Shares of Onyx Pharmaceuticals Inc. (NASDAQ: ONXX) were halted for about half an hour this morning pending an announcement from the company. Shares were up 5.2% when trading in the stock was stopped.
At noon, the US FDA announced that the company’s Kyprolis drug had been approved for treatment of some patients with multiple myeloma, a type of cancer. The FDA said that the drug was approved under the agency’s accelerated approval program.
The FDA press release is available here.
Trading in Onyx shares has not re-opened yet.