The folks looking for a switcheroo at the top of GlaxoSmithKline may get their wish by the weekend. Sources tell Sky News that GSK is set to name a new chairman to replace Christopher Gent: Philip Hampton, now chairman at Royal Bank of Scotland and a widely reported frontrunner for the GSK job.
Anyone else feel like we need a mind map to keep track of the incestuous M&A talks going on in pharma right now?
The U.S. drugmaker will build a new campus in New Jersey for about 2,500 that it promises will pump up "collaboration, creativity and innovation," much as Biogen Idec, Novartis and others have done before it.
The FDA approved opioid painkiller Zohydro nearly a year ago as a med to provide relief for those with chronic pain. But the drug has been nothing but 11 months of aggravation for the agency and its leader, Commissioner Margaret Hamburg, who is now being called on to resign by organized anti-addiction groups who say the FDA has contributed to an epidemic of abuse in the country.
The ongoing attempt by Allergan to thwart a Valeant takeover by bulking up with an acquisition of its own has officially turned nasty. On Tuesday, activist investor William Ackman of Pershing Square Capital Management sent a letter to Allergan threatening to sue the company if it goes ahead with its plan to buy Salix Pharmaceuticals--a deal that reportedly could exceed $10 billion.
GlaxoSmithKline has been working with Belgian officials after "human error," resulted in 45 liters of cleaning liquid contaminated with poliovirus to get dumped into a city sewer system and subsequently into the Lasne River.
Price caps on "essential drugs" in India have been a sore point with domestic as well as Big Pharma players. The industry was further enraged when an Indian agency in May assumed the authority to add other products to the 350 already restricted. But the government of Prime Minister Narendra Modi is reining in the National Pharmaceutical Pricing Authority (NPPA), suggesting he may have a less populous approach to the industry than his predecessor.
Pfizer and AstraZeneca, AbbVie and Shire, Hospira and Danone. Those are a few of the merger pairs--actual or potential--that stand to lose from U.S. Treasury Secretary Jack Lew's new tax-inversion-fighting rules. Just take a look at AstraZeneca and Shire's market value today: together down $8 billion.
China corruption settlement, check. Now GlaxoSmithKline CEO Andrew Witty needs to come to terms with investors. With quarterly sales off and new drugs lagging, shareholders are demanding change at the top--and this time, some are willing to go on the record.
Allergan might have had a reason to play nice with Valeant Pharmaceuticals. When the two companies agreed to set a special shareholder meeting about Valeant's hostile bid, Allergan was busy with two other potential deals.
The bloodletting in Big Pharma continues with news today that Boehringer Ingelheim is planning between 500 and 600 job cuts in its home country of Germany. The cuts come just a few weeks after the company announced its sales had dropped 3% in the first 6 months of the year and full-year results would likely be down slightly from last year.
Amgen is hoping to redeem its drug development rep by going to the FDA with an application for its new leukemia drug blinatumomab based on promising Phase II data, FierceBiotech reports.
Generic drugmaker Par Pharmaceutical is throwing in the towel in its long-running fight with Santarus ($SNTS) over its heartburn med Zegerid, and $100 million along with it. It reported today that the payment will settle their back-and-forth patent suit.
AstraZeneca's cost-cutting announcement actually had a hiring aspect to it. It is building a global network of IT centers that will replace the technology outsourcing it has been doing for more than a dozen years.
And so the M&A dance begins. Auxilium Pharmaceuticals today turned its back on a $2.2 billion buyout offer it received last week from Endo Pharmaceutical and said it would stick instead with its plan to merge with Canadian eye-drug maker QLT.
Speculation has been brewing all year about the prospect of Germany's Merck KGaA turning to M&A to bolster its unproductive drug pipeline, and today the company confirmed it has struck a deal, agreeing to buy Sigma-Aldrich for $17 billion.
The approvals, and the sales, just keep piling up for Eylea, the blockbuster that Bayer shares with developer Regeneron. Just weeks after getting an important nod in Europe, it has won approval in Japan, the world's third largest market, for use in myopic choroidal neovascularization.
Now that Bayer has announced a planned spinoff of its plastics business, all eyes are on what it may do with the proceeds. And the way some analysts see it, that money could go toward a pickup of animal health company Zoetis.
Novo Nordisk is hustling to get work done so that it can resubmit its blockbuster hopeful Tresiba to the FDA next year with an eye on getting into the market by 2016, three years after the FDA squelched its plans with its initial denial. In the meantime, Novo is finding new ways to combo Tresiba up and sell it in Europe where it is approved.
President Obama is cracking down on so-called superbugs, those that cause deadly antibiotic-resistant infections, with an executive order that will establish a task force to combat the problem.