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Neurotin News - Generic Neurontin
Alpharma launches generic Neurontin
NEW YORK, Oct 8 (Reuters) - Alpharma Inc. (ALO.N: Quote, Profile,
Research) on Friday began selling a cheaper generic version
of Pfizer Inc.'s (PFE.N: Quote, Profile, Research) $3 billion
a year epilepsy drug Neurontin without waiting for a court ruling
on Pfizer's request to block the copycat medicine.
Pfizer, meanwhile, said it was considering launching its own
generic version of the drug, also known as gabapentin -- a move
that would allow it to retain some of the massive revenue it
stands to lose due to competition from cheap generics. That
prospect sent Alpharma shares down 5 percent.
Alpharma spokeswoman Kathleen Makrakis said their drug had already
been shipped to wholesalers in 100 milligram, 300 mg and 400
mg doses.
"We suspect Pfizer will lose the majority share of $2.4
billion in U.S. sales," predicted Sena Lund, an analyst
for Cathay Financial.
"Pfizer could make a couple of hundred million" from
selling its own generic version, he said.
The world's biggest drug maker said it will seek legal remedies,
including damages based on lost profits, should a federal judge
rule that Alpharma's product infringes on Pfizer's patent.
U.S. District Court Judge John Liftland is expected to rule
on Pfizer's request to block Alpharma's drug in the near future,
but his court clerk said that ruling would not come on Friday.
Pfizer's stock had been falling in recent weeks in anticipation
that generic competition for one of its biggest drugs was imminent,
analysts said.
Pfizer shares were up about 1 percent on Friday as investors
reacted to the aggressive position the drugmaker took in announcing
the possible launch of its own generic.
"There is concern out there on what happens with pricing
if Pfizer launches its own generic and what the opportunity
is for Alpharma," said Ken Cacciatore, an analyst for SG
Cowen, referring to Alpharma's share fall.
He said investors may also be worried about the risk Alpharma
now faces should the court rule against it.
"Some investors may be concerned they are jumping the gun
and trying to force the judge's hand and that that could get
a negative reaction from the court," Cacciatore said.
As the first company granted permission by U.S. regulators to
sell a generic version of the drug, Alpharma would have 180
days of exclusivity before other generics can hit the market.
Alpharma said it will ask the U.S. Food and Drug Administration
to allow Israel-based generic drug maker Teva Pharmaceutical
(TEVA.TA: Quote, Profile, Research) to sell the drug during
its exclusivity period.
But analysts said Pfizer would be under no obligation to wait
should it decide to sell a generic of its own drug.
Pfizer had been hoping to get a follow-up prescription epilepsy
and pain drug called Lyrica on the market before Neurontin faced
generic competition.
But Lyrica was hit with a regulatory setback last month when
the FDA issued an approvable letter rather than outright approval,
indicating that certain conditions must still be met before
the drug can be sold in the United States.
"It's going to be harder to launch Lyrica with the existence
of generic gabapentin," SG Cowen analyst Steve Scala said.
"If the drug is really better, then presumably there will
be a market for it. But it depends on the perception of prescribers."
Scala said having Neurontin patients switching over to Lyrica
before a generic gabapentin was available "would have been
a much better scenario for Pfizer."
Generic drug maker Ivax Corp. (IVX.A: Quote, Profile, Research)
said it would begin selling gabapentin capsules once Alpharma's
180-day exclusivity period ends. |
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