Navamedic: Two first generic drugs launched
Navamedic ASA (OSE: NAVA), the Norwegian pharmaceutical products company, today announced the successful launch of its two first generic pharmaceutical products. The launch is an important milestone in the development of Navamedic's new Generics Business Area.
Mycophenolate Mofetil® (MMF) is an immunosuppressant being used by patients who have undergone organ transplants. The product can replace Roche's CellCept and the market available to Navamedic's MMF is estimated at approximately NOK 160 million. MMF has initially been launched in Sweden, Denmark and Finland.
Olanzapine® is a product used in the treatment of patients suffering from psychotic diseases. The product can replace Eli Lilly's Zyprexa and the market available to Navamedic's Olanzapine is estimated at approximately NOK 70 million. The initial market launch is in Finland and the Netherlands.
"These events represent a page-turner in the development of Navamedic. We are now a player in the dynamic and exciting generic drugs market. Our aim is to be one of the top five Nordic companies is this sector in 2015," said Navamedic's CEO Olof Milveden.
The markets for generic pharmaceuticals are growing rapidly, as health authorities across Europe encourage a substitution to generics when patents for the original products expire. An increasing number of patents will expire over the next few years, supporting continued strong market growth for generic pharma products. The Norwegian Medicines Agency estimates that the annual savings in selecting generic alternatives currently amount to NOK 2 billion in Norway alone.
In addition to the two products now launched, Navamedic currently has 11 products under review by medicines authorities, progressing towards approval. Navamedic expects to launch eight generic products next year.
For further information, please call Olof Milveden, CEO, telephone +46 733 463 736 or Bjørn Lindholt, CFO, telephone +47 9300 6601.
Navamedic ASA is a Norwegian pharmaceutical products company. Through its subsidiary Vitaflo Scandinavia the Company is a distributor of a broad range of nutrition and pharmaceutical products in the Nordic markets. Navamedic is currently building up a generic pharmaceutical business for the Nordic, Dutch and Belgian markets based on its partnership with Aspen Healthcare of South Africa. Navamedic is listed on the Oslo Stock Exchange (ticker: NAVA).