Novartis Shares Climb on FDA Approval for Hives Drug Rhapsido
The new oral treatment addresses chronic spontaneous urticaria in patients unresponsive to antihistamines, driving shares up over 2.7%.
Shares of Swiss pharmaceutical giant Novartis (NVS) jumped more than 2.7% in active trading after the company announced it had received U.S. Food and Drug Administration (FDA) approval for its new drug, Rhapsido. The market responded positively to the news, with trading volume surging to 2.4 times the daily average as investors welcomed the latest addition to the company's drug portfolio.
The approval marks a significant milestone for patients suffering from chronic spontaneous urticaria (CSU), a persistent and distressing skin condition characterized by hives and swelling. specifically for patients who have an inadequate response to conventional H1-antihistamine therapies. This provides a much-needed alternative for a patient population with limited options.
CSU can be a debilitating condition, and the introduction of an effective oral therapy is a meaningful advancement in dermatological treatment. For Novartis, the approval reinforces the strength of its immunology pipeline and its strategic focus on developing innovative medicines for complex diseases. This successful underscores the company's research and development capabilities in bringing new therapies from the clinical phase to commercial availability.
The green light from the FDA not only validates the clinical efficacy and safety of Rhapsido but also opens up a new revenue stream for Novartis. Analysts will be closely watching the drug's launch and market uptake, which will compete in a growing immunology market. The positive stock performance reflects investor confidence in the drug's commercial potential and Novartis's ability to continue delivering on its promise of medical innovation.