FDA approves generic version of narcolepsy drug

The Food and Drug Administration approved the first generic version of Jazz Pharmaceutical's drug Xyrem to treat patients with narcolepsy.

The generic drug, developed by Roxane Laboratories, is intended to treat excessive daytime sleepiness and cataplexy, which causes a sudden loss of muscle control, in patients with narcolepsy.

Jazz Pharma's shares fell 6.6 percent to $108 in after-hours trading on Tuesday in response to the approval.

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