Adamis wins U.S. approval
to sell EpiPen rival, shares soar
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[June 16, 2017] By
Bill Berkrot
(Reuters) - Adamis Pharmaceuticals Corp
said on Thursday it received U.S. approval for its emergency epinephrine
syringes to treat severe allergic reactions that it intends to be a
lower cost rival to Mylan NV's widely used EpiPen, sending its shares up
more than 50 percent.
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The company said it was looking for a marketing partner and would
set a price for the product before its launch sometime in the second
half of this year.
Adamis said its pre-filled epinephrine syringes would be sold under
the brand name Symjepi.
Mylan has faced severe criticism and congressional and legal
investigations after it doubled the cost for a pair of EpiPens to
around $600, enraging consumers and putting it in the center of the
ongoing debate over the high cost of prescription medicines in the
United States. It has since offered its own generic version for
about $300 in response to the furor.
"We plan to position the product as a lower cost alternative," Mark
Flather, senior director for investor relations and corporate
communications for Adamis, told Reuters. "We want to be part of the
solution."
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Epinephrine is the life-saving recommended treatment for severe
allergic reactions, such as to bee stings, exposure to peanuts or
medications.
Mylan has for years owned more than 90 percent of the market for
emergency epinephrine injectors and its own authorized generic has
recently surpassed sales of the branded version.
"With an anticipated lower cost and attractive design, we believe
Symjepi will be a meaningful competitor to EpiPen," Wells Fargo
Securities analyst David Maris said in a research note.
Other rival products are available. Impax Laboratories Inc's
Adrenaclick device is being sold through CVS Health Corp's drugstore
chain for about $110 a pair.
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Privately held Kaleo earlier this year began selling its Auvi-Q
epinephrine auto-injector that it reacquired from Sanofi SA under an
unusual pricing strategy but with little success so far. The company
said it would make the product available at no cost to many
consumers but charge insurers $4,500.
Sanofi in April sued Mylan, accusing it of engaging in illegal
practices to squash EpiPen competition when the French drugmaker
held the Auvi-Q rights.
Adamis shares soared 53.3 percent to close at $5.75 on the Nasdaq
and further rose to $6.00 in extended trading. Mylan shares closed
down 2.4 percent at $36.98.
(Reporting by Bill Berkrot in New York; editing by Andrew Hay and
Matthew Lewis)
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