(Bloomberg) — Drugmaker Alkermes PLC (Nasdaq:ALKS) rose in early trading Tuesday after receiving U.S. regulatory approval for a schizophrenia treatment.
Alkermes’s drug, called Aristada, is a long-acting injectable medicine with options to be taken once monthly or every six weeks, the company said Monday in a statement announcing the U.S. Food and Drug Administration (FDA) approval. The treatment is intended as an alternative to oral anti-psychotic medications taken daily. In a final-stage trial, Aristada helped reduce patients’ schizophrenia symptoms.
Shares of the Dublin-based biotechnology company rose 4.2 percent to $62.30 in early trading Tuesday.
Alkermes, which focuses on central nervous system diseases, is developing another schizophrenia drug, ALKS 3831, which is in clinical trials, as well as treatments for multiple sclerosis and major depressive disorder.