Novartis milestones be proud ! Management take a bow !

Novartis launches programme to buy back up to 10% of shares
CONTRIBUTOR
Michael Shields Reuters
PUBLISHED
MAR 10, 2020 2:20AM EDT

Novartis AG plans to buy back up to 10% of its stock over the next three years with an eye to cancel the shares it repurchases, the Swiss drugmaker said on Tuesday.
ZURICH, March 10 (Reuters) - Novartis AG NOVN.S plans to buy back up to 10% of its stock over the next three years with an eye to cancel the shares it repurchases, the Swiss drugmaker said on Tuesday.

UBS Group UBSG.S is managing the buyback via a separate trading line on the SIX Swiss Exchange.

(Reporting by Michael Shields Editing by Riham Alkousaa)

((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;))

This program is to cash out employees being laid off who have unvested shares as well as keep the share price propped up as much as possible.

Stock is going to sub $70 regardless.
 




EU Regulatory Roundup: Finland Fines Novartis for Violating Marketing Rules With Low-Cost Treatment
Posted 12 March 2020 | By Michael Mezher

2014-Regulatory-Roundup-Icon-2(1).jpg


Welcome to our European Regulatory Roundup, our weekly overview of the top EU regulatory news.

Finland Fines Novartis for Violating Marketing Rules With Low-Cost Treatment

The Finnish Medicines Agency (Fimea) has fined Novartis €100,000 ($113,000) for breaching its rules on marketing. Novartis Finland Oy received the fine and an order to cease the practices in relation to an agreement with a medical center.

Fimea said Novartis’ agreement with the medical center covered the provision of low-cost medical treatment for self-administration in outpatient settings. In Fimea’s view, the agreement breached section 91 of the Finnish Medicines Act, which features restrictions and requirements including a ban on inducements of unnecessary use of medicines and the mandating of the maintenance of lists of all direct and indirect financial and comparable support provided by marketing authorization holders.

In reviewing Novartis’ agreement, Fimea also identified an alleged violation of section 92 of the act. Fimea accused Novartis of trying to limit the pool of patients eligible for reduced-price treatment, thereby breaching the section of the Medicines Act on sales promotions.

According to Fimea, Novartis engaged in the practices from 26 September 2018 to 30 January 2019. Fimea’s punishment bans Novartis from restarting the activities and hits the Swiss drugmaker with a €100,000 fine.

Fimea used the statement about the punishment of Novartis to emphasize how marketing is defined and regulated in Finland. Reflecting the nature of its accusations against Novartis, Fimea said that it is possible for contractual agreements intended to increase use of a medicine to violate Finnish rules on marketing. That possibility is a consequence of Finland defining marketing as any information, ordering or promotion intended to increase the prescription, purchase or use of a medicine.
 




logo-pharma.svg


Angus Liu |
Apr 2, 2020 9:35am

Novartis and Aurobindo Pharma terminated their $1 billion transaction involving U.S. generics and dermatology drugs after a protracted Federal Trade Commission delay. (Novartis)

The deal was signed in September 2018 as part of Novartis CEO Vas Narasimhan’s plan to focus the Swiss pharma more on innovative medicines. Shedding U.S. oral generics looked like a wise step as pricing pressure mounted across the U.S. sector and dragged down Sandoz's overall performance.

For Aurobindo, buying about 300 products would have made it the second-largest generics company in the U.S. by prescriptions and helped the Indian pharma expand its global business further.

Originally, Novartis was expecting to close the deal in 2019, but U.S. antitrust review caused significant delays. The Economic Times previously reported that regulators had requested more information on a lawsuit against Aurobindo, a development that pushed the planned closure into 2020.
 




Eye drug side effects are real, Novartis confirms in new warning


Jonathan Gardner@ByJonGardner
PUBLISHED
April 9, 2020

Dive Brief:
  • Novartis will raise new warnings of vision-related side effects for its new eye drug Beovu following a review of safety data reported by physicians.
  • Arterial blockages, blood vessel inflammation or severe vision loss were reported about 10 times for every 10,000 injections in March, Novartis said. The pharma will ask the Food and Drug Administration and other regulators to add new information to the product label, which could result in a "black box" warning.
  • Novartis aims to take on Regeneron's Eylea to treat the "wet" form of a condition called age-related macular degeneration, or AMD. The announcement Thursday prompted RBC Capital Markets analyst Kennen MacKay to predict the warning "will likely heavily limit Beovu to niche corners" of the eye-care market.


