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Tuesday, July 23, 2019

Court Orders FDA to Reconsider Nay to Buprenorphine Extended-Release

The U.S. District Court for the District of Columbia (District Court) granted Braeburn‘s motion for summary judgment, vacating the U.S. Food and Drug Administration’s (FDA) December 2018exclusivity determination which blocked BRIXADI from final approval through November 30, 2020. Braeburn’s application for final approval of BRIXADI is remanded back to FDA for reconsideration “with deliberate speed.”

Chief Judge Beryl A. Howell noted that FDA determined Sublocade’s exclusivity in the broadest sense and failed to demonstrate how Sublocade’s exclusivity was consistent with FDA’s previous decisions. Chief Judge Howell also acknowledged that all parties recognize the national public health crisis and the need for additional treatment options for patients with opioid use disorder.
“We are pleased by the District Court’s decision which is an important step toward making BRIXADI available to healthcare providers and patients,” said Mike Derkacz, President and CEO of Braeburn. “We look forward to working expeditiously with FDA to get BRIXADI on the market as soon as possible.”
Separately, Braeburn continues to await the decision from FDA regarding its Citizen Petition requesting that FDA refuse to grant orphan drug exclusivity to Sublocade on the basis that opioid use disorder is not a bona fide orphan disease with over two million Americans diagnosed.
A link to Chief Judge Howell’s determination can be found here.
BRIXADI is an extended-release weekly (8mg, 16mg, 24mg, 32mg) and monthly (64 mg, 96mg, 128mg) injection used for the treatment of moderate to severe opioid use disorder. BRIXADI is tentatively approved by FDA for patients who have initiated treatment with a single dose of a transmucosal buprenorphine product or who are already being treated with buprenorphine. BRIXADI will be administered only by healthcare providers in a healthcare setting and used as part of a complete treatment program that includes counseling and psychosocial support.

CuraLeaf down 12% on FDA Warning Letter

CuraLeaf Holdings (OTCPK:CURLF -11.5%) is down on double normal volume on the heels of its receipt of a Warning Letter from the FDA over its promotion of unapproved cannabidiol-containing products on its website and social media platforms.
The company has 15 days to submit a written plan to address the violations to the agency. Failure to do so can lead to more serious action, including seizure and injunction.

Akebia up 4% on vadadustat application in Japan

Akebia Therapeutics (AKBA +3.7%) is up on below-average volume in response to the filing of a marketing application in Japan by collaboration partner Mitsubishi Tanabe Pharma seeking approval of vadadustat for the treatment of chronic kidney disease-associated anemia.

Dr. Reddy’s launches generic Rozerem sleep aid tablets in U.S.

Dr. Reddy’s Laboratories (RDY -2%announces the commercial launch of its Ramelteon Tablets, 8 mg, the generic equivalent of Takeda’s (TAK +0.5%) sleep aid Rozerem (ramelteon) 8 mg tablets.
Per IQVIA, the U.S. market is ~$91M.

Sanofi to make Opiant agent for cannabinoid overdose

Opiant Pharmaceuticals (OPNT -0.3%) inks an agreement with Sanofi (SNY+0.5%) under which the latter will manufacture OPNT004 (drinabant), in development for the treatment of acute cannabinoid overdose.
The company intends to reformulate the cannabinoid receptor antagonist for parenteral administration in an emergency setting. It acquired exclusive global rights from Sanofi for this indication.
SNY will make the product at its site in Hungary.

Mallinckrodt to address opioid litigation risk with business split

The principal reason for Mallinckrodt’s (MNK -0.3%) split into two businesses, announced in late 2018, is now much clearer after it was revealed that it was the top manufacturer of opioids oxycodone and hydrocodone in the U.S. Drug Enforcement Agency’s (DEA) database during the years 2006 – 2012.
According to Berenberg’s Patrick Trucchio, the company is facing a financial liability of as much as $5B for its role in the opioid crisis, adding that a more realistic scenario is ~$1.5B paid over a 10-year period.
MNK plans to separate its business into a Specialty Brands company called Sonorant Therapeutics plc (proposed ticker: SRTX) that will market Acthar Gel and a company selling generics and active pharmaceutical ingredients, including opioids, that will do business under the Mallinckrodt name. The unit will be spun off to shareholders later this year.

Akero started at Buy by Roth

Akero Therapeutics (NASDAQ:AKRO) in a research report issued to clients and investors on Monday, July 15th, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $34.00 price target on the stock. Roth Capital’s price target would indicate a potential upside of 51.92% from the company’s current price.