Benzinga | Jul 13, 2021 11:01AM EDT

Redhill Biopharma Says Co's Movantik Added As Unrestricted Preferred Brand To A Major National Commercial Formulary Serving Over 30M Americans

RedHill Biopharma Ltd. (NASDAQ:RDHL) ("RedHill" or the "Company"), a specialty biopharmaceutical company, today announced that one of America's largest payors, serving many Blue Cross and Blue Shield Plans and more than 30 million members, has added Movantik(r) (naloxegol), a peripherally acting mu-opioid receptor antagonist (PAMORA) for opioid-induced constipation (OIC), as a preferred brand with no restrictions to a National Formulary and as a preferred brand on its other commercial formularies starting July 1, 2021.

"Chronic pain is a major public health issue and the debilitating constipation that often accompanies treatment with opioids only serves to compound the issue. It is important for optimal therapy that patients have access to treatments such as Movantik, the market-leading PAMORA for opioid-induced constipation," said Rick Scruggs, RedHill's Chief Commercial Officer. "This important new listing as an unrestricted preferred brand strengthens Movantik's leadership position and now means that over 30 million more Americans will have access to Movantik. Almost 9 out of 10 U.S. commercial lives are now covered and we continue to work toward additional formulary coverage for the remaining patients."