Dive Insight:
Eylea and Beovu both treat wet AMD, a condition caused by the growth of abnormal blood vessels in the eye that leak fluid, by blocking a protein that stimulates the formation of new blood vessels.

Novartis was hoping to take market share from Regeneron by offering a product that required less-frequent physician-administered eye injections — every two to three months compared with Eylea's maximum interval of every two months.

But with safety worries now hanging over Beovu, doing so will be a much tougher task for Novartis. The Swiss pharma company launched Beovu in October 2019, and recorded sales of $35 million by year end.

At the time of its launch, some analysts argued the less-frequent injection schedule on its label would limit uptake because some patients need treatment once a month to control their disease. In addition, even at launch, analysts had identified safety as an issue, as the initial label cautioned of inflammation and immunogenicity.

The coronavirus pandemic, meanwhile, has weighed on the ophthalmology market in particular, as some patients are reluctant to visit physicians for fear of infection. Specifically for Beovu, the need for patient monitoring post-injection has meant that "adoption of Beovu has been essentially stopped," claimed Bernstein analyst Ronny Gal in a recent note to clients.

In its new review of post-market adverse events reporting, Novartis found retinal artery occlusion, inflammation of blood vessels in the eye — known as vasculitis — or severe vision loss occurred in 8.75 to 10.08 out of 10,000 injections for five weeks spanning Feb. 28 to March 27.

Events causing severe vision loss such as uveitis or cataracts were most common, occurring at a rate of as high as 4.03 per 10,000 injections in the week of March 6.

RBC's MacKay wrote that the cases of severe vision loss and vasculitis should draw the most scrutiny from the FDA, because they haven't been reported with Eylea and other drugs using the same biological pathway such as Roche and Novartis' Lucentis and Roche's Avastin, which is used off-label.

Novartis said it will work with FDA, the European Medicines Agency and other national regulators to amend the product label, as well as change the protocols of ongoing clinical trials to prevent such adverse events. Study investigators will need to inform enrollees of the newly identified risk and ask them for consent to continue in the trials.
 




Eye drug side effects are real, Novartis confirms in new warning


Jonathan Gardner@ByJonGardner
PUBLISHED
April 9, 2020

Dive Brief:
  • Novartis will raise new warnings of vision-related side effects for its new eye drug Beovu following a review of safety data reported by physicians.
  • Arterial blockages, blood vessel inflammation or severe vision loss were reported about 10 times for every 10,000 injections in March, Novartis said. The pharma will ask the Food and Drug Administration and other regulators to add new information to the product label, which could result in a "black box" warning.
  • Novartis aims to take on Regeneron's Eylea to treat the "wet" form of a condition called age-related macular degeneration, or AMD. The announcement Thursday prompted RBC Capital Markets analyst Kennen MacKay to predict the warning "will likely heavily limit Beovu to niche corners" of the eye-care market.


Dive Insight:
Eylea and Beovu both treat wet AMD, a condition caused by the growth of abnormal blood vessels in the eye that leak fluid, by blocking a protein that stimulates the formation of new blood vessels.

Novartis was hoping to take market share from Regeneron by offering a product that required less-frequent physician-administered eye injections — every two to three months compared with Eylea's maximum interval of every two months.

But with safety worries now hanging over Beovu, doing so will be a much tougher task for Novartis. The Swiss pharma company launched Beovu in October 2019, and recorded sales of $35 million by year end.

At the time of its launch, some analysts argued the less-frequent injection schedule on its label would limit uptake because some patients need treatment once a month to control their disease. In addition, even at launch, analysts had identified safety as an issue, as the initial label cautioned of inflammation and immunogenicity.

The coronavirus pandemic, meanwhile, has weighed on the ophthalmology market in particular, as some patients are reluctant to visit physicians for fear of infection. Specifically for Beovu, the need for patient monitoring post-injection has meant that "adoption of Beovu has been essentially stopped," claimed Bernstein analyst Ronny Gal in a recent note to clients.

