PARIS (Thomson Financial) - Shares in Ipsen rose after the French pharmaceuticals company said the U.S. Food and Drug Administration has accepted the filing of its Biologics License Application for Reloxin, its botulinum toxin type A, for cosmetic treatment in the United States.
At 9:12 a.m., Ipsen shares were up 0.87 euros or 2.20 percent at 40.33 euros as the CAC-40 added 17.20 points or 0.34 percent to 5,095.24.
Natixis Securities analysts said the shares could post a 'strong performance' during the day, especially as Ipsen has underperformed the Stoxx600 index by 750 basis points since the beginning of March.
If the FDA's review of the applications passes without a hitch, Reloxin could be launched in the U.S. at the start of the second quarter of 2009, the Natixis analysts said in a note to clients, keeping an 'accumulate' rating.
Medicis Pharmaceutical Corp will pay Ipsen approximately $25 million in connection with the announcement.
Subject to approval of the BLA by the FDA, Medicis will pay Ipsen a further $75 million and will commercialize the botox product in the U.S.
As of April, Reloxin already is approved for aesthetic indications in 23 other countries, Ipsen said. Andrew Newby; Andrew.Newby@thomsonreuters.com an/kf1 COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2008 AFX News
