Shares of drugmaker Regeneron (REGN) - Get Report were rising Friday after the company said the European Medicines Agency's Committee for Medicinal Products for Human use has adopted a positive opinion for one of the company's experimental drugs.
The CHMP has recommended that Dupixent, the company's treatment candidate for chronic rhinosinusitis with nasal polyposis, or CRSwNP, be approved as an add-on therapy by the European Commission.
The drug would be the first biologic medicine available in the EU that would treat patients with the disease.
CRSwNP is a chronic upper airway disease that obstructs the sinuses and nasal passages, leading to breathing difficulties, nasal congestion, lowered sense of smell and taste, and facial pressure or pain.
The CHMP's recommendation comes after two phase 3 trials of the drug. The company said that it expects a final decision on the drug's approval by the European Commission "in the coming months."
Regeneron shares gained 3.7% to $296.75 on Friday.