Aegerion Pharmaceuticals, a biopharmaceutical company specializing in rare diseases, has announced that it intends to withdraw Lojuxta (lomitapide – marketed as Juxtapid in the United States), its drug for a genetic lipid disorder, from the European Union (EU) and certain other global markets in response to the continuing impact of competitive therapies on sales. The company is also reducing its global work force by approximately 13% during the third quarter of 2016, representing an approximately 40% reduction from year-end 2015.

Aegerion expects to complete the withdrawal of lomitapide from the EU and certain other global markets by the end of 2016 and intends to evaluate its strategic options for lomitapide outside the United States, including divestiture or licensing of Aegerion’s rights to lomitapide to a partner. The company will maintain certain infrastructure in the EU to support the launch of Myalept (metreleptin for injection) in that region. The company is expecting approval of Myalept in the EU in late 2017.

Aegerion intends to reduce 2017 operating expenses by between $25 million and $35 million relative to its previously stated 2016 operating expense guidance of between $145 million and $155 million. The company announced a merger with QLT, a Vancouver, British Columbia-based biotechnology company specializing in eye care, in June 2016. The merger is expected to close late in the third quarter or early in the fourth quarter of 2016.

Source: Aegerion Pharmaceuticals