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Key Takeaways

• Vertex Pharmaceuticals' non-opioid painkiller received approval from the Food and Drug Administration.

• The drugmaker said the twice-daily pill, Journavx, is the first such treatment to hit the market in 20 years.

• Vertex set the U.S. wholesale price of Journavx at $15.50 per 50mg pill.

Shares of Vertex Pharmaceuticals (VRTX) surged Friday, a day after the drugmaker reported federal regulators have approved its non-opioid painkiller, the first such drug to head to market in two decades.

The company announced that the Food and Drug Administration (FDA) has approved Journavx, a twice-daily pill that it described as a "highly selective NaV1.8 pain signal inhibitor for the treatment of adults with moderate-to-severe acute pain."

CEO Dr. Reshma Kewalramani said Journavx was "the first new class of pain medicine approved in more than 20 years," adding that the treatment provides "the opportunity to change the paradigm of acute pain management and establish a new standard of care."

Dr. Jessica Oswald, a member of the Vertex Acute Pain Steering Committee, called the approval "an incredible day for patients and physicians alike," noting that Journavx can provide pain relief and a safety profile "without addictive potential."

Vertex explained that the wholesale purchase price for Journavx in the U.S. would be $15.50 per 50mg pill.

The news sent Vertex Pharmaceuticals shares, which had been up just 1% over the past 12 months, nearly 7% higher Friday morning.

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