Amarin Surges After Court Sides With Company On Vascepa Exclusivity

NEW YORK (TheStreet) -- Shares of Amarin Pharmaceuticals  (AMRN) are surging higher after a U.S. district court sided with the company in its challenge of the Food and Drug Administration’s determination that Amarin’s new drug, Vascepa, is not entitled to a five-year period of market exclusivity under the Federal Food, Drug, and Cosmetic Act. Vascepa is a prescription medicine used along with a low-fat and low-cholesterol diet to lower high levels of triglycerides in adults.

The court granted the company's motion for summary judgment and the decision denying Amarin’s claim for exclusivity was vacated. The matter was remanded to the FDA for proceedings consistent with the court's opinion.

PRICE ACTION: Amarin shares jumped as high as $2.80 following the ruling. In afternoon trading, the stock was up 20% to $2.34.

The Fly is a leading digital publisher of real-time financial news. Our financial market experts understand that news impacting stock prices can originate from anywhere, at anytime. The Fly team scours all sources of company news, from mainstream to cutting-edge, then filters out the noise to deliver short-form stories consisting of only market moving content. Follow @theflynews on Twitter. For a free trial, click here.

More from Investing

In Pugnacious Twitter Rant, Musk Proposes Website for Users to Rate the Media

In Pugnacious Twitter Rant, Musk Proposes Website for Users to Rate the Media

One-on-One With Carnival Corporation CEO Arnold Donald (Watch)

One-on-One With Carnival Corporation CEO Arnold Donald (Watch)

Marc Chaikin's Technical Tools: Cramer's Off the Charts

Marc Chaikin's Technical Tools: Cramer's Off the Charts

Carnival CEO Arnold Donald: China Will Become the Largest Cruise Market

Carnival CEO Arnold Donald: China Will Become the Largest Cruise Market

Bitcoin Today: Prices Plummet Below $8,000 in Market Downturn

Bitcoin Today: Prices Plummet Below $8,000 in Market Downturn