Exubera fallout [1] alert: Pfizer has reached a deal with its partner on the drug, Nektar Therapeutics. The drug giant will pay Nektar $135 million for its trouble. And if Nektar finds a new partner to help it develop the inhaled insulin product, Pfizer will hand over all its rights to the new venture.
Meanwhile, Consort Medical, which made plastic applicators for the product, is shutting a plant and laying off 165. The manufacturing facility, located in Milton Keynes, England, will be sold.
You'll recall that Pfizer took a $2.8 billion charge against earnings in the third quarter to pay for pulling the plug on the once-so-promising Exubera.
- check out Pfizer's release [2]
- see this report [3] on Nektar from CNN Money
- read about Consort's consolidation [4] in Plastics & Rubber Weekly
Related Articles:
Pfizer kills off Exubera, hunts for deals. Report [1]
Exubera becoming a big disappointment for Pfizer. Report [5]
UK: Exubera not worth the price. Report [6]
FDA approves Pfizer's inhaled insulin. Report [7]
Links:
[1] http://www.fiercepharma.com/story/pfizer-kills-exubera-hunts-deals/2007-10-18
[2] http://www.fiercebiotech.com/press-releases/press-release-pfizer-and-nektar-reach-agreement-exubera
[3] http://money.cnn.com/news/newsfeeds/articles/apwire/b8ca455a52100afcc8b56a9dffe599ce.htm
[4] http://www.prw.com/homePBP_NADetail_UP.aspx?ID_Site=818&ID_Article=23940&mode=1&curpage=0
[5] http://www.fiercebiotech.com/story/exubera-becoming-a-big-disappointment-for-pfizer/2007-04-10
[6] http://www.fiercebiotech.com/story/spotlight-uk-exubera-not-worth-the-price/2006-04-18
[7] http://www.fiercebiotech.com/story/fda-approves-pfizer-s-inhaled-insulin/2006-01-30