January 12, 2017 / 2:19 PM / 7 months ago

CVS slashes price of Impax's EpiPen rival

CVS Health President and CEO Larry J. Merlo gives an interview on the floor of the New York Stock Exchange September 3, 2014.Brendan McDermid

(Reuters) - Drugstore chain CVS Health Corp (CVS.N) has cut the price of a generic version of Impax Laboratories Inc's (IPXL.O) emergency allergy injection, a device similar to Mylan NV's (MYL.O) controversial EpiPen.

Mylan, which has been lambasted by consumers and lawmakers for raising EpiPen prices six-fold in less than a decade, said last month it would start selling a generic version of EpiPen for $300 per two-pack, a more than 50 percent discount.

CVS's move comes after health insurer Cigna Corp (CI.N) revised its coverage list to include the generic version of Epipen instead of the branded version.

"These formulary changes were anticipated and are why we anticipate successful generic utilization," Mylan spokeswoman Julie Knell said in an email.

Impax's branded Adrenaclick has not caught on with patients and doctors and is not considered by regulators to be an exact copy of EpiPen.

The authorized Adrenaclick generic, which was earlier sold at about $200 a two-pack, is now available at all CVS Pharmacy locations at $109.99 for both insured and cash-paying patients without insurance, CVS said on Thursday.

The two-pack device, which is assembled by hand by manufacturers, has a list price of more than $400.

Mylan's branded EpiPen doublet has a list price of $649.99, and the authorized generic costs $339.99, CVS added.

(This version of the story was corrected to say that Impax's authorized generic, not the branded one, was earlier sold at about $200. The story was earlier corrected to say that CVS slashed the price of the treatment, not started selling it)

Reporting by Natalie Grover and Ankur Banerjee in Bengaluru and Caroline Humer in New York; Editing by Saumyadeb Chakrabarty and Maju Samuel

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