The drug developed by Rigel Pharmaceuticals has been granted approval by the US Food and Drug Administration (FDA) to be used in the treatment of a type of leukemia. As a result, Rigel Pharmaceuticals’ shares have increased by 14% during extended trading.
The medicine that will be sold under the brand name Rezlidhia has been approved by the US Food and Drug Administration to treat patients with susceptible genetic mutations who have a type of bone marrow and blood cancer called acute myeloid leukemia. Data from Rigel Pharma’s mid-stage study, which showed a 35% rate of complete remission of the cancer with a partial or complete recovery in blood count, supported this approval.
Tavalisse, the company’s oral medication for immune thrombocytopenic purpura, a rare bleeding disorder, will receive FDA approval. Through a licensing agreement with Forma Therapeutics, Rigel Pharmaceuticals obtained the right to develop, commercialize, and manufacture Rezlidhia in exchange for Forma Therapeutics receiving a payment of 2 million dollars.
Forma will receive an additional 215.5 million dollars for meeting specific commercial and development goals, in addition to an additional 17.5 million dollars for certain near-term regulatory requirements.
Rigel Pharmaceuticals intends to collaborate with potential partners for the international expansion of the product’s commercialization and development.
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