Biotech Values

[DewDiligence]

Abbott Gets Chinese Clearance for Xience Stent

http://online.wsj.com/article/SB125292981353608425.html

›By MIKE BARRIS
SEPTEMBER 14, 2009

Abbott Laboratories received approval from China to sell its drug-coated Xience V stent, opening another market for the fast-growing product.

A fourth-quarter launch is planned for the stent, a treatment for coronary-artery disease, according to 2006 statistics causing nearly half the deaths in China. Approximately 150,000 patients [in China] annually undergo a stent procedure for the treatment of coronary artery disease, and the number of procedures is growing by more than 20% each year in China.

China is the second-largest drug-eluting stent market in the Asia-Pacific region after Japan. With approval from the Chinese State Food and Drug Administration, Xience now will become available in every Asia-Pacific market except Japan, where approval is expected at year's end, Abbott said.

…Xience vaulted to a leading position in the stent market after hitting the U.S. last year. Rapidly growing emerging markets such as China are seen as offering opportunities for Abbott's diverse product portfolio.

The company, whose operations range from prescription drugs to nutritional products, saw stent sales nearly double in the second quarter. They made up 5% of Abbott's total sales.‹