Year Established: 2015
Revenues: $15,787 (-1%)
Loss: $5,086 (NM)
R&D: $2,266 (+8%)
TOP SELLING DRUGS
|Botox Therapeutics||chronic migraine, overactive bladder||$3,577||13%|
|Linzess||irritable bowel syndrome||$785||9%|
Just as this issue was getting ready to fly, AbbVie shook up the pharma world with its $63 billion acquisition of Allergan. The Botox-maker, and biggest name in medical aesthetics, helps AbbVie diversify a portfolio that includes the world’s best-selling drug, Humira, which soon faces generic competition in Europe. The combined company will consist of several franchises with leadership positions across immunology, hematologic oncology, medical aesthetics, neuroscience, women’s health, eye care and virology.
The mega-deal comes after Allergan tried to become more efficient by reducing costs and streamlining operations. At the beginning of 2018 it unveiled a restructuring plan that called for the elimination of 1,000 jobs as part of the effort. It also recently unloaded its generics business to Teva for $40 billion in 2016.
In September 2018 Allergan also divested products in its dermatology unit to Almirall, S.A. for $550 million. The products include Aczone, Tazorac, Azelex and Cordran Tape, as well as sarecycline, a new chemical entity currently under FDA review for the treatment of acne.
Allergan recorded $15.7 billion in revenues in 2018, a drop of 1% from the year before. Its top selling product is Botox, a cosmetic filler with pharmaceutical indications for chronic migraine and overactive bladder, which grew 13% with $3.5 billion in sales. The year wasn’t so good for Allergan’s other top seller, dry eye drug Restasis, which saw its revenue drop 14% to $1.2 billion.
A major highlight during the year saw Allergan and Amgen together win European approval for MVASI (biosimilar bevacizumab). MVASI is the first biosimilar bevacizumab approved by the EC and is approved for the treatment of certain types of cancers, including in combination with chemotherapy or other therapies for metastatic carcinoma of the colon or rectum, metastatic breast cancer, non-squamous non-small cell lung cancer, renal cell cancer, ovarian, fallopian tube, or primary peritoneal cancer, or metastatic carcinoma of the cervix.
In September 2017, MVASI became the first anti-cancer biosimilar, as well as the first biosimilar bevacizumab, to be approved by the FDA. Amgen and Allergan are collaborating on the development and commercialization of four oncology biosimilars.
In acquisition news, Allergan bolstered its medical aesthetics portfolio, specifically facial injectables, when it paid $195 million for Bonti, Inc., a clinical-stage biotech focused on novel, neurotoxin programs for aesthetic and therapeutic applications.