Rifaximin

编者按：本文来自药智医械；赛柏蓝授权转载，编辑相宜 近日，据英国《金融时报》（Financial Times）消息，规模全球第二的眼科巨头博士伦（Bausch Lomb）正在寻求自身出售，从而与其母公司博士康（Bausch Health）彻底分拆。 近年来，博士康在并购策略的实施之下，业务管线全面发展，但因身陷巨额债务危机，不得不减负瘦身，博士伦就是本次其出售分拆的目标之一。 01 成也并购，“败”也并购 博士伦于1853年创立于美国纽约，2022年于纽交所和多伦多证券交易所同步上市，如今已有近170年的发展历史。起初，博士伦仅是一家小型眼镜店，多年发展之下，已成为世界知名的眼睛保健公司之一。从产品管线来看，博士伦拥有从隐形眼镜、彩色隐形眼镜，到隐形眼镜护理液的全线眼睛健康产品。如今，博士伦全球大约10000名员工，产品已销往100多个国家。 2013年，博士康的前身——加拿大制药巨头Valeant以87亿美元的价格从美国华平投资集团手中买走博士伦。博士伦的加入，让Valeant一跃成为彼时世界上最大的隐形眼镜生产厂商之一，而博士伦则保留原有名称，成为其旗下子公司。 这笔收购让Valeant得以跻身全球最大的15家医药企业行列，并使其眼药、隐形眼镜以及隐形眼镜护理用品的产品管线得到延展，更是新增了眼科手术设备和仪器等产品。 2020年8月，博士康官宣博士伦品牌将以独立公司运营。独立后博士伦估值200亿至300亿美元之间，估值一度逼近眼科全球老大爱尔康，成为世界第二大眼科器械公司。 据百度股市通，截至9月20日收盘，博士伦最新市值为70.24亿美元。 图片来源：百度股市通 本次博士康出售博士伦的原因为博士康的巨额债务，成也并购、“败”也并购，博士康这一系列债务也源于其并购策略。 自2008年以来，博士康的前身Valeant“痴迷”于并购带来的收益，已完成近100项收购，而在起初的几年中，并购策略也确实为其带来不小的收益。但转折从2015年开始，2015年年底，Valeant遭遇一系列风波。如陷入提价策略和使用专业药房分销药物的争议之中、会计欺诈指控等，结果就是Valeant股价一落千丈，彼时的Valeant已承担了总额超过300亿美元的债务。在2017年的大部分时间里，Valeant都在“瘦身”自救。 2018年7月，Valeant正式更名为博士康。博士康的高管们向投资者提出了计划，希望能再次增加收入，并开始积极偿还巨额债务。但效果并不显著，如今博士康仍面临210亿美元的巨额债务，其中近100亿美元的债务将在2027年底到期。此处需要注意的是，博士康明星产品Xifaxan的专利将于2029年到期，债务危机与专利悬崖迫在眉睫。 博士伦作为世界第二大眼科器械公司，其产品价值宝贵之处无需多言，也正因如此成为博士康瘦身减负的目标之一，目前博士康持有博士伦88%的股份。据媒体报道，博士伦目前正在评估潜在买家的兴趣，希望通过出售来绕过投资者为分拆设立的障碍。 摩根大通分析师Robbie Marcus分析，博士伦出售给私募股权投资者似乎是最有可能的，因为其与爱尔康、强生或库珀公司的交易可能会因这些企业在隐形眼镜市场的份额而面临反垄断审查。出售给类似艾伯维这样的制药公司也很有可能具有挑战性，因为其在干眼症市场的份额很大。 并且该分析师指出，博士伦在母公司多年投资不足之后，其隐形眼镜和手术产品组合将需要大量投资才能具有竞争力，因此潜在投资者想要在完成收购后通过削减成本再转手出售来获利不太现实。 02 多项业务稳定增长 博士伦何去何从目前仍是未解之谜，但从博士伦本身而言，其自身实力相当可圈可点。 据博士伦Q2财报，其第二季度营收12.16亿美元，同比增长17.5%，但净利润亏损1.51亿美元，另有46亿美元的长期债务。 从业务板块来看： 视力保健业务稳定增长中，2024Q2季度收入6.97亿美元，同比增长8%。主要由于消费者眼部护理业务中的干眼症产品组合、LUMIFY®（酒石酸溴莫尼定眼用溶液 0.025%）和眼部维生素以及隐形眼镜业务中的多焦点硅水凝胶 （SiHy）日抛隐形眼镜和ULTRA®的销售。 外科手术业务也在持续增长，2024Q2季度收入2.09亿美元，同比增长7%。主要由于高端IOL产品组合推动对设备和耗材以及植入物的需求增加。 眼科药物业务在该季度增长迅猛，2024Q2季度收入3.1亿美元，同比增长60%。主要由于收购 XIIDRA ®、MIEBO ®强劲表现以及美国仿制药和国际业务的持续增长。 博士伦在2024年第二季度中，所有部门都呈现出强劲的增长势头，并且随着处方药和非处方药产品的增长，博士伦在干眼症产品领域的领导地位得到加强。此外，博士伦也推出了多款创新新产品，包括干眼症营养补充剂、INFUSE散光日抛隐形眼镜、EnVista Envy三焦点IOL。 中国市场也是博士伦十分看重的区域，早在1987年博士伦便已进入中国市场，是最早进入中国的外资品牌之一。目前博士伦在中国有三家独立运行的公司，分别是北京博士伦眼睛护理产品有限公司、 博士伦（上海）贸易有限公司和山东博士伦福瑞达制药有限公司。 其中，北京博士伦主要生产和销售眼睛护理产品，包括透明镜片，彩色镜片，护理产品等；上海博士伦主要产品为眼科手术产品，包括白内障、玻璃体视网膜手术设备、人工晶体、相关耗材和手术器械等；山东博士伦主营为眼科药品、外科药品、皮肤科药品及内科药品系列的研制和生产能力，其眼科产品“润舒”、“润洁”及骨关节炎治疗用药“施沛特”成为国内知名品牌。 此外，博士伦也在积极开展与中国本土企业及机构的合作，进一步扩大在华布局。 03 结语 在今年8月的财报电话会议上，博士康CEO Thomas Appio 表示：“博士伦的全面分离仍然是一个战略优先事项”。据外媒援引知情人士消息，包括黑石集团、Advent International、TPG Capital、CVC Capital和Hellman & Friedman在内的私募股权公司正在评估对博士伦可能提出的收购要约。 从博士康中分拆而出，无论对于博士伦或是博士康来说都是一件双赢的好事，静待后续的发展。 END 内容沟通：郑瑶（13810174402） 医药代理商产品交流群 扫描下方二维码加入 银发经济市场机遇交流群 扫描下方二维码加入 左下角「关注账号」，右下角「在看」，防止失联

LAVAL, QC / ACCESSWIRE / June 14, 2024 / Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC), a global diversified pharmaceutical company enriching lives through a relentless drive to deliver better health outcomes, recently presented at two global healthcare conferences. Bausch Health's gastroenterology (GI) business, Salix Pharmaceuticals presented data from its Amiselimod clinical trials at Digestive Disease Week (DDW) 2024 during the IMIBD Late Breakers and Innovations in IBD session on May 19, 2024, in Washington, D.C., and post hoc pooled data analysis of Rifaximin at the International Liver Congress 2024™ (ILC 