Sunshine Biopharma Launches a New Generic Prescription Drug

Rhea-AI Summary

Sunshine Biopharma (NASDAQ:SBFM) announced that its Canadian subsidiary, Nora Pharma, has launched Bilastine, a generic version of Blexten®, in Canada. The drug, available in 20 mg tablets, is used for allergy symptom relief, specifically treating allergic rhinitis and urticaria (hives).

The global Bilastine market was valued at $1.3 billion in 2023 and is projected to reach $2.3 billion by 2030, with a 6.6% CAGR. This marks the company's fourth new product launch this year in the Canadian generic drugs market, which was valued at $9.7 billion in 2023 and is expected to reach $19.2 billion by 2032.

Positive

• Launch of new generic drug Bilastine in the Canadian market
• Fourth new product launch in 2023, showing consistent product expansion
• Entering a growing global Bilastine market valued at $1.3 billion
• Targeting Canadian generic drugs market with $9.7 billion valuation

Negative

• None.

News Market Reaction – SBFM

+8.75%

1 alert

+8.75% News Effect

On the day this news was published, SBFM gained 8.75%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

FORT LAUDERDALE, FL / ACCESSWIRE / December 4, 2024 / Sunshine Biopharma Inc. (NASDAQ:"SBFM") (the "Company"), a pharmaceutical company offering and researching life-saving medicines in a variety of therapeutic areas including oncology and antivirals today announced that its wholly owned Canadian subsidiary, Nora Pharma Inc., has launched a new generic prescription drug in Canada.

The newly launched drug is Bilastine, a generic version of Blexten^®. Bilastine is indicated for the relief of allergy symptoms. Nora Pharma's Bilastine is available for the Canadian market in 20 mg tablets.

The market size of Bilastine in Canada is part of the broader global Bilastine market, which, according to Verified Market Reports, was valued at $1.3 billion in 2023 and is expected to reach $2.3 billion by 2030, growing at a compound annual growth rate of 6.6%.

Bilastine is a second-generation antihistamine specifically used for the treatment of allergic rhinitis and urticaria. The latter is commonly known as hives. It is a skin condition characterized by red, itchy welts that can vary in size and shape. Urticaria is often caused by an allergic reaction to certain foods, medications, or other substances. The condition can be acute, lasting for a few days or weeks, or chronic, persisting for months or even years. The demand for effective antihistamines like Bilastine continues to grow due to rising awareness of allergic conditions and increasing healthcare expenditure globally.

"This is the fourth new product we have introduced this year. We are expanding our footprint in the Canadian generic drugs market, which was valued at $9.7 billion in 2023 and is expected to reach $19.2 billion by 2032, by continually adding new products," said Dr. Steve Slilaty, CEO of Sunshine Biopharma.

About Sunshine Biopharma Inc.

Sunshine Biopharma currently has 64 generic prescription drugs on the market in Canada and 30 additional drugs scheduled to be launched in 2025. Among the new drugs to be launched is NIOPEG®, a biosimilar of NEULASTA®. Like NEULASTA®, NIOPEG® is a long-acting form of recombinant human granulocyte colony-stimulating factor (filgrastim). It is indicated to decrease the incidence of infection in patients with non-myeloid malignancies receiving anti-neoplastic therapy.

In addition, Sunshine Biopharma is conducting a proprietary drug development program which is comprised of (i) K1.1 mRNA, an mRNA-Lipid Nanoparticle targeted for liver cancer, and (ii) PLpro protease inhibitor, a small molecule for treatment of SARS Coronavirus infections. For more information, please visit: www.sunshinebiopharma.com.

All registered trademarks are the property of their respective owners.

Safe Harbor Forward-Looking Statements

This press release contains forward-looking statements which are based on current expectations, forecasts, and assumptions of Sunshine Biopharma Inc. (the "Company") that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected. These statements appear in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, including statements related to the Company's drug development activities, financial performance, and future growth. These risks and uncertainties are further described in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in the Company's filings with the SEC. Reference is hereby made to cautionary statements and risk factors set forth in the Company's most recent SEC filings.

For Additional Information:

Sunshine Biopharma Contact:
Camille Sebaaly, CFO
Direct Line: 514-814-0464
camille.sebaaly@sunshinebiopharma.com

SOURCE: Sunshine Biopharma, Inc.

View the original press release on accesswire.com

FAQ

What new drug did Sunshine Biopharma (SBFM) launch in December 2023?

Sunshine Biopharma launched Bilastine, a generic version of Blexten®, for allergy symptom relief in the Canadian market.

What is the market size for Bilastine according to Sunshine Biopharma (SBFM)?

The global Bilastine market was valued at $1.3 billion in 2023 and is expected to reach $2.3 billion by 2030, growing at a 6.6% CAGR.

How many new products has Sunshine Biopharma (SBFM) launched in 2023?

Sunshine Biopharma has launched four new products in 2023 through its Canadian subsidiary, Nora Pharma.

What is the projected value of the Canadian generic drugs market that SBFM is targeting?

The Canadian generic drugs market was valued at $9.7 billion in 2023 and is expected to reach $19.2 billion by 2032.