Watson Files Velcade ANDA - Analyst Blog
Watson Pharmaceuticals, Inc. (WPI) recently
announced that it is seeking FDA approval for its generic version
of Millennium Pharma’s Velcade (bortezomib). Millennium Pharma is a
wholly-owned subsidiary of Takeda Pharma (TKPYY).
The abbreviated new drug application (ANDA) was filed by Actavis,
Inc. Actavis was acquired by Watson Pharma in October 2012.
Velcade is approved for the treatment of multiple myeloma as well
as mantle cell lymphoma in patients who have received at least one
prior treatment. As per IMS Health, US sales of Velcade for the 12
months ending October 31, 2012, were $740 million.
Millennium Pharma filed a patent infringement lawsuit against
Actavis on December 21, 2012. This means that final FDA approval
cannot be granted for up to 30 months from the date on which
Millennium Pharma received notice regarding the ANDA filing or
until final resolution of the matter before the court, whichever
happens first.
We currently have a Neutral recommendation on Watson Pharma, which
carries a Zacks #3 Rank (Hold). We are positive on the Actavis
acquisition, which will be immediately accretive to earnings. With
the Actavis acquisition, Watson Pharma has become the third largest
generic pharmaceutical company in the world. The company expects to
generate annual cost (SG&A, R&D, corporate, purchasing and
raw material supply) synergy savings of $300 million within three
years.
Watson Pharma also announced its intention to adopt a new global
name Actavis from 2013. The company will start trading under a new
symbol on the New York Stock Exchange in 2013.
Pharma companies that currently carry a Zacks #1 Rank (Strong Buy)
include Valeant Pharma (VRX) and Astellas
Pharma (ALPMY).
(ALPMY): ETF Research Reports
(TKPYY): ETF Research Reports
VALEANT PHARMA (VRX): Free Stock Analysis Report
WATSON PHARMA (WPI): Free Stock Analysis Report
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