The drug, developed by Canada-based Aralez Pharmaceuticals, is designed to release omeprazole into the body before the aspirin to protect the stomach against ulcers.
Aralez CEO Adrian Adams said patients’ out-of-pocket costs for the drug would be less than $1 a day and the company is “very conscious” of the controversy surrounding price hikes of older drugs, according to the report.
Aralez’s stock rose 9.9 percent to $6 a share in morning trading upon news of the approval. Mr. Adams expects omeprazole to produce sales of about $200 million a year.
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