Australian drug maker jumps 51% after winning FDA approval


9 October 2019 - Clinuvel Pharmaceuticals surged the most in five years after the U.S. FDA approved its treatment for a rare skin disorder that causes sensitivity to light.

Shares of the Melbourne-based bio-pharmaceutical firm jumped as much as 57% in Sydney, the most since October 2014, after the U.S. allowed the use of the drug Scenesse to treat erythropoietic protoporphyria. 

Clinuvel rose to a record high of A$44.39, valuing the company at A$2.2 billion ($1.5 billion).

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Michael Wonder

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Michael Wonder

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Outcome , Medicine , US