Shares of Harmony Biosciences Holdings saw an increase on Monday as the Food and Drug Administration (FDA) announced the denial of reviewing the company’s patent for a narcolepsy treatment. Despite this outcome, Harmony Biosciences expressed confidence in the strength of their Wakix patent portfolio and their belief in the potential of the Wakix franchise. They highlighted that narcolepsy treatment alone represents a billion-dollar plus opportunity. This news has brought optimism to investors, leading to the rise in Harmony Biosciences’ share value. The FDA’s decision, while disappointing, does not diminish the company’s belief in the effectiveness and market potential of their narcolepsy treatment.

Source: Wall Street Journal August 28, 2023 23:48 UTC