By Mary de Wet
Gemini Therapeutics shares were up 18% at $1.83 in premarket trading Tuesday after its merger target, Disc Medicine Inc., received orphan drug designation for bitopertin.
The stock is down about 47% for the year.
Gemini Therapeutics said in August that it agreed to merge with the clinical-stage biopharmaceutical company in a stock swap that would result in Disc shareholders owning more than 70% of the combined company.
On Tuesday, Disc said the Food and Drug Administration had given the designation to bitopertin to treat erythropoietic protoporphyria, a rare disease that causes severe reactions when patients are exposed to sunlight.
The FDA's orphan-drug program gives special status to drugs and biologics for diseases and disorders that affect fewer than 200,000 people in the U.S., and provides for an extended marketing exclusivity period against competition.
Write to Mary de Wet at mary.dewet@dowjones.com
(END) Dow Jones Newswires
December 27, 2022 08:26 ET (13:26 GMT)
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