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 Entresto, also known as LCZ696, is the first new drug in decades for
helping patients whose lives are in danger because their hearts
cannot pump blood efficiently. Analysts estimate it could have
annual sales of some $4.4 billion by 2020.
Basel-based Novartis said it is waiting for final approval from the
European Commission before setting a price for the drug.
"Prices in countries in Europe will be confirmed after EC approval
and will be determined according to local pricing and reimbursement
regulations, submissions and evaluation processes," Novartis
spokesman Dermot Doherty said in an email.
Entresto won approval in Switzerland last week and got a green light
from the U.S. Food and Drug Administration in July.
Pending final approval by the European Commission, Entresto will be
available for the treatment of adult patients with
symptomatic chronic reduced ejection fraction (HFrEF), the company
said.
In trials, Entresto showed that it reduced the risk of
cardiovascular death and first-time hospitalizations due to heart
failure by a fifth over a widely used generic medicine.
Novartis shares were up 3.85 percent by 1020 GMT (6:20 a.m. EDT),
outpacing rival Roche's 2.45 percent gain in a broadly firmer Swiss
stock market.
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"This is good news," Bank Vontobel analyst Stefan Schneider said in
a note to investors. He said it was widely expected by the market
after trials that showed the drug cut the risk of death by 20
percent. Schneider anticipates European Commission approval by
year-end.
Novartis is looking to Entresto to help revive its fortunes in heart
medicine as the blood pressure pill Diovan - a major source of the
company's profits in the past - faces competition from generics.
(Reporting by Brenna Hughes Neghaiwi and John Miller; Editing by
Anupama Dwivedi and Jane Merriman)
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