FDA nod for multiple sclerosis drug Vumerity

The US Food and Drug Administration approved Vumerity (diroximel fumarate), a novel oral fumarate with a distinct chemical structure, for the treatment of relapsing forms of multiple sclerosis (MS), to include clinically isolated syndrome, relapsing-remitting disease and active secondary progressive disease.

Under the terms of an agreement with Ireland-incorporated Alkermes (Nasdaq: ALKS), US biotech major Biogen (Nasdaq: BIIB) holds the exclusive, worldwide license to commercialize Vumerity and intends to make the drug available in the USA in the near future.

Shares of Cambridge, Massachusetts-based Biogen rose 2.6% to $305.25 in early trade, while Alkermes edged down 0.2% to $19.98 by late morning.