Allergan Inc.’s June hasn’t been gloomy so far.
The Irvine-based drug maker got word from the Food and Drug Administration last week that regulators have signed off on Juv & #269;derm, a line of skin fillers used on the lower part of the face to smooth out wrinkles.
Allergan got Juv & #269;derm in its $3.2 billion buy of Santa Barbara’s Inamed Corp., which closed in March.
Juv & #269;derm is made from hyaluronic acid, a moisturizing agent found in the skin. Three formulations of the product were approved, depending on how severe the wrinkle.
Juv & #269;derm’s approval boosts Allergan’s lineup of medical cosmetics, which includes the company’s flagship Botox.
Allergan now is working on plans to start selling Juv & #269;derm later this year.
Separately, Allergan said it prevailed in a patent lawsuit against Apotex Inc. of Toronto and Apotex’s Novex Pharma unit. Apotex was looking to sell generic versions of Allergan’s Acular, a drug to treat itchy eyes.
A federal court in Northern California found that Apotex and Novex infringed on a patent licensed by Allergan from Roche Holding Ltd.’s Syntex International Ltd.
The court also said Apotex can’t file a new drug application before the patent expires in 2009.
On June 2, Allergan saw a bump in its shares after an analyst upgraded the stock based on sales potential for the drug maker’s new European glaucoma treatment and other pending products.
David Maris, a Banc of America Securities analyst, upgraded Allergan to “buy” from “neutral” in a research note. He cited a recent pullback in Allergan’s shares.
Prior to the upgrade, Allergan shares were off 18% from their high in March, around the time Allergan wrapped up the Inamed deal.
Allergan counted a recent market value of $15 billion.
European regulatory clearance of Ganfort, Allergan’s glaucoma drug, should help sales, Maris wrote.
The analyst raised his 2007 earnings estimate to $646 million from a previous estimate of $622 million, based on potential for revenue growth from silicone breast implants from Inamed as well as Juv & #269;derm.
The analyst wrote that he raised Allergan’s dermal filler sales estimate for 2007 to $129.2 million from $49.9 million and noted that $50 million of that hike reflected sales of Juv & #269;derm.
“Based on our discussion with leading cosmetic surgeons/dermatologists because of its longer duration, Juv & #269;derm is likely to be a better product versus Medicis’ Restylane, which reported U.S. sales of approximately $100 million,just two years out from its launch in January 2004,” Maris wrote.
Allergan beat out Medicis in a bidding war for Inamed.
Maris’ report came out a few days before regulators signed off on Juv & #269;derm.
“Allergan is among the finest companies in specialty pharmaceuticals,with a diversified product line, a long-lived/high-growth asset in Botox, strong R & D; capabilities and robust cash flow generation,” Maris wrote.
The analyst said he viewed the Inamed deal as “favorable, as it is complementary to (Allergan’s) current business line and provides the company with new avenues for growth.”
New Gig for Cohen
Raymond Cohen has lined up his next day job.
Laguna Hills-based Symphony Medical Inc. has hired Cohen as its chief executive.
Cohen, 47, most recently was chief executive of Cardiac Science Inc., a maker of heart defibrillators. Cardiac Science was based in Irvine before moving to Bothell, Wash., after being bought by Quinton Cardiology Systems Inc. last year.
Cohen remains chairman of what’s now Cardiac Science Corp. (Quinton opted to take on the Cardiac Science name). John Hinson, who had been Quinton’s leader, is chief executive at the new Cardiac Science.
Cohen has been in the healthcare sector for more than 25 years, including nine years at Cardiac Science. During his time at Cardiac, the company grew from having no commercial products to doing about $68 million in annual sales by 2004.
Symphony was founded in 2003 to develop ways to treat heart disorders, such as irregular heartbeats.
The company’s treatments include injecting drugs directly into the heart during open-chest surgery or through a minimally invasive procedure using a catheter.
UCI Researcher, Team Get $5M
Arthur Lander, a professor at the University of California, Irvine, and a team of researchers have received a five-year, $5 million grant from the National Institutes of Health to examine a gene that causes Cornelia de Lange syndrome, a rare genetic disorder that leads to birth defects such as congenital heart problems, cleft palate and urogenital defects.
The team is looking to characterize the gene’s function, identify its targets and then evaluate its role in causing the syndrome’s symptoms. There are three specific research products, a database and resource-sharing component.
Bits and Pieces:
Dynamic Healthcare Systems, Irvine, said GEMCare Health Plan Inc. of Bakersfield is a new client. GEMCare bought Dynamic’s Voyager software, which helps health maintenance organizations manage their Medicare business, including automated enrollment and revenue reconciliation NMRhealthpros, a San Clemente healthcare staffing agency, changed its name to Solvere and expanded its services to placing individuals in permanent positions Regents Point, Irvine, said it completed a remodeling of portions of its facility. Regents Point, a Southern California Presbyterian Homes facility, offers skilled nursing, assisted living and residential living Pacific Coast Ultrasound, a diagnostic practice, opened in Los Alamitos.
