Vertex climbs after FDA's 'breakthrough therapy' tag for kidney disease drug

Shares of drugmaker Vertex Pharmaceuticals VRTX.O rise 2.7% to $386.75

VRTX says the U.S. FDA has granted "breakthrough therapy" designation to its experimental drug for the treatment of a serious kidney disease

The FDA's tag is meant to speed up development and review of drugs to treat a serious condition or unmet medical need

The drug, povetacicept, is being developed to treat IgA nephropathy, a kidney disease where a protein called IgA builds up and causes inflammation that slowly damages the organ

Co says it is on track to file for accelerated approval in the U.S. in 2026, if trial results are positive

Including session's move, stock down 4% YTD