European Commission's Unprecedented Move Boosts PTC Therapeutics' Stock by 17%

May 20, 2024, 09:22 PM

The European Commission has decided not to adopt the Committee for Medicinal Products for Human Use's (CHMP) negative opinion on the annual renewal of the conditional marketing authorization of PTC Therapeutics' drug Translarna. The decision, described as 'unprecedented' and 'highly unusual,' has sent the matter back to the CHMP for re-evaluation. This move comes despite Translarna's failure in its confirmatory study for Duchenne muscular dystrophy. Following the announcement, PTC Therapeutics' stock ($PTCT) surged by 17%, reaching a nine-month high.