LONDON: Hikma Pharmaceuticals has won exclusive rights to distribute and market its third biosimilar drug — a copy of Roche’s blood cancer treatment Rituxanin — in the Middle East and North African markets, it said on Tuesday.
The Jordan-based drugmaker agreed on the licensing deal with Celltrion to market the South Korea-based biopharmaceutical firm's Truxima, a copy of Roche's blockbuster blood cancer medicine, also known as MabThera.
Truxima, the first biosimilar cancer drug to hit the European market in February, is used to treat patients with non-Hodgkin’s lymphoma, chronic lymphocytic leukemia, rheumatoid arthritis and microscopic polyangiitis.
Hikma, which makes and markets branded and non-branded generic and injectable drugs in more than 50 countries including Britain, has been hit by higher pricing pressures in the generic industry and has lowered revenue forecasts three times this year.
European drugmakers had been faced with increasing competition from cut-price copies of complex biotech drugs.
The complex nature of biological medicines, which are made inside living cells, means copies can never be exactly the same as the original.
But a growing number of such drugs have now been approved in Europe as similar enough to do the job.
Truxima has been approved in all of Rituxan/MabThera's indications and governments around Europe are keen to see it used widely to curb rising drug bills.
Hikma is currently also in a dispute with the Food and Drug Administration over plans to launch a generic copy of GlaxoSmithKline’s popular lung drug Advair in the US.
London-listed shares of the company rose 1.9 percent.
Hikma wins right to market Roche drug copy in Middle East
Hikma wins right to market Roche drug copy in Middle East
Closing Bell: Saudi equities continue 4-day upward trend
RIYADH: Saudi equities closed higher on Wednesday, with the Tadawul All Share Index rising 51.52 points, or 0.47 percent, to finish at 10,945.15.
Trading activity was robust, with 373.9 million shares exchanged and total turnover reaching SR6.81 billion.
The MT30 Index also ended the session in positive territory, advancing 11.93 points, or 0.82 percent, to 1,472.82, while the Nomu Parallel Market Index declined 116.82 points, or 0.49 percent, to 23,551.47, reflecting continued volatility in the parallel market.
The main market saw 90 gainers against 171 decliners, indicating selective buying.
On the upside, Al Kathiri Holding Co. led gainers, closing at SR2.18, up SR0.12, or 5.83 percent. Wafrah for Industry and Development Co. advanced to SR23, gaining SR0.99, or 4.5 percent, while Al Ramz Real Estate Co. rose 4.35 percent to close at SR60.
SABIC Agri-Nutrients Co. added 4.21 percent to SR118.70, and Al Jouf Agricultural Development Co. climbed 4.12 percent to SR45.
Meanwhile, losses were led by Saudi Industrial Export Co., which fell 9.73 percent to SR2.69. United Cooperative Assurance Co. declined 5.08 percent to SR3.74, while Thimar Development Holding Co. dropped 4.54 percent to SR35.30.
Abdullah Saad Mohammed Abo Moati for Bookstores Co. retreated 4.15 percent to SR48.50, and Gulf Union Alahlia Cooperative Insurance Co. slipped 3.96 percent to SR10.44.
On the announcement front, Saudi National Bank announced its intention to issue US dollar-denominated Additional Tier 1 capital notes under its existing international capital programe, with the final size and terms to be determined subject to market conditions and regulatory approvals.
The planned issuance aims to strengthen Tier 1 capital and support the bank’s broader financial and strategic objectives.
The stock closed at SR42.70, gaining SR0.70, or 1.67 percent, reflecting positive investor reaction to the capital management move.
Separately, Almasane Alkobra Mining Co. said its board approved the establishment of a wholly owned simplified joint stock company to provide drilling, exploration and related support services, with a share capital of SR100 million and headquarters in Najran, subject to regulatory approvals.
The new subsidiary aligns with the company’s strategy to enhance operational efficiency and expand its role in the Kingdom’s mining sector.
Shares of Almasane Alkobra Mining closed at SR98.70, up SR0.30, or 0.3 percent, by the end of the session.
