GlaxoSmithKline Chairman Christopher Gent says he'll step down at the end of 2015. But thanks to sweeping corruption allegations and a languishing stock price, shareholders want change at the top now, the Sunday Times reports.
If this year's list of highest-paid CEOs in biopharma offers any message from the industry, it's this: Big Biotech is beating Big Pharma.
The question is whether Big Pharma is becoming Big Biopharma, or whether Big Biotechs are morphing into Big Pharma companies. Outsize executive pay may be just another sign of that transformation. That, or biotech companies are so much more successful these days that their boards figure their CEOs deserve Big Rewards.
Everybody knows that diabetes is an epidemic in this country that is costing lives and money. New stats from the U.S. Centers for Disease Control and Prevention (CDC) peg at 29.1 million the number of people in the U.S. who have either Type 1 or Type 2 diabetes, with roughly 9 million of those undiagnosed. Most have Type 2 diabetes, which is more prevalent among minorities. On the other hand, a study found that non-Hispanic white children are diagnosed more often with Type 1 diabetes than other groups. And that is just in the U.S. The rest of the world also is developing diabetes at what many see as alarming rates.
Pharma, seeing opportunity, has responded. There are pills as well as injected drugs. Many are incretin mimetics. On the list of the best sellers, you will find a mix of the old and new. According to data from EvaluatePharma, one of the big dogs of big pharma data, these top 10 drugs had more than $28 billion in sales last year. All of them, even number 10, were blockbusters.
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Earlier this year, Novo Nordisk said it would target Mexico as its next market for an obesity-fighting formula of liraglutide, sold for diabetes as Victoza. Now, the company has picked Mexico for its first launch of Ryzodeg, a brand-new combo diabetes treatment. Read more >>
Cancer drugmakers often work to expand the labels for their marketed products by testing them in different types of the disease. But that doesn't always go so well, which can take a hefty toll on smaller companies, as San Francisco-based Exelixis now knows all too well.
Glaxo, say hello to another Advair rival in Germany and Sweden. Monday, Indian generics maker Cipla rolled out its copy of GSK's respiratory behemoth in the two European countries, and the company's CEO says more are on the way.
In February, after months of transcontinental controversy driven by shareholders, Chile-based CFR and South Africa's Adcock Ingram abandoned their planned $1.2 billion merger. A few months later, Abbott swept in and bought CFR for $3 billion. Now, Adcock shareholder Public Investment Corp. (PIC), which owns 25.5% of the company, is forced to defend its opposition to the CFR deal, thanks to poor quarterly results at Adcock.
Pharma executives tend to be circumspect when they talk about drug launches. After all, we've seen CEOs predict big things, only to be assaulted later by a pitchfork-toting mob. Plus, there's the don't-jinx-it school of thought. Apparently, neither worry applies to Novartis pharma chief David Epstein--at least when he's talking about the company's new heart failure drug LCZ696.
Don't send out any save-the-dates for that Allergan special shareholder meeting just yet. Valeant has won a request for an expedited trial over the timing of the meeting, a key step in its $50 billion hostile takeover plans.
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Back in June, Amgen said it was eyeing a U.S. application for its cancer-fighting viral vaccine in the short term but would be looking outside the U.S. as well. After submitting its candidate to the FDA in July, the company now says it's turned over a marketing authorization application to the European Medicines Agency for the melanoma candidate.
Tiny Mapp Biopharmaceutical's much-scrutinized Ebola treatment proved 100% effective in animal studies, the company said, stoking hopes that the investigational therapy can help curb an outbreak of the virus.