Robert Wessman, the Icelandic entrepreneur who built Actavis into a generics powerhouse and then sold out, has decided get into the biosimilars business. He has talked his home country into helping finance his plans.
The past few weeks have seen a spate of pharma manufacturing cuts, with Actavis, Merck and Pfizer all whacking jobs. And Pfizer has continued its busy end to 2013 by revealing it is to close a packaging plant in Ireland, laying off 150 workers in the process.
Actavis began tallying up just how many bodies it needed in its U.S. sales organization as soon as it closed Oct. 1 on its $8.5 billion merger with Warner Chilcott.
Actavis keeps rolling up competitors and keeps closing up plants to help pay for the process. Come early January, a facility in California will be the next to go.
New pay-for-delay lawsuits are popping up around the country. Endo Pharma and Actavis have been named, as has AstraZeneca, Teva, Ranbaxy and Dr. Reddy's. And with the U.S. Supreme Court having defined its position this year, the pay-for-delay legal issue is being litigated under a whole new set of rules.
Actavis says it's planning to close a plant in North Carolina--and cut 310 jobs in the process.
A plant in North Carolina will be among those closed in the wake of the buyout of Actavis by Watson Pharmaceuticals last year. It is a tough break for the 310 workers at the facility but will provide some opportunity for contact manufacturers.
The third-quarter earnings reports continue to roll in, and good news came in with the tide for some, but not all.
The Hatch-Waxman Act shook up the generic drugs business in 1984, and almost 30 years later, it's safe to say the law had its desired effect. About 84% of the 4 billion prescriptions written each year are for generic drugs, saving patients and government programs billions of dollars a year. In other words, generic drugs are big business. And with a slew of blockbuster brands now off patent, it's a big business with growing pains.
The Federal Trade Commission is taking a closer look at what the $8.5 billion buyout of Warner Chilcott by Actavis will mean for consumers.