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潘兴广场资本的管理人威廉.阿克曼在法伦特股价飙升式成为该公司的大股东。彼得杨信贷。

去年八月,新芽制药公司手上有一种新药丸,很快就吸引了全国的想象力。食品和药监管理局已经批准了治疗女性性欲低下的药物Addyi。

深夜喜剧演员笑称“女性伟哥”,华尔街分析师猜测这将是一场轰动性的销售。在临床试验中女性报告每月令人满意的性经历数量略有增加,但是具有统计学意义。

第 1 段(可获 1.16 积分)

“这将是是一个伟大的时刻。”斯普劳特的首席执行官,辛迪.怀特黑德告诉财富杂志的记者。

在食品和药监局批准后一天,斯普劳特的情况变得乐观,一家制药公司法伦特制药国际,因为交易敏锐使其成为股票宠儿,以惊人的10亿元收购了斯普劳特-----这是两个月前的两倍。

怎么可能出错?好吧,几乎所有事情。

在交易的几周内,法伦特从投资偶像变成了贱民,因为其购买老药和提高价格的商业模式受到了国际社会的嘲笑。自此以后,他的股票已经下跌了85%。星期一,法伦特解雇了该药物背后所有的工作人员并且说它今年重新引入Addyi。二月份医生的开方数量已经不到4000次。

第 2 段(可获 1.75 积分)

对推进该药物推向市场的斯普劳特的前雇员,分析师,投资师和医生的采访表明,一系列交易后的失策,加上激进的会计实践,不寻常的商业关系和巨大的自负,使一代人最引人入胜的新药脱轨。

法伦特对斯普劳特的收购证明是一场巨大的失败,债务分析公司吉姆信贷的分析师Vicki Bryan表明,“让他在几个月后散架?,这非常令人震惊。”

尽管乐观,Addyi(发音ADD-ee)从来不会轻易卖出。有关于其有效性和便利性的问题。例如,妇女们需要每天服用它并且戒酒。然而这种沮丧的结果令人惊讶并且强调了法伦特的麻烦。

第 3 段(可获 1.71 积分)

斯普林特的首席执行官,辛迪.怀特黑德,在Addyi销售滞后时离开了法伦特制药。信贷斯普劳特制药。

该公司与药房的交易正在受到联邦调查,其药物价格政策正在法律政策者作为掠夺性政策。

法伦特已经获悉Addyi的销售没有达到预期,并且它计划更多投资在这种药物上。公司已经对定价进行辩护。

第 4 段(可获 1.43 积分)

Addyi传奇的一个主要的人物是威廉.阿克曼,他是对冲基金经理和法伦特最大的支持者。他的基金,潘兴广场资本管理公司,在它的基金飙升的时候变成了法伦特的大股东。

在2015年7月阿克曼先生也来了个人股票,两个月该公司的药被食品药品局批准。

直到最近,阿克曼对法伦特的首席执行官迈克尔兼战略架构师迈克.皮尔森赞不绝口。这些天,尽管阿克曼先生正在发动一场变革并且获得了自己的董事局地位。上个月,阿克曼表明公司需要管理层需要改变的几天的后,法伦特公司将取代皮尔森先生。

第 5 段(可获 1.5 积分)

皮尔森先生拒绝置评。

阿克曼先生公开声明关于法伦特公司,但是他拒绝在记录中讨论她对斯普兰特的投资。

星期三,在和潘兴公司投资者的一个电话中阿克曼先生表示乐观。“我们能非常快地在这里恢复价值,他对法伦特说。

阿克曼先生的评论使股票上涨,但是很明显,要收回公司支付给Addyi的一亿美金将会花一些时间。

女权主义与公平

Addyi,科学家称为氟班西林,被认为是改变大脑递质的平衡诸如多巴胺和血清素来发挥作用的。他最初被当做一种抗抑郁药。这没有用,但是一些早期的临床试验表明女性的性冲动有所增加。

第 6 段(可获 1.53 积分)

