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Sarepta Stock Rises to Highest Since 2013 as Drug Approved

Drug will have net cost $300,000 a year, company says on call
FDA requires more study to prove benefit of the treatment

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September 19, 2016, 1:58 PM UTCUpdated onSeptember 19, 2016, 9:14 PM UTC

Sarepta Therapeutics Inc. won U.S. approval for its drug to treat Duchenne muscular dystrophy, a victory for young patients with a form of the deadly muscle disease and their parents after a long and disputed regulatory review.

The stock rose 74 percent to $48.94, the highest closing price since October 2013. The gain gives Cambridge, Massachusetts-based Sarepta a market value of $2.34 billion, and the positive news from the Food and Drug Administration could make it a much more appetizing -- and expensive -- takeover target.