US FDA approves Alkermes' schizophrenia drug Aristada

Ireland-headquartered biotech firm Alkermes (Nasdaq: ALKS) on Tuesday said the US Food and Drug Administration has approved its drug to treat schizophrenia and that it is looking to immediately launch the product.

Alkermes expects to price the product at $1,500 per script, in line with other available treatments in the class, the company said in a conference call.

Aristada (aripiprazole lauroxil) is the first atypical antipsychotic injection, which will be available as a once-monthly and six-week dosing options the company said in a statement.