但是在2010年和2013年,食品药品管理局拒绝了这种药物的使用,称副作用包括头晕和恶心超过了好处。在诊所试验,女性服用药丸比服用安慰剂有了更满足的性快感。

与伟哥不同,Addyi必须每天服用。

这些疑虑没有阻止罗伯特和辛迪.怀特黑德,他们是一对夫妻在2012年组建了斯普劳特制药公司并购买了这种药物。在2013年被拒绝后,他们发起了一场积极的游说和公共关系运动,将该药物批准视为女权主义和公平主义的问题。

第 7 段(可获 1.3 积分)

全国消费者联盟执行官萨利.格林伯格表示:“我只是怀疑治疗女性的药物存在更高的障碍,远远高于男性药物的障碍”,“女性和男性一样,应该允许他们的医疗保险提供者一起决定是否承担风险。“

食品和药物监督管理局在第三次审查批准后同意了该药,并做出了重大警告。

Addyi必须携带黑匣子警告,这是最严重的一项警告,说明服用携带酒精的药物能导致危险的血压下降和晕厥。医生和治疗师必须通过一项测试来开方和配药。

第 8 段(可获 1.44 积分)

出售伟哥限制很少。它需要在做爱前服用,而不是像Addyi一样每天服用。并且伟哥常常会导致副作用比如晕厥或者恶心。但没有黑盒警告。

斯普劳特承诺18个月内不向大众宣传这种药物。公司说它转而关注教育医生关于药物和治疗的病症,即性欲低下症。

专注性健康芝加哥妇科医生Lauren F.Srenicher说,多重限制减弱了药物批准的兴奋。她说药物的限制是不合适的。把女性吓跑了。”女人们会想这个一定很糟糕。“她说。

第 9 段(可获 1.53 积分)

尽管有些障碍,一些分析人士预测数百万的妇女会服用这种药物。斯普劳特在食品药监局批准前建立了一个雄心勃勃的销售机构。为了帮助支付费用,他们找到了一些财富的支持者,包括两个与valeant有关系的华尔街巨头。

一个是Viking全球投资,一家在管理着450亿美元对冲基金。另一个是阿克曼,一个亿万富翁,多年前曾与格林伯格女士合作,致力于反对这家保健品公司,康宝莱。

格林伯格女士说,“我和任何对冲基金都没有关系,她补充说道她没有收到任何关于建立联系的基金。”他可能是我曾经接触的唯一的一个亿万富翁。“

 

第 10 段(可获 1.5 积分)

7月份,阿克曼先生做了一个70亿元的投资。法来特买下公司后他的股票成倍增长。

法来特公司的前首席执行官迈克尔.皮尔森辞职,因为面临的压力越来越大。Hiroko Masuike/纽约时报。

六名前斯普劳特雇员说这笔钱帮助支付两个国家销售总监的费用,其中包括1998年在伟哥上市就出售了了伟哥的人。斯普劳特还增加了12个区域经理和将近150个销售代表。这个前销售雇员只会匿名发言,要么因为他们签署了保密协议,要么因为他们担心被识别会危及他们行业的未来。

第 11 段(可获 1.39 积分)

In addition, Sprout prepared pamphlets and other marketing materials and enlisted doctors as expert speakers for Addyi.

Sprout also settled on a price: $400 for a month of pills, or about the cost of a month’s worth of erectile dysfunction pills. Insurers would have difficulty denying coverage, company executives reasoned, if their product was the same price as the men’s pills. Sure enough, after the drug was approved, Anthem, one of the nation’s largest insurers, said it would cover the drug at the $400 price.

If patients were willing, Sprout was ready.

第 12 段(可获 1.19 积分)

The Winds Shift

Mr. Pearson, Valeant’s chief executive, looked distracted when he took the stage in mid-October at a party meant to energize the Addyi sales team, a description the company denies. Doctors spoke about the drug’s benefits. Patients shared their stories.

But when Mr. Pearson took the stage, he forgot the names of the patients who had just spoken. And he joked that Valeant had overpaid for Addyi, according to several of the former employees who had attended the meeting. He left the room a few minutes later, in spite of having promised to stay for the day.

