Abbott Laboratories (ABT) received approval from China to sell
its drug-coated Xience V stent in the world's most populous
country, opening another market for the fast-growing product.
A fourth-quarter launch is planned for the stent, a treatment
for coronary artery disease, according to 2006 statistics causing
nearly half the deaths in China. Approximately 150,000 patients
annually undergo a stent procedure for the treatment of coronary
artery disease, and the number of procedures is growing by more
than 20% each year in China.
China is the second-largest drug-eluting stent market in the
Asia-Pacific region after Japan. With approval from the Chinese
State Food and Drug Administration, Xience now will become
available in every Asia-Pacific market except Japan, where approval
is expected at year's end, Abbott said.
Stents are small devices used to prop open previously clogged
heart arteries, and drug-coated stents use medication to combat
vessel renarrowing. Xience vaulted to a leading position in the
stent market after hitting the U.S. last year. Rapidly growing
emerging markets such as China are seen as offering opportunities
for Abbott's diverse product portfolio.
The company, whose operations range from prescription drugs to
nutritional products, saw stent sales nearly double in the second
quarter. They made up 5% of Abbott's total sales.
Shares closed Friday at $46.83 and were inactive premarket. The
stock is down 12% this year.
-By Mike Barris, Dow Jones Newswires; 212-416-2330;
mike.barris@dowjones.com