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Monday, July 11, 2016 10:16:30 AM
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Galenica is set to embark on a period of checkbook pipeline building to beef up its drug development unit ahead of a planned spinout. The plan is to build a pipeline of near- and long-term assets to complement its Roche ($RHHBY)-partnered iron-deficiency drug, Mircera.
Bern, Switzerland-based Galenica first proposed splitting its specialty pharma unit, Vifor Pharma, from its pharmacy business late last year. Back then, the plan was to spend three to 5 years getting Vifor Pharma ready to fly solo, but the deal Galenica struck with Roche in May has positioned it to gun for a quicker split. The deal with Roche gave Galenica the right to sell Mircera--a drug to treat chronic kidney disease-associated symptomatic anemia--in the U.S., setting Vifor Pharma up to aim for sales of $1 billion (€900 million) from next year.
With Mircera, which generated sales of CHF417 million ($441 million) for Roche outside the U.S. last year, giving Vifor Pharma the makings of a commercial business, its focus has now shifted to adding to its pipeline. "We need further important projects before Vifor can become independent," Galenica Chairman Etienne Jornod told Bloomberg. Vifor Pharma is in the market for some products that can be brought to market within the next few years and others that are still 5 or 10 years away from being ready for regulatory submissions.
If Vifor Pharma can find the acquisitions and partnerships it needs to stock its pipeline--a big ask given the fierce competition for late-phase assets--then it could bring forward its independence plans. Such willingness to rethink the structure of the business comes at a time when multiple Swiss pharma companies are reassessing their models. Swiss-Italian drugmaker Cosmo Pharmaceuticals (SWX:COPN) listed its dermatology-focused spinout Cassiopea in Switzerland last week, while AC Immune and Novimmune SA are both considering going public.
http://www.fiercebiotech.com/financials/galenica-plans-dealmaking-flurry-ahead-of-mooted-spinout
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