Shares of Mylan NV (NASDAQ:MYL) ended Thursday session in red amid volatile trading. The shares closed down -0.23 points or -0.55% at $41.26 with 5.68 million shares getting traded. Post opening the session at $41.56, the shares hit an intraday low of $41.13 and an intraday high of $42.04 and the price vacillated in this range throughout the day. The company has a market cap of $22.12 billion and the numbers of outstanding shares have been calculated to be 534.91 million shares.
Mylan NV (MYL) on Aug. 29, 2016 announced that its U.S. subsidiary will launch the first generic to EpiPen® Auto-Injector (epinephrine injection, USP) at a list price of $300 per generic EpiPen® two-pack carton, which represents a discount of more than 50% to the Mylan list price, or wholesale acquisition cost (“WAC”), of the branded medicine. The authorized generic will be identical to the branded product, including device functionality and drug formulation. Mylan expects to launch the product in several weeks, pending completion of labeling revisions. Upon launch, the product will be available as a two-pack carton in both 0.15 mg and 0.30 mg strengths. Mylan also intends to continue to market and distribute branded EpiPen®.
Mylan CEO Heather Bresch commented, “We understand the deep frustration and concerns associated with the cost of EpiPen® to the patient, and have always shared the public’s desire to ensure that this important product be accessible to anyone who needs it. Our decision to launch a generic alternative to EpiPen® is an extraordinary commercial response, which required the cooperation of our partner. However, because of the complexity and opaqueness of branded pharmaceutical supply chain and the increased shifting of costs to patients as a result of high deductible health plans, we determined that bypassing the brand system in this case and offering an additional alternative was the best option. Generic drugs have a long, proven track record of delivering significant savings to both patients and the overall healthcare system. The launch of a generic EpiPen®, which follows the steps we took last week on the brand to immediately reduce patients’ out-of-pocket costs, will offer a long-term solution to further reduce costs and ease the burden and complexity of the process on the patient.”
Shares of Allergan plc Ordinary Shares (NYSE:AGN) ended Thursday session in red amid volatile trading. The shares closed down -6.62 points or -2.07% at $238.97 with 6.05 million shares getting traded. Post opening the session at $234.94, the shares hit an intraday low of $237.77 and an intraday high of $243.94 and the price vacillated in this range throughout the day. The company has a market cap of $97.12 billion and the numbers of outstanding shares have been calculated to be 395.95 million shares.
Allergan plc Ordinary Shares (AGN) on Sept. 20, 2016 announced that the Company has acquired Akarna Therapeutics Ltd., a privately held biopharmaceutical company focused on developing novel small molecule therapeutics that target inflammatory and fibrotic diseases, for an up-front payment of $50 million, subject to certain adjustments, as well as potential clinical, regulatory and commercial milestone payments related to its lead development compound, AKN-083. In addition to AKN-083, the acquisition also includes a portfolio of additional development-stage FXR compounds.
Non-Alcoholic Steatohepatitis (NASH) is a severe type of non-alcoholic fatty liver disease (NAFLD), which is characterized by the accumulation of fat in the liver with no other apparent causes. NASH occurs when the accumulation of liver fat is accompanied by inflammation and cellular damage. The inflammation can lead to fibrosis (scarring) of the liver and eventually progress to cirrhosis, portal hypertension, liver cancer, and eventual liver failure. NAFLD and NASH affect approximately 30% and 5%, respectively, of the US population and NAFLD affects more than 20% of the population worldwide.
AKN-083 is a potentially best-in-class preclinical farnesoid X receptor (FXR) agonist in development for the treatment of NASH, and is highly complementary to compounds in development by Tobira Therapeutics, Cenicriviroc (CVC) and Evogliptin. Allergan announced the acquisition of Tobira earlier.
“The acquisition of Akarna adds to our strategic approach to investing in innovation to advance the treatment of NASH for millions of patients who currently do not have therapeutic options to treat the disease,” said Brent Saunders, CEO and President of Allergan. “We look forward to advancing this unique compound into later stages of development, and to advancing our overall portfolio of NASH programs, as we focus on bringing forward effective treatments for this critical disease area.”