Healthcare Industry News: sanofi-aventis
News Release - January 12, 2006
Pfizer to Acquire the sanofi-aventis Worldwide Rights to Exubera(R) (Inhaled Human Insulin)Almost 200 Million People Worldwide Suffer from Diabetes with Terrible Complications Including Heart Disease, Amputation, Blindness and Kidney Failure
NEW YORK, Jan. 12 (HSMN NewsFeed) -- Pfizer Inc said today that it has reached an agreement to acquire the sanofi-aventis worldwide rights to inhaled human insulin, which Pfizer intends to market under the trade name ExuberaŽ. The two companies were previously in a worldwide alliance to co- develop, co-promote and co-manufacture Exubera.
According to the World Health Organization, diabetes is reaching epidemic proportions. Approximately 194 million people worldwide have the disease, and it is estimated that the number of people with diabetes will more than double by 2030. The direct healthcare costs may be as much as $286 billion worldwide.
There are two major types of diabetes - type 1 and type 2. In type 1, there is a complete deficiency of insulin. In type 2, the most common and progressive form of the disease, the body does not produce enough insulin or effectively use insulin. If people with diabetes do not control their blood sugar levels, serious complications including heart disease, kidney failure, blindness, and nerve damage will often develop.
"As diabetes reaches epidemic levels worldwide, new treatment options such as Exubera - the first inhalable, non-injectable insulin medicine - have the potential to improve the lives of millions of people with diabetes," said Hank McKinnell, Pfizer chairman and chief executive officer. "We sought the sanofi-aventis rights to Exubera based on the strong addition it would represent to our portfolio of innovative medicines. The acquisition of these rights also underscores our ability to invest in new product opportunities that will drive our future growth."
For $1.3 billion, Pfizer will acquire the sanofi-aventis worldwide Exubera rights as well as the insulin production facilities located in Frankfurt, Germany, previously jointly owned by Pfizer and sanofi-aventis.
Exubera is a fast-acting dry powder formulation of human insulin. It is inhaled into the lungs via the mouth pre-meal through a simple-to-use, hand- held inhalation device which does not require batteries or electricity.
Exubera is under regulatory review in the U.S. and Europe for the treatment of adults with both type 1 and type 2 diabetes. Pfizer plans to make Exubera available to patients as soon as possible following regulatory approvals.
The product of a developmental collaboration between Pfizer Inc, sanofi- aventis and Nektar Therapeutics, Exubera represents an innovation in insulin delivery, and would be the first non-injectable option introduced since the discovery of insulin in the 1920s.
DISCLOSURE NOTICE: The information contained in this release is as of January 12, 2006. Pfizer assumes no obligation to update any forward-looking statements contained in this release as the result of new information or future events or developments.
This release contains forward-looking information about a product candidate which is under regulatory review in the United States and Europe that involves substantial risks and uncertainties. Such risks and uncertainties include, among other things, whether and when such regulatory authorities will approve the product candidate, their decisions regarding labeling and other matters that could affect its commercial potential as well as competitive developments.
A further list and description of risks and uncertainties can be found in Pfizer's Annual Report on Form 10-K for the fiscal year ended December 31, 2004 and in its reports on Form 10-Q and Form 8-K.
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