Sarepta Stock Rises to Highest Since 2013 as Drug Approved
- Drug will have net cost $300,000 a year, company says on call
- FDA requires more study to prove benefit of the treatment
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Sarepta Therapeutics Inc. won U.S. approval for its drug to treat Duchenne muscular dystrophy, a victory for young patients with a form of the deadly muscle disease and their parents after a long and disputed regulatory review.
The stock rose 74 percent to $48.94, the highest closing price since October 2013. The gain gives Cambridge, Massachusetts-based Sarepta a market value of $2.34 billion, and the positive news from the Food and Drug Administration could make it a much more appetizing -- and expensive -- takeover target.