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Baltimore biotech lands FDA approval of drug for rare digestive illness
Baltimore biotech lands FDA approval of drug for rare digestive illness

The Food and Drug Administration on Tuesday approved Cholbam, developed by Baltimore biotechnology company Asklepion Pharmaceuticals, for treatment of a rare disease that prevents people from making key digestive acids. The approval means Retrophin, a San Diego-based pharmaceutical company, will exercise its right to buy all rights to the drug from Asklepion for $27 million cash and 661,278 shares of Retrophin stock, valued Wednesday at $13.3 million. Shares of Retrophin, which focuses on drugs for diseases for which there are no viable treatments, surged by more than a third Wednesday on news of the approval, closing at $20.17 per share. The two companies struck a deal in January, with...

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