Biotech Values

[DewDiligence]

FDA approves Xeomin for glabellar lines:

http://finance.yahoo.com/news/Merz-Aesthetics-Announces-FDA-prnews-3600195990.html?x=0&.v=1

Xeomin is a type-A botulinum toxin from Merz Pharmaceuticals, the private German company that acquired BioForm (maker of Radiesse) in 2010 (#msg-45071380).

Glabellar lines (a/k/a brow furrow) is the most common use of botulinum toxin for cosmetic use, and Xeomin could eventually win some US market share against Botox and Dysport in cosmetic use. Xeomin is sold in Europe under the brand name, Bocouture, but it has not captured much market share there against Botox and Dysport. (Worldwide, Botox has a >80% market share in cosmetic indications and Dysport has most of the rest.)

Merz’s PR (above) says that Xeomin will not be available to US doctors until the spring of 2012. This is curious insofar as Xeomin is already approved and launched in the US for non-cosmetic use (#msg-52866968, #msg-55189308); the cosmetic and non-cosmetic formulations are identical as far as I know.

From a technical standpoint, Xeomin is an excellent product, superior to both Botox and Dysport; hence, the limiting factor on Xeomin’s attaining market share is Merz’s low-key marketing (compared to AGN and MRX) and the brand-name loyalty of Botox and Dysport users.