Purdue Pharma stock jumped more than 5% on Thursday after the company announced it would stop selling an injectable drug that was supposed to help patients with rare blood cancers.
The company said it had halted the sale of a drug that the FDA approved for people with blood cancer because it is not an approved treatment.
The drug was called Naloxone and it was intended to help people with severe pain.
In an afternoon tweet, CEO Mike Murphy said, “We will no longer be selling the Nalaxone.
The Nalxone is no longer approved.
We will continue to support our partners and customers.”
The drugmaker has been under fire from critics in recent weeks after reports surfaced that the drug was not being used as widely as the FDA had initially planned.
The drugmaker had initially hoped to launch a limited version of the drug on the market before it was pulled because of safety concerns.
The new announcement comes just weeks after the FDA said it would not approve a new version of Naltexone.
The stock is up almost 11% in after hours trading, while the Nasdaq composite is up nearly 2%.
The Dow Jones Industrial Average is up about 3%.