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GW Pharmaceuticals’ Sativex given positive evaluation by German health watchdog

GW Pharmaceuticals’ Sativex given positive evaluation by German health watchdog

GW Pharmaceuticals (LON:GWP) was notified by its partner Almirall that the German federal health watchdog G-BA has given a positive evaluation for the cannabis-derived Sativex treatment.

Sativex is indicated as a supplemental treatment for patients with moderate to severe spasticity due to multiple sclerosis (MS) who have not adequately responded to other anti-spasticity medications.

The G-BA has determined that there was an indication of minor added benefit of Sativex as an add-on therapy in MS-induced spasticity, according to Almirall, its exclusive licence partner for the EU except UK.

GW managing director Justin Gover said:"This determination by the G-BA is a positive step for GW. We now look forward to our partners, Almirall, commencing price negotiations in Germany."

Nomura Code, a European investment bank focused on healthcare and clean technology, said in a note it views the latest announcement as positive for GW Pharma and its partner, as in its view there was always the possibility that the G-BA, despite the last line nature of Sativex, issued a determination of no additional benefit.

“While the benefit has been determined as minor, this is unsurprising in our view, and we believe Almirall and GW Pharmaceuticals have a reasonable basis from the perspective of subsequent pricing negotiations,” The bank said.

“For now we maintain our Neutral rating and fair value of 100-105 pence as we await final pricing determination in Germany and indications of an acceleration of uptake of Sativex in launched markets,” Nomura Code added.

The stock was last trading at 82 pence.

Sativex is also in Phase III clinical development as a treatment for cancer pain.

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