Ardelyx Investors Drop Appeal Over U-Turn on Medicare Program

Ardelyx Inc. investors have let go of their appeal seeking to revive class claims that the biotech company misrepresented its intentions about applying to participate in a Medicare reimbursement program.

The US Court of Appeals for the First Circuit on Thursday granted the parties’ request to close the case over the dialysis patient treatment Xphozah, which generated $104 million in revenue last year. Neither the request nor the judgment indicated whether a settlement with the individual plaintiffs was involved.

• Attorneys for the parties didn’t immediately respond to an email seeking information about the agreed dismissal
• The investors alleged Ardelyx publicly ...