Benzinga | Jun 1, 2021 09:35AM EDT

Alkermes Shares Move Higher On FDA Approval Of Schizophrenia, Bipolar Med

* The FDA has approved Alkermes plc's (NASDAQ:ALKS) Lybalvi, a once-daily, oral atypical antipsychotic composed of olanzapine, an established antipsychotic agent, and samidorphan, a new chemical entity, for schizophrenia and bipolar I disorder.

* The approval comes as a maintenance monotherapy or for the acute treatment of manic or mixed episodes, as monotherapy or an adjunct to lithium or valproate.

* The treatment will be commercially available later in Q4 of 2021.

* Alkermes will host a conference call today at 8:30 a.m. ET.

* Price Action: ALKS shares are up 0.60% at $22.80 during the market session on the last check Tuesday.