catalyst Pharmaceuticals (Nasdaq: CPRX) approval for Firdapse (amifampridine), a therapy for the rare disease Lambert-Eaton myasthenic syndrome (LEMS).

Shares in the Florida, USA-based firm were boosted nearly 8% in trading on Wednesday. Analysts have forecast that the therapy could ultimately generate annual revenues of over $350 million for the company.

Originally developed by BioMarin Pharmaceutical (Nasdaq: BMRN), the therapy was approved in Europe in 2009 and launched in 2010. Catalyst agreed a licensing deal for North American development in 2012.