2024): Annual Meeting of the European Association for the Study of the Liver (EASL) on June 8, 2024 in Milan, Italy. Amiselimod at DDW Bausch Health shared positive late-breaking data from a global Phase 2 study evaluating Amiselimod for the treatment of patients with active, mild to moderate ulcerative colitis (UC) at Digestive Disease Week® (DDW) 2024. The data were presented by Dr. Steven Hanauer and Clifford Joseph Barborka, Professor of Medicine at Northwestern University. The randomized, double-blind, placebo-controlled trial investigated the efficacy and safety of Amiselimod over a 12-week treatment period. The results demonstrated that Amiselimod was well-tolerated and showed promise as a potential treatment for inducing remission in UC patients. Specifically: In the primary endpoint measure - both doses of Amiselimod (0.2mg and 0.4mg daily) led to a significantly greater improvement in Modified Mayo Score (MMS) compared to a placebo group on Day 85. This score reflects disease activity, with a lower score indicating better outcomes. Patients taking Amiselimod experienced an average improvement of -2.3 points, compared to -1.6 points in the placebo group (p-score <0.01) In the secondary measures, endoscopic improvement and clinical remission, after 12 weeks, a significantly higher proportion of patients receiving Amiselimod achieved endoscopic improvement (over 42%) compared to placebo (23%) with statistically significant difference (p-score <0.01). Similarly, over 31% of patients on Amiselimod experienced clinical remission compared to 18% in the placebo group (p-score = 0.03). In the safety evaluation patients were closely monitored for any adverse events throughout the 12 weeks. The findings concluded that Amiselimod treatment was well-tolerated. "Our recent trial results are a testament to the dedication and expertise of our research teams," said Dr. Tage Ramakrishna, Chief Medical Officer, President, R&D. "The promising data from this Amiselimod trial brings us closer to offering new, effective treatment to patients suffering from ulcerative colitis (UC). We are excited to advance this therapy to the next stage of development." Ulcerative colitis is a chronic disease affecting the large intestine, or colon. The condition causes inflammation and ulceration (sores) along the lining of the colon, which can lead to abdominal pain, cramps, bleeding and diarrhea.1 In ulcerative colitis, the inflammation starts at the rectum and continues through the colon. Symptoms include diarrhea with blood and mucus, pain on the left-hand side of the abdomen, urgency and tenesmus (the feeling of needing to pass stools even if the bowel is empty).1 Rifaximin at EASL At the European Association for the Study of the Liver (EASL) Conference, Bausch Health presented data comparing Rifaximin monotherapy to lactulose monotherapy in preventing overt hepatic encephalopathy (OHE) recurrence in cirrhosis patients with a history of OHE. This analysis, based on pooled data from two randomized trials (one phase 3 double-blind and one phase 4 open-label), focused on adult patients with cirrhosis and a history of OHE episodes showed that: Significantly fewer patients treated with Rifaximin monotherapy experienced an OHE episode compared with