This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

GW Pharmaceuticals Announces Agreement On Sativex® Pricing In Germany

Stocks in this article: GWPH

LONDON, Sept. 23, 2013 /PRNewswire/ -- GW Pharmaceuticals plc (AIM: GWP, Nasdaq: GWPH, "GW") announced today that agreement for a revised mutually-acceptable reimbursement price for Sativex® has been reached between Almirall S.A., GW's commercial partner in Germany, and the German National Association of Statutory Health Insurance Funds (GKV-SV). This new agreement has resulted in an increase to the previously reduced price imposed by the German authorities in March 2013 which Almirall had considered to be unacceptable.

"We are pleased to have a positive outcome to discussions that result in an acceptable reimbursement price for Sativex® in Germany, Europe's largest potential market for Sativex®. This agreement ensures that people suffering from Multiple Sclerosis spasticity in Germany will have long-term access to this important medicine," stated Justin Gover, GW's Chief Executive Officer.

It is estimated that approximately 4,000 patients are currently being treated with Sativex in Germany.

"Almirall is committed to meeting the needs of MS patients and this is the reason we have been determined over recent months to achieve an appropriate resolution of the reimbursement price in Germany," said Farid Taha, General Manager of Almirall Hermal Company. "Sativex ® represents an important advance in the symptomatic treatment of MS spasticity and this new agreement provides doctors and patients in Germany with the necessary assurance that Sativex® represents not only a recognised therapeutic benefit, but will also be available on prescription for the long-term."

The full text of the joint announcement issued by Almirall and the GKV-SV is below. (NOTE: the following press release is translated into English for the convenience of the reader. Some variation may have occurred in this translation.)

Reimbursement amount for therapeutic agent for MS agreed upon

Berlin, 23 September 2013 – The pharmaceutical company Almirall Hermal GmbH and the National Association of Statutory Health Insurance Funds agreed on 23 September 2013 on a reimbursement amount for the medicine Sativex®.

Sativex® is approved as an add-on therapy for the alleviation of symptoms in patients with moderate to severe spasticity due to multiple sclerosis who have not responded adequately to other anti-spasticity medications. This is the first medication based on two cannabinoids – delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD). These plant-derived cannabinoids are able to modulate the body's own cannabinoid system, which leads to improved regulation of nerve impulse in responders. This in turn leads to a decrease in spasticity. The basis for the negotiations was the decision on benefit assessment by the Joint Federal Committee dated 21 June 2012, in which the medication was said to show indications of a slight added benefit. This was the second negotiation regarding this medication and the new outcome reflects the impact of changes, in the interim period, to the framework upon which the reimbursement criteria are determined. New negotiations commenced as a result of Almirall issuing an orderly termination of the existing contract as at June 2013.

Farid Taha, managing director of Almirall Hermal GmbH, and Johann-Magnus v. Stackelberg, deputy chairman of the National Association of Statutory Health Insurance Funds, stated that the negotiations were constructive and fair.

"Both parties to the negotiations were interested in a solution that would benefit patients," said Taha and v. Stackelberg. "That was the foundation on which an agreement was finally reached."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,308.60 -78.61 -0.45%
S&P 500 2,022.56 -6.99 -0.34%
NASDAQ 4,686.1350 +4.6380 0.10%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs