Amylyx Falls as Controversial ALS Drug Hit by Pricing Doubts (1)

Amylyx Pharmaceuticals Inc.’s drug for amyotrophic lateral sclerosis gained US regulatory clearance, but the shares fell as investors were skeptical that the $158,000-a-year treatment will be embraced by payers.

To be called Relyvrio in the US, the therapy won regulatory approval Thursday, making it the third major medicine authorized in the country to slow the disease. It was authorized despite uncertainty about its level of effectiveness in a clinical trial, the Food and Drug Administration said in a statement. The shares fell 4.6% as of 2:42 p.m. Friday in New York.

There is no cure for ALS, sometimes called ...