Actelion concentrates on the development and marketing of medicines used to treat cardiovascular diseases. Their lead product, Tracleer, is the first oral endothelin receptor antagonist. In 2002, the agent was approved in the US and Europe for the treatment of pulmonary arterial hypertension (PAH). Increasing patient diagnosis, patient survival, and the successful geographic expansion of sales territories are the basis for the continued strong sales momentum. Given Tracleer’s clinical profile, we expect Tracleer to remain the cornerstone of PAH therapy and to continue its growth trajectory, albeit at a slower pace. Actelion’s pipeline substantially progressed in 2010. The key Phase III study SERAPHIN is expected to report in late 2011 testing Macitentan for the treatment of PAH. Macitentan is being developed as next generation Tracleer and is expected to be more efficacious plus have a better safety profile. In addition to PAH, Macitentan is being tested for patients suffering from idiopathic pulmonary fibrosis (IPF), with Phase II results expected in the second quarter of 2011. Olesoxime, an inlicensed drug, will report data from a Phase III study for amyotrophic lateral sclerosis (ALS) in the second half of 2011.

Additional important development programs with results in 2011 include data from a large Phase II study for the company’s S1P1 agonist for the treatment of multiple sclerosis. In case of positive data, Actelion could outlicense S1P1 with a significant partnership to be expected. Other clinical programs such as selexipag, a novel oral prostanoid receptor agonist for the treatment of PAH, and its CRTH2 receptor antagonist for the treatment of allergic inflammation are ongoing. The company has a broad early stage pipeline and is well financed to consider product acquisitions in the future.

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