JAZZ - Other narcolepsy drug developers down following Takeda drug program suspension

Other drug companies focused on treatments for narcoplepsy are down in trading today following Takeda's (TAK -9.3%) announcement that it is suspending phase 2 studies of narcolepsy treatment TAK-994. Avadel's (AVDL -4.0%) FT218 has an FDA PDUFA date of October 15. The candidate is a new formulation of sodium oxybate to be taken once daily at bedtime. Sodium oxybate is sold by Jazz Pharmaceuticals (JAZZ +6.0%) as Xyrem and Xywav. Jazz is trading up today. Axsome Therapeutics (AXSM -1.3%), which has AXS-12 in phase 2, is down marginally. Needham recently initiated Avadel with a buy rating.

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Other narcolepsy drug developers down following Takeda drug program suspension