In a recent development, the European Commission has chosen not to adopt the negative opinion put forth by the Committee for Medicinal Products for Human Use (CHMP) regarding the annual renewal of the conditional marketing authorization of Translarna (ataluren), a protein restoration therapy developed by PTC Therapeutics, Inc. This decision has had a significant impact on the stock market, with a notable surge of 20.91% in PTCT stock observed, trading at $40.02 during the morning session.
EC’s Decision And Subsequent Actions
The European Commission’s decision to not adopt the CHMP’s unfavorable opinion on January 24, 2024 regarding the renewal of Translarna’s conditional marketing authorization was formally announced by PTC Therapeutics (PTCT). As a result, Translarna’s current marketing authorization permits it to be made available to patients in Europe.
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The EC has instructed the CHMP to reconsider the entirety of evidence, including insights from patient registries and real-world data, for a revised opinion Translarna helps patients with genetic diseases caused by a nonsense mutation generate a functional protein.
Significance For Patients And Collaborative Efforts
The retention of Translarna’s current authorization marks a significant victory for boys and young men afflicted with nonsense mutation Duchenne muscular dystrophy (nmDMD) in Europe. Clinical trials and the extensive long-term STRIDE registry have underscored Translarna’s efficacy and safety, addressing an unmet need for nmDMD patients. PTC Therapeutics is actively engaged in collaborative efforts with the CHMP to navigate the next steps following this decision.
Invalidation Of Previous Proceedings And Revenue Guidance
Moreover, the Scientific Advisory Group (SAG) meeting for Translarna on September 5, 2023, and the actions that followed were declared void by the European Medicines Agency (EMA). The CHMP will not take into account any input from the SAG meetings in January 2024 or September 2023 when evaluating Translarna in the future.
PTC Therapeutics has chosen to withhold its overall revenue projection for 2024 in light of these events and the uncertainty surrounding the financial implications of Translarna’s continuing authorization in Europe. We’ll release updated instructions later on.