In its new review of post-market adverse events reporting, Novartis found retinal artery occlusion, inflammation of blood vessels in the eye — known as vasculitis — or severe vision loss occurred in 8.75 to 10.08 out of 10,000 injections for five weeks spanning Feb. 28 to March 27.

Events causing severe vision loss such as uveitis or cataracts were most common, occurring at a rate of as high as 4.03 per 10,000 injections in the week of March 6.

RBC's MacKay wrote that the cases of severe vision loss and vasculitis should draw the most scrutiny from the FDA, because they haven't been reported with Eylea and other drugs using the same biological pathway such as Roche and Novartis' Lucentis and Roche's Avastin, which is used off-label.

Novartis said it will work with FDA, the European Medicines Agency and other national regulators to amend the product label, as well as change the protocols of ongoing clinical trials to prevent such adverse events. Study investigators will need to inform enrollees of the newly identified risk and ask them for consent to continue in the trials.


The nails are in the coffin and it’s being lowered into the crypt. Nice job folks. The reality is that the total number of cases clearly are under reported just based on the number of cases in my area. Where do we go from here?
 




Novartis forced to face claims it fired employee for raising Gilenya kickback scheme concerns
by
Kyle Blankenship |
Apr 17, 2020 10:55am

In an amended complaint, former Novartis employee Joseph Perri alleged he was terminated after notifying management about "disparities" between the drugmaker's commercial and Medicare Part D rebates paid to a PBM for Gilenya––a blockbuster MS med that has faced an onslaught of generic challengers in recent years.

Perri's original suit, which also included three False Claims Act allegations against Novartis, was dismissed by Judge Kevin McNulty in February 2019. The amended complaint with only the retaliation claim was filed in October, according to court filings.

Perri's retaliation claims are no laughing matter for Novartis but are still a reprieve from the kickback allegations that have haunted Gilenya for years. And so far, the drugmaker has escaped relatively unscathed.

A New York district judge in late March dismissed a 2013 whistleblower suit alleging Novartis paid doctor kickbacks for MS med Gilenya due to a lack of "detailed allegations and representative examples," according to a court filing.

The lawsuit, originally filed by former Novartis sales rep Stephen Camburn, had the backing of federal prosecutors and at least 28 state attorneys general. The suit alleged Novartis used a "sham" speaker series to funnel money into doctors' pockets to boost subscriptions of Gilenya. However, Camburn's complaints didn't establish enough evidence to support a violation of the False Claims Act, Judge Kimba Wood wrote in her opinion.

Despite escaping that whistleblower suit, Novartis still faces federal charges alleging a lurid kickback scheme involving $10,000 dinners at Nobu, a chic New York seafood restaurant, and wild nights out at Hooters. In one instance, whistleblowers said the company held a sham promotional speaking event on a fishing boat.

Novartis in recent years has been involved in multiple ethics scandals, including a $1.2 million contract with President Donald Trump’s ex-lawyer Michael Cohen and a data manipulation case for gene therapy Zolgensma at its AveXis unit.

Read More On
 




GSK, Novartis ordered to pay $4.5m for misleading Voltaren claims
May 29, 2020
Ruth Hogan

Pharmaceutical giants GlaxoSmithKline (GSK) and Novartis have been ordered to pay $4.5 million for misleading consumers in the marketing of Voltaren Osteo Gel and Voltaren Emulgel pain relief products.

From January 2012 to March 2017, Novartis and then GSK marketed Osteo Gel to seem more effective than Emulgel in the treatment of osteoarthritis related pain and inflammation even though both had the same active ingredients.

In May 2019, both companies admitted in the Federal Court that they had made false or misleading representations which breached Australian Consumer Law.

“Voltaren Osteo Gel and Voltaren Emulgel were essentially the same gel and were equally effective in treating osteoarthritis symptoms,” ACCC Commissioner Sarah Court said.

Court said the claims were particularly concerning because they set recommended retail prices for Osteo Gel above that of Emulgel, by up to 16 per cent.

“Consumers were potentially misled into paying more for an identical product believing it was more effective,” she said.

GSK acquired Novartis’ portfolio of Voltaren products in March 2016 and has been responsible for marketing and selling Voltaren products since June 1, 2016.

