Australian Drug Maker Jumps 51% After Winning FDA Approval

Clinuvel Pharmaceuticals Ltd. surged the most in five years after the U.S. Food and Drug Administration approved its treatment for a rare skin disorder that causes sensitivity to light.

Shares of the Melbourne-based bio-pharmaceutical firm jumped as much as 57% in Sydney, the most since October 2014, after the U.S. allowed the use of the drug Scenesse to treat erythropoietic protoporphyria. Clinuvel rose to a record high of A$44.39, valuing the company at A$2.2 billion ($1.5 billion).