10:01 AM EDT, 04/03/2025 (MT Newswires) -- Akebia Therapeutics ( AKBA ) said Thursday that the European Medicines Agency's Committee for Medicinal Products for Human Use recommended approval of Xoanacyl for treating elevated serum phosphorus and iron deficiency in adults with chronic kidney disease.

The company said Averoa, a biopharmaceutical company specializing in renal treatments, licensed the rights from Akebia to develop and market ferric citrate in the European Economic Area and certain countries in Europe and the Middle East.

The European Commission is expected to reach a final decision on Xoanacyl's approval within about two months, the biopharmaceutical company said.

Shares of Akebia were down more than 3% in recent Thursday trading.

Price: 1.87, Change: -0.06, Percent Change: -3.11