The misleading claims about the product were made on packaging and the Voltaren website by both companies and Novartis also made the claims on the My Joint Health website.

In March 2017, GSK amended the Osteo Gel packaging to read ‘Same effective formula as Voltaren Emulgel’, but ultimately stopped supplying the product to retailers in May 2018, five months after the ACCC instituted proceedings.
 




Novartis Unit Accused of ‘Massive Fraud’ in State Lawsuit
June 10, 2020, 3:56 PM
  • Lawsuit filed Wednesday is third over price-fixing claims
  • States say companies have been conspiring over several years

Novartis AG’s Sandoz unit was at the center of a sweeping conspiracy with competitors to raise prices of generic drugs by more than 1,000%, according to the latest U.S. lawsuit by state antitrust enforcers against the industry.

A nationwide group of state attorneys general said in a complaint filed in federal court Wednesday that Sandoz and other drugmakers colluded to artificially inflate prices for more than 80 topical treatments like creams and ointments from 2009 through 2016.

“They are committing a massive fraud on the American people,” Connecticut Attorney General William Tong, who is helping to lead the charge
 




Novartis Unit Accused of ‘Massive Fraud’ in State Lawsuit
June 10, 2020, 3:56 PM
  • Lawsuit filed Wednesday is third over price-fixing claims
  • States say companies have been conspiring over several years

Novartis AG’s Sandoz unit was at the center of a sweeping conspiracy with competitors to raise prices of generic drugs by more than 1,000%, according to the latest U.S. lawsuit by state antitrust enforcers against the industry.

A nationwide group of state attorneys general said in a complaint filed in federal court Wednesday that Sandoz and other drugmakers colluded to artificially inflate prices for more than 80 topical treatments like creams and ointments from 2009 through 2016.

“They are committing a massive fraud on the American people,” Connecticut Attorney General William Tong, who is helping to lead the charge

Pharma operated like a collective Martin Shkreli No wonder Novartis was desperate to dump sandoz
They will pay dearly for this latest scam
 




Novartis, Current and Former Subsidiaries Paying $347 Million to Settle Bribery Allegations

As part of the settlement, Novartis will pay more than $112 million to the SEC to resolve charges that it violated provisions of the U.S. Foreign Corrupt Practices Act.
June 25, 2020 2:44 pm ET


Novartis AG, a subsidiary of the pharmaceutical company and a unit of eye-care company Alcon Inc. have agreed to pay about $347 million in fines to resolve claims they violated the Foreign Corrupt Practices Act, officials and Novartis said Thursday.

A Novartis unit for Greece allegedly tried to bribe employees of state-owned and state-controlled hospitals and clinics, among other alleged violations, the Justice Department said Thursday.
An Alcon subsidiary allegedly made and falsely recorded improper payments in Vietnam, according to prosecutors.

The Novartis business for Greece agreed to pay a criminal penalty of $225 million, the Justice Department said.

“Today’s resolutions contain no allegations relating to any bribery of Greek politicians, which is consistent with what Novartis found in its own internal investigation,” Novartis said in a statement.

The Alcon subsidiary will pay a criminal penalty of about $8.9 million, the Justice Department said.

“We are pleased with the completion of the investigation and settlement,” Alcon said in a statement.

Alcon merged with Novartis in 2011 and was spun off from the company last year, according to the Securities and Exchange Commission.

Novartis will pay more than $112 million to the SEC to settle charges with the agency that it violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act, the commission said.

“With today’s agreements, all outstanding FCPA investigations into Novartis are now closed,” the Swiss pharmaceutical company said.
 








Novartis resolves legacy litigation matters, finalizing settlement of speaker program litigation with Government in the US and positioning company for the future by fully scaling its next-generation digital engagement technologies
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July 01, 2020 18:41 ET | Source: Novartis International AG