第 13 段(可获 1.26 积分)

One possible explanation for Mr. Pearson’s performance emerged two days later, when Valeant disclosed that it had received subpoenas from federal prosecutors asking for information about its business practices, including its drug pricing decisions.

Pressure mounted elsewhere, too. Analysts were questioning Valeant’s business model. Congress was asking about its pricing policy. And a vocal investment research firm that had bet against Valeant’s shares published a report criticizing the company’s accounting.

After years of Valeant being an investor favorite, the winds had reversed.

第 14 段(可获 1.08 积分)

At the same time, decisions made by Valeant were undermining Addyi, the former employees said. Once Valeant owned the drug, for example, it doubled the price, to $800.

Laurie Little, a spokeswoman for Valeant, said financial assistance programs were available for people without insurance coverage. Insurance companies, she said, would most likely receive discounts to make the drug cost less than $800.

In reality, insurance companies balked. CVS/Caremark, the pharmacy benefits manager, notified Valeant several weeks before the pill’s introduction that it would not cover Addyi at the $800 price, according to a letter Sprout shareholders sent to Valeant in March.

第 15 段(可获 1.29 积分)

As price became an issue, so did distribution. Before the Valeant buyout, Sprout had lined up Cardinal Health, one of the nation’s largest drug distributors. But when Valeant took over, it ended this arrangement, former employees said, handing over that crucial job to Philidor, which was out of business.

Now Sprout shareholders, in their letter to Valeant, say that relying on Philidor to distribute Addyi was a crucial mistake.

Former Sprout employees say that the changes in marketing strategy complicated their efforts to sell doctors on the pill. They also say they did not have access to many of their standard sales tools, including basic promotional materials like wall posters and brochures. Valeant also halted a planned speakers’ program, in which doctors explained the drug to their colleagues.

第 16 段(可获 1.61 积分)

Ms. Little of Valeant said distribution of the materials had been delayed while they were being reviewed by the F.D.A. She said the company was preparing a speakers’ program.

As weeks passed, several members of the sales team began to suspect that Valeant was either not interested or incapable of effectively selling Addyi, according to the former employees. Near the end of 2015, Ms. Whitehead departed, and sales representatives began leaving. When they left, their positions were not filled. The company is dismissing the rest of the sales force this month.

第 17 段(可获 1.16 积分)

Dr. James A. Simon, a member of Valeant’s scientific advisory board for Addyi, said the company seemed out of its depth. The company’s experience was in selling older products with a well-established market, not new drugs.

“They didn’t home-grow things at Valeant,” said Dr. Simon, who served as the chief medical officer at Sprout from 2012 to 2013. “This is a product that needed to be homegrown.”

A Marketing Mess

In their letter to Valeant, angry Sprout shareholders asked the company to explain its actions. Jonathan D. Schiller, who represents the Sprout shareholders, said in a statement that Valeant was not meeting the obligations it agreed to with Sprout, “to the detriment of Sprout shareholders, Valeant’s own shareholders, its debt holders and the millions of women who would benefit from Addyi.”

第 18 段(可获 1.69 积分)

The Valeant spokeswoman said the company intended to fulfill its obligations under the deal.

Today, as Addyi struggles, Valeant’s broader difficulties could limit its ability to invest in the drug’s marketing effort. Dr. Streicher, the Chicago gynecologist, said she had prescribed the drug to only about 10 patients, to mixed reviews. “I see a lot of patients,” she said, “and at the end of the day, it’s not like they’re lining up for it.”

Others say Addyi’s struggles are for the best. “It wasn’t a very good product,” said Susan F. Wood, an associate professor of health policy at George Washington University, who opposed the drug’s approval. “I’m happy that for once, the idea that this was going to be the female blockbuster drug didn’t pan out.”

Ms. Greenberg, Addyi’s early champion, remains unbowed. She thought the F.D.A. approval would be the main hurdle, she said, not the financial and marketing mess that ensued.

“We have millions of women who arguably would like access to this drug, but who can’t get it,” she said. “It’s incredibly frustrating.”

第 19 段(可获 2.39 积分)

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