Vertex Pharma to seek approval of new cystic fibrosis drug

• Vertex Pharmaceuticals (NASDAQ:VRTX) +6.3% AH after saying it would apply for regulatory approval in the U.S. and European Union for an experimental cystic fibrosis drug after the treatment significantly improved lung function in late-stage trials.
• The drug is intended to treat patients who have one or two copies of a genetic mutation that is the most common cause of cystic fibrosis, a progressive lung disease that affects ~30K people in the U.S.
• If approved, the new drug would present patients with an alternative to the company's drug Orkambi, which can cause chest tightness and other side effects that have led to disappointing sales.