Mylan looks to muscle in on Allergan’s Botox territory
pharmafile | March 1, 2018 | News story | Sales and Marketing | Botox, Mylan, Revance Therapeutics, biotech, drugs, epipen, pharma, pharmaceutical
Mylan announced, alongside its financials, that it had signed a global collaboration and licensing agreement with Revance Therapeutics to partner on a Botox biosimilar.
Allergan’s Botox is its major growth driver and biosimilar competition could hit the company hard – it announced fourth quarter revenues of $228.4 million in the cosmetic sector and $367.2 million in the therapeutic sector.
The news comes only days after Allergan lost out in an IPR case with Mylan, regarding Allergan’s second biggest seller, Restasis.
In the press release, Revance CEO, Dan Browne, suggested that the market for neuromodulator drugs is expected to grow to $7 billion by 2024. Mylan clearly wants a piece of that market, and has made an upfront payment of $25 million to partner with Revance, alongside undisclosed milestone payments and royalties.
“This will be a significant opportunity for Mylan as we add another difficult-to-manufacture product to our pipeline. We have reviewed the work done to date by Revance and we are extremely excited and confident about our ability to bring this important product to market. Bringing an affordable biosimilar version of Botox to commercialisation will offer patients a safe alternative to this popular and highly effective treatment,” commented Mylan President Rajiv Malik.
Mylan could do with the boost to its revenues, after it reported declining sales from its EpiPen injector in its fourth quarter filings – a major driver of sales of the company and a major source of controversy. Sales fell to $131.9 million due to being hurt by the launch of a lower-priced generic version by Mylan, increased competition and rebates due to the government rebates.
Revenue for the company fell by 1% to $3.24 billion, slightly lower than analysts had expected. The generics producers struggled in a difficult US generics market, with net income of $244.3 million down on $417.5 million at the same time the previous year.
Mylan’s shares dipped 1.92% on the announcement.
Ben Hargreaves
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