Updated 3:05pm: Adds a company review, confirmation.
Avadel Pharmaceuticals (NASDAQ: AVDL) an increase of 13% after the court ruled in favor of the patent dispute with Jazz Pharmaceuticals (NASDAQ: JAZZ) related to the drug Xyrem, according to the court decision.
Avadel (AVDL) has been confirmed his victory in a Press release and said the court has ordered Jazz to withdraw US Patent No. 873193 (“”REMS Patent”)) from the FDA’s Orange Book. With the court’s decision, AVDL intends to accelerate the final FDA approval of its Lumryz drug.
“We are pleased with the court’s decision in favor of removing the REMS Patent from the FDA’s Orange Book, which may speed up final approval,” Avadel ( AVDL ) CEO Greg Divis said in a statement.
Last Friday Avadel (AVDL) jumped 29% as the Needham analyst noted that recent comments by the Federal Trade Commission could lead to accelerated approval of its economic lead Lumryz in the US.
Shares of Jazz ( JAZZ ) appeared unaffected by the news and gained 1.7%.
The FDA granted limited approval to Lumryz for the treatment of excessive daytime sleepiness or sedation in adults with sleep disorders in July.