Disease

Overview

  • Multiple Sclerosis (MS) is an autoimmune disease that affects the CNS due to damage of the myelin sheath due to inflammation. This causes signaling to slow or stop.
  • In the US, there are 400k patients with MS. The prevalence of the disease is stable.
  • Most patients are diagnosed between 20 and 50.
  • Symptoms vary and depend on the nerves that are damaged. Symptoms include loss of balance, muscle spasms, numbness, problems moving arms or legs, tremors, and weakness.
  • Genetics play a critical role in development of the disease.
  • All current treatments slow disease progression. There is no cure.

Subtypes

  • There are four sub-types of MS. A patient’s disease may remain in a subtype or change subtype over time.
  • Therapies vary by subtype. There are treatments for three of the four subtypes.

Drugs & Market

Overview

  • Drug treatment is very expensive – typical annual costs range between $57k (Extavia) to $73k (Copaxone).1
  • MS patients are treated continuously, making MS drugs an immensely valuable market.
  • Drug sales total $19B per year.2,3
  • The top ten drugs represent ~75% of the market.
  • Biogen dominates the market with four of the top ten, with combined sales of $5.85B. This is 90% of revenue.4
  • Teva has the highest value drug, Capaxone, at $4.3B. This is 20% of revenue.5
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Slow Growth, Potential Decline

  • Market growth has plateaued with only an expected 1.5% CAGR through 2024.
  • The strength of the market is now highly dependent on intellectual property. Drug makers are taking aggressive actions to protect & extend IP protections.6,7,8,9
  • Generics are expected to stop or reverse growth in 2018-2020 period, as several key patents expire.10

Development

  • Drug development efforts are increasing. As of 2014, there were 37 compounds in trials.
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  • Commercial interest in Multiple-Sclerosis treatments has driven recent, notable deal-making, for example:

Companies

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