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Aegerion retrenches with Juxtapid; to cut 13% of workforce this quarter

Jul. 20, 2016 4:28 PM ETNovelion Therapeutics Inc. (NVLNF) StockNVLNFBy: Douglas W. House, SA News Editor
  • With the aim of reducing annual operating expenses by $25M - 35M next year, Aegerion Pharmaceuticals (AEGR) will withdraw top seller JUXTAPID (lomitapide) capsules from the European Union and certain other markets by the end of the year, unless it can ink a supply deal with suitable partners in those areas. It says its substantial investments in time and resources to establish pricing and reimbursement in the regions have failed to bear fruit.
  • The move may only trim ~10% from JUXTAPID sales considering 90% are generated in the U.S. In Q1, for example, domestic sales accounted for $23.6M of JUXTAPID's global total of $26.2M.
  • Concurrently, the company will cut 13% of its workforce by the end of this quarter and complete its employee separation payments by the end of Q2 2017.
  • It will update its financial guidance after the closing of its previously announced merger with QLT, expected to occur no later than early Q4.
  • Shares are unchanged after hours, but the turnover is only 400.
  • Previously: Aegerion and QLT to merge (June 15)

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