CORRECTED: CVS to offer low-cost version of alternative to EpiPen priced at $109.99 for a two-pack
Drug store chain CVS Health Corp. said Thursday it will offer a low-cost version of the authorized generic for Adrenaclick, an alternative to the allergic reaction treatment EpiPen, that will be priced at $109.99 for a two-pack. That compares with the $649.99 cash price of an EpiPen and the $339.99 being charged for the authorized generic to it. Adrenaclick is an epinephrine auto-injector made by Impax Labs . "As a health care company focused on helping people on their path to better health, we recognized that there was an urgent need in the marketplace for a less expensive epinephrine auto-injector for patients with life-threatening allergies," CVS Pharmacy President Helena Foulkes said in a statement. Mylan Laboratories was widely criticized last summer for hiking the price of the EpiPen sixfold in the last several years. The product is used by many parents whose children are at risk of suffering from anaphylactic shock if they ingest certain allergens. CVS shares were not yet active in premarket trade, but are down 13% in the last 12 months, while the S&P 500 has gained about 17%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.