Amneal Pharma Stock Rises On FDA Approval For Generic Version Of AbbVie’s Eyedrops

Amneal Pharmaceuticals (AMRX) said on Tuesday that its generic equivalent of AbbVie's (ABBV) eyedrops received approval from the U.S. Food and Drug Administration.

The company’s Bimatoprost ophthalmic solution 0.01% is indicated for reducing high eye pressure in patients with open-angle glaucoma or ocular hypertension. It is a generic equivalent of LUMIGAN 0.01%, whose design is a trademark of AbbVie’s Allergan.

Shares of the company rose 5% in the pre-market session at the time of writing. On Stocktwits, the retail sentiment around AMRX stock jumped from ‘neutral’ to ‘bullish’ territory over the past 24 hours, while message volume rose from ‘low’ to ‘normal’ levels.

The New Jersey-headquartered company said the most common adverse reaction associated with the use of eyedrops is conjunctival hyperemia or redness of the eye. The company expects the solution to be a key growth driver for its Affordable Medicines portfolio.

“As the prevalence of glaucoma continues to rise, particularly among the aging population, it is critical that patients and providers have affordable access to effective treatments such as bimatoprost. This represents our most recent complex new product approval this year…,” company executive Srinivas Kone said. Open-angle glaucoma is a progressive eye disease that involves optic nerve damage and vision loss due to high eye pressure.

Earlier this month, the company also announced FDA approval for its sodium oxybate oral solution 500 mg/mL indicated for the treatment of cataplexy or excessive daytime sleepiness (EDS) in patients with narcolepsy. Narcolepsy is characterized by excessive daytime sleepiness, sudden sleep attacks, and cataplexy, a sudden loss of muscle control often triggered by emotions.

AMRX stock is up by 26% this year and by about 17% over the past 12 months. 

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