Glaxo win rival Viagra approval
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LONDON, England (Reuters) -- Britain's GlaxoSmithKline Plc and Germany's Bayer AG said on Friday they had won EU approval to sell anti-impotence drug Levitra and would launch the rival to Pfizer Inc's Viagra as soon as possible.
Levitra will be the second challenger in Europe to Viagra, the blue diamond-shaped pill that has transformed the treatment of impotence since its launch five years ago. The product generated $1.74 billion of sales for Pfizer in 2002.
U.S. firms Eli Lilly & Co (LLY) and Icos Corp (ICOS) launched the first rival treatment, Cialis, in Britain, Germany and Australia in February.
Bayer (FBAY), which developed Levitra, and marketing partner GSK (GSK), did not say in which countries they would launch the drug first. They hope to generate annual peak sales of more than one billion euros ($1.1 billion) for the drug.
Levitra is one of the few bright spots in Bayer's pharmaceutical division which has been brought low by the forced recall of cholesterol-fighter Baycol, which analysts fear could leave the company open to billions of dollar of damages claims.
For GSK, the world's second-biggest drugmaker behind Pfizer (PZE), the product helps fill a pipeline of new medicines considered thin by international standards.
At 1150 GMT, GSK shares were 0.5 percent lower in a UK market down 1.3 percent. Bayer shares were 0.7 percent higher at 12.22 euros.
"Together with GSK, we are committed to bringing this product to all European markets with initial launches starting this month," said Christa Kreuzburg, Head of Europe for Bayer Healthcare's Pharmaceuticals Division.
Analysts estimate that 152 million men worldwide suffer from impotence, but that only 15-20 percent are currently being treated.
Both Levitra and Cialis are awaiting final clearance from the U.S. Food and Drug Administration before anticipated launches in the second half of 2003.
