Australia's Mesoblast formally listed on the Nasdaq on Friday and rose 11 cents to $8.11 after offering nearly 8.54 million American Depositary Shares, including partial exercise of an overallotment option, the company said in a press release.
The government of Australia said it will no longer cover basic nonprescription drugs like paracetamol and aspirin which are among 17 basic medicines that will be removed from the country's Pharmaceutical Benefits Scheme starting in 2016. The move will save half a billion Australian dollars over the next 5 years, which Health Minister Sussan Ley said will be spent on listing new lifesaving drugs, according to a report in The Australian.
Australia-listed biotech Bionomics has seen Merck expand its interest in a broad pipeline of candidates, buying nearly 5.3% of its outstanding ordinary shares at a 29% premium along with an additional $9 million investment.
Researchers in Australia have used stem cells from human skin to create "mini-kidneys" that could be used to test new renal drugs and possibly, just possibly, also be used to bioengineer replacement kidneys in the future.
U.S.-based biotech Myriad Genetics lost a closely watched court appeal case in Australia over a patent for a BRCA1 and BRCA2 cancer gene diagnostic that was brought by a grandmother who survived cancer twice.
Global market volatility claimed another victim as Australia's largest X-ray provider, I-MED Radiology Network, this week pulled its planned $350 million initial public offering, Reuters said.
Australia's Paranta Biosciences has raised A$7 million to fund a Phase I clinical trial of cystic fibrosis treatment candidate PB01, adding to the A$16 million already raised since the company started operations in 2011, as hopes for biotech growth in the country get an official push.
Lower costs for newer medicines through subsidies are going begging in Australia as drug companies increasingly look to avoid putting products through regulation paces needed to qualify, a report in news.com.au said, citing a PwC (PricewaterhouseCoopers) survey of 23 drug companies.
Australia's Mesoblast will make the leap from drug discovery as Japanese partner JCR Pharmaceutical received approval to begin sales of an off-the-shelf allogeneic, or regenerative, medical product, Temcell, based on Mesoblast technology, the Sydney Morning Herald reports.
Clinical trial results for well-known blood pressure drug ramipril that were published in major journals contained fabricated data, a high-profile Australian scientist has admitted, according to the BBC.