Pronova Enters Omega-3 Supplement Market

LYSAKER, NorwayPronova BioPharma ASA announced its plans to enter the consumer health care market, and said it will take the next year to develop a high-concentrate omega-3 dietary supplement.  The company said its consumer health care business will offer synergies with Pronova BioPharmas existing pharmaceutical business, which manufactures Omacor/Lovaza, the first and only FDA- and EU-approved omega-3 derived pharmaceutical drug.

Pronova BioPharma invested USD 500 million in recent years in large capacity and high concentrate omega-3 manufacturing facilities in Norway and Denmark. Consequently, it said the initial investment necessary to establish a consumer health care business is relatively small, and is estimated at USD 10 million over the next 12 months, which will be used to adjust the manufacturing process to the consumer health market.

The company said it is seeking appropriate partners to market and sell its consumer products around the world and ensure rapid take-up and penetration. Pronova BioPharma plans to enter the consumer healthcare market during the second half of 2012.

Morten Jurs, CEO of Pronova BioPharma, commented, This new division will be highly complementary to Pronova BioPharmas existing pharmaceutical business, in which we have invested heavily in recent years to create the best manufacturing facilities and processes in the world and to develop a pipeline of promising new drugs. Having established a dominant position in the omega-3 pharmaceutical market, we are well positioned to leverage our existing infrastructure, knowledge, research, regulatory and partnership capabilities in order to drive a highly successful consumer business targeting a different segment of the population."

The company is currently also developing a pipeline of prescription-only pharmaceutical products, including PRC-4016, which is currently in clinical trials for the treatment of combined dyslipidemia. Patients with combined dyslipidemia are at high risk for coronary artery disease and often require combination drug therapy to achieve lipid level recommendations.

For more on the omega-3 market around the world, check out INSIDER's digital issue on the topic.