Ardelyx falls after court dismisses lawsuit against CMS over company's kidney disease drug
Updates
** Shares of drugmaker Ardelyx ARDX.O fall 20.61%to a near one-year low of$5.07
** A court dismissed a lawsuit that company filed against the Centers for Medicare and Medicaid Services over their plan to include its kidney disease drug in the Medicare payment bundle system
** The drug, Xphozah, was approved in the US last year to treat high phosphate levels in patients with chronic kidney disease
** The CMS updated regulations to include oral-only end-stage renal disease drugs and therapies into the bundled payment beginning Jan. 1, 2025
** Ardelyxsays it is currently reviewing the District Court's decision and will consider all options related to the lawsuit
** This will result in incredible harm to dialysis patients who, as a result of the bundled payment system, are unable to access the best care and medicine they require — ARDX
** Brokerage Jefferies says focus is now back on Congress and if they can pass HR-5074 in about next 30 days
** The bill delays a change to the payment methodology under Medicare for oral drugs that are used to treat end-stage renal disease
** Stock down ~20%YTD
Reporting by Sriparna Roy in Bengaluru
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