Why Did ChemoCentryx Shares Soar 70% On Friday Premarket?

The FDA has approved ChemoCentryx Inc's CCXI Tavneos (avacopan) as an adjunctive treatment for anti-neutrophil cytoplasmic autoantibody-associated vasculitis (ANCA-associated vasculitis or ANCA vasculitis).
Related: Adcomm Split On FDA Approval For ChemoCentryx's Vasculitis Candidate.
The approval comes for avacopan in combination with standard therapy. Avacopan is an orally administered selective complement 5a receptor inhibitor.
ANCA vasculitis is a systemic autoimmune disease in which over-activation of the complement system further activates neutrophils, leading to inflammation and eventual destruction of small blood vessels.
Avacopan is also approved for microscopic polyangiitis and granulomatosis with polyangiitis (the two main forms of ANCA-associated vasculitis) in Japan.
The regulatory decision in Europe is expected by the end of 2021.
Related content: Benzinga's Full FDA Calendar.
Price Action: CCXI stock is up 70.50% at $33.41 during the premarket session on the last check Friday.