Jazz shares rise on pain disorder treatment study

Shares of Jazz Pharmaceuticals Inc. skyrocketed Thursday after the company said its experimental pain disorder drug met key goals in reducing pain in fibromyalgia patients.

The late-stage study results confirm prior late-stage data for JZP-6, which contains the same active ingredient found in Xyrem. That drug is already approved as a sleep disorder treatment.

The company expects to ask the Food and Drug Administration to approve the drug as a fibromyalgia treatment by the and of 2009. Fibromyalgia is a pain disorder.

Jazz shares surged $1.50, or 46 percent, to $4.75 in morning trading. The stock has traded between 52 cents and $8.95 over the last 52 weeks.