The attack of the IBEX 35 at 8,400 points during Wednesday’s session has been led by Pharmamar, which has gained momentum thanks to the announcement of a new agreement to market the antitumor drug lurbinectedin in Turkey.
The Eurasian country becomes a very relevant playing field globally, and although in the case of other Spanish listed companies such as BBVA the market has not always welcomed his Turkish adventures, this time it has rewarded Pharmamar with intraday rises of up to 3.5 percent in their titles.
Lack of approval for marketing
Pharmamar has communicated during the morning of Wednesday to the National Securities Market Commission (CNMV) signing a licensing and marketing agreement with the company Eczacıbaşı Pharmaceuticals Marketing to sell in Turkey the antitumor drug lurbinectedin.
According to the terms of the agreement revealed in the statement, Pharmamar You will receive an undisclosed initial payment and will be eligible for additional compensation, including regulatory and sales milestone payments.
The Spanish company will also retain the production rights of the treatment, and will sell the product to the Turkish Eczacıbaşı for clinical and commercial use.
The pharmaceutical company of the IBEX 35 He has also detailed that Eczacıbaşı will be in charge of pursuing the authorization of the marketing of the drug in Turkey, and that you will have the right to market the product exclusively, once approved.
An emerging market within reach
The objective of both companies, says the statement of the CNMV, goes through “launching a compassionate use program in Turkey through the YOU (Turkish Pharmacy Association) to make lurbinectedin accessible to patients with recurrent small cell lung cancer, who cannot enter clinical trials and for whom there are no alternative treatments. “
Basbug Oke, CEO of Eczacıbaşı Pharmaceuticals Marketing Co., has left a signal in his remarks after the agreement that may explain why the markets have received the news with such optimism.
“Lung cancer is the leading cause of cancer mortality, with 37,000 deaths a year in Turkey, and we believe that lurbinectedin will be an important treatment option for small cell lung cancer,” said the director of the Turkish company.
Pharmamar has a great source of income within its reach
Pharmamar markets lurbinectedin under the brand name Zepzelca, a drug in which analysts have placed vast confidence so far.
Zepzelca achieved during the third quarter, in fact, the highest sales since it began to be marketed in the United States more than a year ago.
Jazz Pharmaceuticals, with which Pharmamar markets the product in the U.S, entered 71.7 million for the product from July to September.
The entry of the Spanish company in an emerging market with a population of more than 84 million people, therefore, can be a significant boost to the income of Pharmamar.
The markets seem to share this view, and three hours after the close of the trading session in Spain, have placed the price of the pharmaceutical company share at almost 57 euros, a small increase for a company that has fallen 25.6 percent so far this year.