  • Company finalizes USD 678 million settlement relating to suit challenging speaker programs and other promotional events conducted from 2002 through 2011 in the US as well as USD 51.25 million related to the company’s support of certain independent charitable co-pay foundations from 2010 to 2014
  • As part of these settlements, Novartis has agreed to new corporate integrity obligations in the US through 2025
  • Novartis embarks on new approach to meet the educational needs of physicians by setting new standard through digitally enabled education programs to support better outcomes for patients
Basel, July 2, 2020 – Novartis has finalized its previously disclosed agreement with the US Attorney’s Office for the Southern District of New York, the New York State Attorney General, and relator Oswald Bilotta resolving a civil suit challenging speaker programs and other promotional events conducted from 2002 through 2011 by Novartis Pharmaceuticals Corporation in the US. As part of this settlement, Novartis will pay USD 678 million and has agreed to new corporate integrity obligations with the Office of Inspector General (OIG) of the US Department of Health & Human Services that will change how the company delivers peer-to-peer programs in the US. As it has done over the past several years, Novartis will continue to evolve its approach to peer-to-peer medical education. The company fully provisioned for this settlement in July 2019.

Novartis expects that its new initiatives will resonate more with the way people learn in the digital era. Consistent with its already substantial efforts to fully scale its next-generation digital engagement technologies, Novartis will transition its physician education programs predominantly to digital formats, and use paid external physicians only in limited circumstances. The use of digital tools will allow Novartis to offer rich and interactive content, in some cases including peer-to-peer instruction, which physicians can engage with at their convenience.

Vas Narasimhan, CEO of Novartis, said: “Today’s settlements are consistent with Novartis commitment to resolve and learn from legacy compliance matters. We are a different company today—with new leadership, a stronger culture, and a more comprehensive commitment to ethics embedded at the heart of our company. I have been clear that I never want us to achieve commercial success at the expense of our values—our values must always come first and are the foundation of everything we do. With these agreements we mark an important milestone on our journey to build trust with society as we continue reimagining medicine to improve and extend lives all around the world.”

While Novartis is moving away from the traditional speaker program model in the US, peer-to-peer medical education remains an important aspect of the Company’s educational objectives as it helps physicians keep pace with medical innovation and make prescription decisions in the best interest of patients. Since 2011, Novartis has enhanced its peer-to-peer medical education programs to meet the evolving expectations of the industry and stakeholders around the world. Going forward, Novartis will set the standard by embracing new, digitally enabled education programs that will support better outcomes for patients.

Novartis will transform its sponsored peer-to-peer medical education in the US by:

  • Transitioning predominantly to digital/virtual formats;
  • Significantly limiting the instances in which it pays external healthcare professionals (HCPs) to deliver education; and
  • Taking additional steps to comprehensively foster compliance, including eliminating the use of restaurants as venues.
In addition, Novartis has finalized its previously disclosed agreement with the US Department of Justice and the US Attorney’s Office for the District of Massachusetts to resolve an investigation related to the company’s support of certain independent charitable co-pay foundations (ICCFs) from 2010 to 2014. As part of this settlement, Novartis will pay USD 51.25 million and has agreed to additional corporate integrity obligations with OIG to further enhance its controls relating to its interactions with ICCFs. The company provisioned for this settlement.
 




Kickback settlement.....
Does anyone even know what division when and for how long Bilotta was at Novartis? This stuff has been going on since the 90’s. It’s part of what Novartis does.... it’s just business! Part of the money they set aside to cover their activities! This is NOTHING new to Novartis! The evil enterprise!
 




(Not to be overlooked, Novartis was (is) a BRIBE machine literally all over the globe $1.1 BILLION in settlements in one week)

Novartis to pay $345 million to U.S. authorities for bribing doctors in different countries



By ED SILVERMAN @Pharmalot

JUNE 25, 2020

GettyImages-655301784-645x645.jpg

DOMINICK REUTER/AFP/GETTY IMAGES
Novartis (NVS) agreed to pay more than $345 million to resolve criminal charges brought by federal authorities of using various former and existing subsidiaries to bribe health care providers in different countries to boost prescriptions for its medicines. In doing so, the company becomes the latest in a growing number of drug makers to have violated the Foreign Corrupt Practices Act.

The infractions occurred between 2012 and 2016 in South Korea, Vietnam, and Greece, and involved schemes to increase sales of an eye treatment and contact lenses, among other products. The efforts included payments to “key opinion leaders” who were pressured to write prescriptions and subverting clinical trials in order to more readily promote the medicines that were being studied.
 




