NEW YORK (AP) — Shares of Jazz Pharmaceuticals Inc. skyrocketed Thursday after the company said its experimental pain disorder drug met key goals in reducing pain in fibromyalgia patients.
The late-stage study results confirm prior late-stage data for JZP-6, which contains the same active ingredient found in Xyrem. That drug is already approved as a sleep disorder treatment.
The company expects to ask the FDA to approve the drug as a fibromyalgia treatment by the and of 2009. Fibromyalgia is a pain disorder.
Jazz shares surged $1.50, or 46 percent, to $4.75 in morning trading. The stock has traded between 52 cents and $8.95 over the last 52 weeks.