Ildong Pharm shares stayed strong on Wednesday after hitting the day’s 30 percent upper limit in early trade on news its U.S. partner Eli Lilly received approval of lasmiditan an innovative migraine therapy, from the Food and Drug Administration.
Ildong holds marketing rights to lasmiditan in Korea and seven other Asian countries.
Ildong Pharm’s stock price finished Wednesday at 19,000 won ($16.39), up 10.79 percent from Tuesday’s closing price.
The FDA approved lasmiditan for the acute treatment of migraine with or without aura, which can appear as flashing lights, zig-zag lines, or a temporary loss of vision shortly before migraine occurs.
The oral tablet formulation is a selective serotonin 5-HT1F agonist that is structurally and mechanistically distinct from other approved migraine drugs. Lilly said the approval of the drug is the first significant advancement for the acute treatment of migraine in more than 2 decades.
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