Novartis profit slips as stockpiling reverses
Published: July 21, 2020 at 2:17 a.m. ET
By
Cecilia Butini

Novartis AG said Tuesday that its net profit and sales declined in the second quarter with medicine stockpiling triggered by the coronavirus pandemic in the previous quarter largely reversing.

The Swiss pharmaceutical company’s NOVN, -1.37% NVS, -1.18% net profit from continuing operations was $1.87 billion, down 4% at constant currencies compared with the same quarter a year ago. Core operating income rose 6% at constant currencies, reaching $3.7 billion due to lower spending and improved gross margin, the company said.

Net sales from continuing operations fell to $11.3 billion from $11.7 billion. Sales volume for its flagship drugs Entresto, Zolgensma and cosentyx was partly offset by the impact of the pandemic, it said.

An analysts’ consensus forecast provided by FactSet estimated second-quarter sales of $11.83 billion.

The drug maker said increased sales for the first quarter due to stockpiling during the coronavirus pandemic were offset in the second quarter.
 




Kickback settlement.....
Does anyone even know what division when and for how long Bilotta was at Novartis? This stuff has been going on since the 90’s. It’s part of what Novartis does.... it’s just business! Part of the money they set aside to cover their activities! This is NOTHING new to Novartis! The evil enterprise!



Yeah, we take compliance courses and we are told to speak up when we see something wrong or questionably unethical..when you speak up you are told that you are wrong and inappropriate for speaking up.

Novartis executive management is the Circle of Idiots.
 




Express Scripts axes Novartis’ psoriasis drug in favor of Lilly’s as discounting takes over: analyst
Arlene Weintraub

Aug 20, 2020 11:36am

It’s that time of the year once again. The major pharmacy benefits managers are making changes to their formularies for 2021, and one of the biggest—Express Scripts—is sending a strong signal about just how much of a difference discounting can make.

Express Scripts is axing three major drugs from its formulary for 2021, most notably Novartis’ psoriasis drug Cosentyx. In its place is Eli Lilly’s rival Taltz, which interestingly, the PBM had excluded from its 2020 version. Express Scripts also lists (PDF) AbbVie’s new psoriasis treatment Skyrizi as a “preferred alternative” to Cosentyx, along with several older anti-inflammatories.

Swapping out Cosentyx for Taltz marks “a first case of ‘annual switching’ for better pricing in the antibody market,” said Bernstein analyst Ronny Gal and colleagues in a note to investors. The change “strongly suggests that prices in the immunology market, especially the dermatology side, will continue to be under pressure.”

The battle for market share in psoriasis has been heating up of late, and formulary changes will only intensify the rivalries. Cosentyx and Taltz are IL-17 inhibitors, as is Skyrizi. AbbVie recently turned heads with data from a head-to-head phase 3 trial showing that Skyrizi produced clear skin in 66% of patients after four months, while just 40% of people treated with Cosentyx saw their psoriasis disappear in that time.
 




Otsuka beats back Novartis opposition with $15M purchase of smart pill developer Proteus
by
Angus Liu |
Aug 20, 2020 11:18am

A U.S. court has approved Otsuka to purchase bankrupt smart pill developer Proteus Digital Health for $15 million, even after strong opposition from a group of investors that included Novartis. (Proteus)
The group called the $15 million offer “nothing more than a giveaway” to an insider, which used it to “buy” the silence of creditors, according to a court filing.

Otsuka, with 19.8% of outstanding senior preferred shares, is Proteus’ largest shareholder, the court filing shows. Through a collaboration first signed in 2012, the two companies in 2017 successfully won FDA clearance for the first digital pill, Abilify MyCite, an ingestible drug-device combination that can track whether a patient adheres to the Japanese drugmaker’s antipsychotic Abilify (aripiprazole).

The two revised the pact in late 2019 when Proteus struggled to raise additional funds. Even as Otsuka went solo with Abilify MyCite and gained exclusive rights to use Proteus’ platform for the development of its digital medicine offerings, the Japanese drugmaker remained Proteus’ largest customer.

It’s natural that Otsuka first came forward with $15 million in an initial “stalking horse” offer to take up Proteus once it filed for bankruptcy in June. Although that price was meant to set the floor of an auction, no other bidders emerged from the process by the deadline in early August.

