UPDATE: Novo Nordisk Has Big Hopes For EU Victoza Launch
April 24 2009 - 4:47AM
Dow Jones News
Danish pharmaceutical company Novo Nordisk A/S (NOVO-B.KO) will
be able to launch its closely-watched diabetes drug Victoza on a
number of European markets by the summer, after European Union
regulators late Thursday recommended the treatment for approval,
Chief Scientific Officer Mads Krogsgaard Thomsen told Dow Jones
Newswires Friday.
"We are extremely happy about it," he said. "Over years, we
believe that this product can target very many patients on the
European continent". There are currently some 25 million diabetics
in Europe and the number is growing, he added.
Victoza belongs to a class of diabetes drugs known as GLP-1
analogues, which compared to conventional treatment with insulin
have the advantage of not pushing blood sugar levels dangerously
low, and also help patients lose weight.
Krogsgaard Thomsen said Victoza will be the first GLP-1 type
diabetes treatment on the market apart from Eli Lilly's (LLY) and
Amylin's (AMLN) Byetta, and added that Victoza is more effective
than the competitor at improving blood glucose control.
"We believe that we have a fantastic opportunity now to be the
preferential product in the GLP-1 class," he said.
Krogsgaard Thomsen said Novo Nordisk is hoping to eventually
launch Victoza in all E.U. countries, provided that it can get a
sufficient price for the drug.
He didn't comment on where the company will first launch
Victoza. He noted, however, that negotiations over reimbursement
and market access will take longer in countries like France, while
a more rapid launch will be possible in Germany and the U.K.
"We will definitely roll out in several countries over the
months to come," he added.
On April 2, an advisory panel of the U.S. Food & Drug
Administration came to a split vote on whether to recommend Victoza
for U.S. approval due to concerns that it might cause thyroid
cancer. Krogsgaard Thomsen said his company is in dialogue with the
regulator, and expects it to reach a final decision "within
months".
In a note to investors, Jyske Bank said the European approval of
Victoza is positive for Novo Nordisk, but added that a launch on
the bigger U.S. market would still be a more important share price
trigger.
At 0906 GMT, shares in Novo Nordisk were up 2.8% at DKK273.00,
outperforming a 0.1% rise in the wider market in Copenhagen.
Company Web site: http://www.novonordisk.com
-By Gustav Sandstrom, Dow Jones Newswires; +46-8-5451-3099;
gustav.sandstrom@dowjones.com