Reata Pharmaceuticals Inc.’s RETA, +200.38% newly approved treatment for Friedreich’s ataxia will have a wholesale acquisition price of $370,000 per year, the company told investors on Tuesday night. The Food and Drug Administration on Tuesday approved the drug, Skyclarys, which treats a rare nervous-system disease that affects about 4,500 diagnosed patients in the U.S. Reata’s stock was up about 195% in trading on Wednesday afternoon, a day after the FDA approval was announced.
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