Otsuka wasn't Proteus' only pharma investor, though; Novartis threw in $24 million back in 2010. The Swiss drugmaker is an outspoken advocate for digital transformation within the pharma space, though it recently ended a partnership with Pear Therapeutics on FDA-approved reSET and reSET-O products, both software-based therapeutics for substance use disorder.

Novartis and the rest of the dissidents have been asking the court to extend the sale by at least 90 days “to ensure that all parties-in-interest have a fair opportunity to perform due diligence and submit a bid,” arguing that the original timeline and some additional requirements were designed to “chill” bidding.

In rebuttal, Proteus attorneys said in a court filing that the Novartis group’s objections were “baseless accusations and wildly unfounded speculation” and were “at bottom, a thinly veiled collateral attack” on the sale process.
 




Novartis immuno-oncology drug candidate fails skin cancer trial

Reuters
August 22, 2020
ZURICH (Reuters) - Swiss drugmaker Novartis said on Saturday that its investigational spartalizumab immuno-oncology drug mixed with the approved medicines Tafinlar and Mekinist failed in a late-stage trial for a type of advanced skin cancer.

The drug did not improve progression-free survival in previously untreated patients with BRAF V600 mutation-positive cutaneous melanoma, compared to Tafinlar + Mekinist alone, Novartis said.

Despite the failure, Novartis is continuing development of spartalizumab
 




Novartis, Roche fined $526M in France for alleged Lucentis marketing missteps
Sep 9, 2020 10:35am

Novartis said it refutes allegations of anti-competitive practices in its marketing of Lucentis in France and will appeal the penalties. (Novartis)
Six years ago, the French Competition Authority raided the local offices of Roche and Novartis in search of evidence of missteps in the way the companies were marketing Lucentis for age-related macular degeneration (AMD).

Now, the agency has come back with its verdict—and it couldn’t come at a worse time for Novartis, which is facing challenges marketing its Lucentis rival, Beovu, in Europe.

The Competition Authority levied a fine of €385 million ($455 million) against Novartis and €60 million ($71 million) against Roche, according to several press reports in Europe. Lucentis was developed by Roche’s Genentech division and is marketed in Europe by Novartis.

The agency said the penalties were in response to allegedly anti-competitive practices by the companies in pushing Lucentis over Roche’s similar—and much less expensive—cancer drug Avastin, which can be used off-label to treat AMD.

Novartis is “very disappointed” and “strongly refutes” the allegations of anti-competitive practices, it said in a statement.

“Novartis believes that this decision relies on a gross misinterpretation of the facts and a distortion of previous case law that is not intended to cover the situation in this case,” it added. The company is planning an appeal.

Roche, for its part, said in a statement that it believes it was in compliance with local health regulations and “will assess our next steps.”

Because Lucentis and Avastin work similarly, some eye doctors have been repackaging the latter drug into syringes that can be used to inject it into the eye. The cost difference can be significant: The French Competition Authority estimated that Lucentis costs €1,161 per injection, while Avastin is €40 or less.

Novartis and Roche had already gotten into a tussle over the two drugs with Italian authorities, who levied fines totaling €180 million in 2014 over allegations that the companies improperly guided patients to Lucentis over Avastin. Roche and Novartis fought the punishment, but late that year, an Italian court upheld the charges.

The EU stepped into the investigations, and in 2018, it ruled that if the companies disseminated misleading information about Avastin to shift favor to Lucentis, it would be a violation of EU regulations.

Novartis, meanwhile, has been struggling to persuade eye doctors to embrace Beovu, which was approved in the U.S. last October and in the EU in February. But that same month, the American Society of Retina Specialists flagged 14 cases of retinal vasculitis reported among Beovu patients, most of which were serious enough to put them at risk of vision loss.

It was enough to prompt eye doctors surveyed by Piper Sandler to drastically reduce their estimates for Beovu’s market share potential; after initially predicting it could grab 17% share by August, they revised that prediction downward to just 8.4%. The docs predicted “anger and mistrust of [Novartis], indicating an uphill battle," Piper Sandler analysts wrote in a note to clients.

Sales of Beovu fell from $68 million in the first quarter of this year to $34 million in the second. COVID-19 shutdowns didn’t make selling eye drugs any easier: Novartis reported that in the second quarter, Lucentis sales dropped 25% year over year to $401 million.