Mylan NV (NASDAQ:MYL) announced on Tuesday that it has secured a partnership with Mapi Pharma which is based in Israel, from which it plans to acquire the rights to a Glatiramer Acetate for treating multiple sclerosis.
Both Mylan and Mapi Pharma will team up on the development of the MS treatment which is called GA Depot. The latter will be delivered as an injection that will be administered once on a monthly basis to patients with relapsing multiple sclerosis. There are more than 2.3 million people living with multiple sclerosis according to MS organizations. According to a prevalence study carried out by the National MS Society, 85 percent of all the initial MS diagnoses usually end up relapsing after treatment.
This is not Mylan’s first foray into the treatment of MS. The company sells the generic version of the MS treatment called Copaxone which is a product of Teva Pharmaceutical Industries Ltd (ADR) ADR (NYSE:TEVA). Its decision to seek the rights to sell GA Depot globally thus highlights Mylan’s decision to double down on the MS market.
Mylan is clearly looking to maintain a strong hold on this particular market and it believes that GA Depot will help towards achieving this goal. This is especially considering that the treatment is a once-a-month injection versus the generic version of Copaxone which is supposed to be administered three times a week as well as other daily injections. This means GA Depot will be a more appealing option for patients.
“Improving the lives of MS patients around the world is one of Mylan’s primary goals. We recognize that medication convenience is very important to the MS community, and we believe that GA Depot, once approved, will provide an important and welcomed treatment option,” stated Mylan’s president, Rajiv Malik.
Mylan also expects GA Depot to contribute significantly to its growing portfolio of products targeting the central nervous system. The two companies are currently working on securing regulatory approval so that the treatment can be made available in the market.
Mylan stock closed the latest trading session on Tuesday at $41.52 after a 4.19 percent gain compared to the value of the stock during the previous close.