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.