lactulose monotherapy (23.2% vs 49.0%, respectively; P<0.0001). Rifaximin monotherapy reduced the risk of a breakthrough OHE event by 60% versus lactulose monotherapy during 6 months of treatment. Rifaximin monotherapy was well tolerated. These data suggest Rifaximin monotherapy has the potential to be a viable treatment option for OHE recurrence risk reduction in appropriate patient populations. About Amiselimod Amiselimod is a sphingosine-1-phosphate (S1P) receptor functional antagonist and, by inhibiting the receptor function of the lymphocyte sphingosine-1-phosphate (S1P) receptor, retains lymphocytes sequestered in the lymph nodes and prevents them from contributing to autoimmune reactions.1 Due to this mechanism of action, Amiselimod may potentially be useful for various autoimmune diseases.2 Affinity to S1P1 and S1P5 receptor subtypes, suggests that Amiselimod could potentially have a more pronounced effect on ulcerative colitis related inflammation than compounds with restricted activity on S1P1 receptor subtype exclusively or combined activity on S1P1 and S1P5. 2 About XIFAXAN XIFAXAN® (rifaximin) 550 mg tablets are indicated for the reduction in risk of overt hepatic encephalopathy (HE) recurrence in adults and for the treatment of irritable bowel syndrome with diarrhea (IBS-D) in adults. About Salix Salix Pharmaceuticals is one of the largest specialty pharmaceutical companies in the world committed to the prevention and treatment of gastrointestinal diseases. For more than 30 years, Salix has licensed, developed, and marketed innovative products to improve patients' lives and provide health care providers with life-changing solutions for many chronic and debilitating conditions. Salix currently markets its product line to U.S. health care providers through an expanded sales force that focuses on gastroenterology, hepatology, pain specialists, and primary care. Salix is headquartered in Bridgewater, New Jersey. For more information about Salix, visit and connect with us on Twitter and LinkedIn. About Bausch Health Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) is a global diversified pharmaceutical company enriching lives through our relentless drive to deliver better health outcomes. We develop, manufacture and market a range of products, primarily in gastroenterology, hepatology, neurology, dermatology, medical aesthetic devices, international pharmaceuticals, and eye health, through our controlling interest in Bausch + Lomb. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors. For more information, visit and connect with us on LinkedIn. References 1 IBD Clinic, University of Alberta: 2 BiseraStepanovska, AndreaHuwiler. Targeting the S1P receptor signaling pathways as a promising approach for treatment of autoimmune and inflammatory diseases. Pharmacological Research. February 2019. The XIFAXAN 550 mg product and the XIFAXAN trademark are licensed by Alfasigma S.p.A to Salix Pharmaceuticals or its affiliates. ©2024 Salix Pharmaceuticals or its affiliates. Investor Contact: Garen Sarafian ir@bauschhealth.com (877) 281-6642 (toll-free) Media Contact: Kevin Wiggins corporate.communications@bauschhealth.com (908) 541-3785 SOURCE: Bausch Health Companies Inc. View the original press release on accesswire.com