Santarus plans new sales hires after FDA approves colitis drug
Shares of San Diego-based Santarus jumped this morning as investors responded warmly to the news that the drug developer had gained an FDA approval for extended-release budesonide--to be sold as Uceris--for mild to moderate ulcerative colitis.
Santarus ($SNTS) developed Uceris with Cosmo Pharmaceuticals using MMX, a multimatrix system colonic delivery technology. Now the company--which saw its shares climb 10% this morning--says it will add 85 sales reps to its field force, projecting a leap in revenue as they fan out among providers.
"We are pleased to provide a new option for patients to treat the active phase of mild to moderate ulcerative colitis," said CEO Gerald T. Proehl in a statement. "With the incremental revenue from UCERIS and continued growth in our marketed products, we anticipate another robust year of solid financial results for Santarus in 2013. We expect total revenues of $320 million to $325 million, representing significant double-digit growth over our 2012 revenue guidance."
Proehl recently told Investor's Business Daily that he expects the drug to complement sales of Zegerid and its four other commercial products. He estimated peak sales at $300 million.