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Novartis (NVS) - Get Novartis AG Report received approval from the U.S. Food and Drug Administration for a new tablet to treat adults with relapsing forms of multiple sclerosis, the company announced Wednesday.

Mayzent (siponimod), the first oral drug for secondary progressive MS, is expected to be available in the U.S. in one week, the company said in a statement.

The annual cost will be $88,000, which the company calls "responsible." But independent Boston-based group, Institute for Clinical and Economic Review (ICER), questioned the cost-effectiveness.

"We will find a way to bring it to market, so patients get the best clinical choice," Novartis head of pharmaceuticals, Paul Hudson, told Reuters. "I think we've been very responsible with the pricing of it."

The drug was approved for patients whose MS has "progressed with relapsing forms of multiple sclerosis, to include clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease," the company said.

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The Swiss company is taking regulatory steps to clear the drug for sale in the European Union, Switzerland, Japan, Australia and Canada in 2019.

The stock on Wednesday was trading at $95.07, a gain of 0.05%.

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