Baxalta (BXLT) Stock Rises on FDA Drug Approval
NEW YORK (TheStreet) -- Baxalta (BXLT) stock is soaring by 1.95% to $34.45 in mid-morning trading on Monday, after the company's hemophilia treatment received U.S.regulatory approval.
The Bannockburn, IL-based pharmaceutical company treats under-served conditions in oncology, hematology and immunology.
On Friday, the U.S. Food and Drug Administration announced its approval for Baxalta's latest treatment for hemophilia. The disorder, in which one's blood does not clot normally, is characterized by frequent hemorrhages.
The drug, called ADYNOVATE, will be available in the U.S. in weeks, the company said in a statement.
"As the first new product approved under the Baxalta name, ADYNOVATE represents a major milestone in achieving our goal of 20 product launches by 2020 and continuing to expand our world-leading hemophilia treatment portfolio," CEO Ludwig Hantson said in a statement.
Additionally, Baxalta also announced today that a facility in Singapore received FDA approval to manufacture a different treatment for hemophilia.
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