Myovant lands a fresh $200M loan as FDA marketing decision looms; Amarin goes it alone in Europe
Myovant is getting ready to roll out its commercial operations to back relugolix, now under FDA review for prostate cancer.
The startup has added a fresh $200 million in support from Sumitomo Dainippon Pharma, which controls a majority of the stock $MYOV. Sumitomo is handing the cash over as a loan, bringing its total to $600 million. Myovant — which is gearing up for a showdown with AbbVie — has also filed an NDA to sell relugolix for uterine fibroids and recently posted positive late-stage data for endometriosis.
In addition, Sumitomo subsidiary Sunovion is signing on to provide “third-party logistics, trade and retail distribution, contract operations, and market access account management services.”
“The financial and operational support we are receiving from Sumitomo Dainippon Pharma puts Myovant in a unique position with the potential to strengthen our launch readiness, enhance our financial performance, and maximize the opportunity for relugolix, as we head toward significant milestones for the company and stakeholders,” said Frank Karbe, president and chief financial officer of Myovant Sciences.
Amarin goes it alone in Europe — and they want you to know that’s a good thing
To hear Amarin CEO John Thero tell it back at JP Morgan in January, he was virtually beating off would-be pharma partners for Vascepa in Europe. But with the biotech fighting for its life in an effort to safeguard its IP, Thero now plans to go it alone.
Here’s what he had to say in Tuesday’s Q2 call with analysts.
(W)e have concluded that the best path forward for our shareholders is for us to retain the full upside potential of VASCEPA in Europe and to not split such economics of this opportunity in Europe with another pharmaceutical company. Rather, we are confident that we have the ability to create greater value by launching VASCEPA in Europe through an Amarin team. This approach ensures that the team which best knows the science and clinical results from VASCEPA are leading and seeking reimbursement on a country-by-country basis for this important product. And similarly, this approach ensures that VASCEPA gets the highest level of priority from sales representatives and promotion.