Ardelyx shares climb as kidney-disease drug gets green light from Japanese regulators

Ardelyx Inc. shares (ARDX) gained 6% premarket on Monday after the company announced that its partner Kyowa Kirin Co. Ltd. received Japanese regulatory approval for tenapanor for patients with chronic kidney disease on dialysis. Tenapanor was approved for the improvement of hyperphosphatemia, a sign of kidney damage, in adults with the condition, Ardelyx said in a release. The approval triggers $30 million in milestone and licensing payments to Ardelyx from Kyowa Kirin as well as up to $10 million in additional payments from Healthcare Royalty Partners, Ardelyx said. The company is also seeking U.S. regulatory approval for tenapanor, with a decision expected by Oct. 17. Ardelyx shares have gained 38.6% in the year to date, while the S&P 500 has gained 12.5%.

-Eleanor Laise

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09-25-23 0806ET

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