Neurocrine stock up 3% on higher-dose approval of tardive dyskinesia drug
Neurocrine Biosciences Inc. (NBIX) shares rose 3% in premarket trade Thursday after the company said the Food and Drug Administration has approved a higher, 80 mg dose of its tardive dyskinesia drug. The 40 mg dose of Ingrezza was approved in April, making it the first approved for the neurological disorder. The higher dose capsule of Ingrezza is expected to be available within two weeks through a certain pharmacy network, Neurocrine said. Neurocrine said in April that it planned to price the $64,000-a-year drug "essentially the same" at different dose levels so patients could focus on their treatment. However, the lower dose became available first due to issues formulating the higher dose, meaning that patients on the higher dose would be charged twice the price, MarketWatch reported in May (http://www.marketwatch.com/story/neurocrine-biosciences-new-drug-may-cost-patients-taking-recommended-dose-twice-as-much-as-expected-2017-04-26). Chief Executive Kevin Gorman told MarketWatch in May (http://www.marketwatch.com/story/why-neurocrine-is-charging-twice-as-much-for-its-new-drug-as-it-said-it-would-2017-05-02)that the situation would be temporary, only lasting until the 80 mg dose was approved, and would have a "de minimis" revenue effect because a slow launch was expected. Neurocrine did not immediately provide a price for the 80 mg dose. Neurocrine shares have surged 30.4% over the last three months, compared with a 4.3% rise in the S&P 500 .
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