Amphastar Pharmaceuticals (NASDAQ:AMPH) reported that the Food and Drug Administration has granted approval to first generic of drug used to treat severe hypoglycemia for injection.
The Rancho Cucamonga, Calif.-based announced that the U.S. Food and Drug Administration has approved its Abbreviated New Drug Application for Glucagon for Injection Emergency Kit. Glucagon is indicated for the treatment of severe hypoglycemia and is also used as a diagnostic aid.
Amphastar’s newly approved synthetic peptide product was determined by the FDA to be bioequivalent and therapeutically equivalent to Eli Lilly’s (NYSE:LLY) Glucagon Emergency Kit for Low Blood Sugar, which has a recombinant DNA (rDNA)-origin.
CEO Jack Zhang, commented: “This approval is yet another milestone for the Company and marks the first-ever FDA approval of a generic version of rDNA Glucagon.”
According to IQVIA, the U.S. sales for Eli Lilly’s Glucagon Emergency Kit for Low Blood Sugar, 1 mg, were approximately $144 million, and the overall U.S. sales of brand products containing glucagon for injection, 1 mg, were approximately $306 million for the 12 months ended September 30, 2020.
Amphastar plans to launch this Glucagon for Injection Emergency Kit, which it previously referred to as AMP-001, within two months.
The Company currently has four ANDAs filed with the FDA, which are targeting products with a market size of approximately $1.4 billion, three biosimilar products in development targeting products with a market size of approximately $13.0 billion, and nine generic products in development targeting products with a market size of approximately $12.0 billion.
AMPH shares added $1.50, or 7.9% to $20.52.