Adelaide-based Mayne Pharma Group Limited (ASX: MYX) has entered into a long-term supply agreement with Novast Laboratories Limited for 13 US generic oral contraceptive products, including five new products not previously marketed by the company.
Four of the additional products are FDA approved and include generic equivalents of two of the highest prescribed oral contraceptive products in the US – ORTHO CYCLEN and ORTHO TRI- CYCLEN – as well as LOESTRIN 24 FE and DESOGEN. The fifth product is pending at the FDA.
Mayne Pharma’s CEO Scott Richards said that according to IQVIA, the annual US market sales for the five additional products were US$500m with more than 1.3 billion tablets sold annually.
We are very pleased to have partnered with Novast, who have an outstanding quality track record manufacturing and supplying oral contraceptives to the US market,” Mr Richards said.
“This transaction expands our women’s health portfolio and secures supply on more favourable terms of eight products previously acquired from Teva Pharmaceuticals to continue to drive growth of our women’s health franchise.”
“Our key priorities in women’s health have been to optimise our supply network to improve product costs, add complementary novel and generic products, expand our channels to market and establish a national sales team in the US to promote to physicians.
Mayne Pharma’s women’s health portfolio today includes 27 marketed and pipeline products, including a novel oral contraceptive E4/DRSP and two generic contraceptive products targeting markets with sales of US$1.2 billion and targeted to launch in FY21.
Mayne Pharma is a leading supplier of contraceptives in the US with its portfolio now covering more than 85% of oral contraceptive prescription volumes.”
Novast Laboratories is a pharmaceutical company based in Nantong, China that develops and commercialises generic drugs for global markets. Novast has been operating since 2006 and has significant number of products approved by the US FDA including hormone products and sustained-release oral dosage forms.