Ardelyx (ARDX) shares fell nearly 22% in recent trading Friday after a federal judge dismissed the company's lawsuit against the Centers for Medicare and Medicaid Services.
The company was looking to block the health agency's plan to include Xphozah and other oral-only phosphate lowering therapies in its end-stage renal disease prospective payment system. It argued that the plan would make it difficult for patients to access the drugs.
However, Judge Beryl Howell of the US District Court for Washington, DC, decided against Ardelyx and allowed CMS to move forward with its rule which would take effect starting in 2025.
Ardelyx said it was reviewing the court's decision and will consider all options related to the lawsuit.
Ardelyx was joined by the American Association of Kidney Patients and the National Minority Quality Forum in the lawsuit.
Price: 4.99, Change: -1.40, Percent Change: -21.87
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