Mylan has been hunting for a buy. Now, it's found one. The Pittsburgh-based generics specialist is buying a big chunk of Abbott Laboratories' drug business, in a stock swap worth $5.3 billion. With $2 billion in annual sales, the products would jack up Mylan's top line by almost 30%.
The heart drug digoxin--a generic version of GlaxoSmithKline's Lanoxin--used to cost just pennies a pill, making it a prescription that insurance companies were more than happy to cover. Not anymore. The three companies that make generic digoxin have been increasing their prices, causing the cost of the drug to nearly double in the last year.
Indian generics makers have turned to a Washington, DC, consulting firm run by Ron Somers to counter its tarnished image as bad press from plant bans has put its standards into question.
FDA actions against India's Ranbaxy Laboratories ostensibly are keeping U.S. consumers safer, but much poorer. The plant bans have also shined a spotlight on how complex drug laws in the U.S. can work against consumers' best interests.
Pfizer's patent for erectile dysfunction drug Viagra goes off patent in China next month and drugmakers are lining up to produce cheap versions of the little blue pill.
Teva Pharmaceutical Industries CEO Erez Vigodman has been a busy man. So busy, in fact, it seems the company's press releases barely keep up with him. Today's announcement: Vigodman has overhauled Teva's management structure, winnowing out 6 executive jobs and creating two worldwide divisions. And he recruited a pharma-industry vet to take the helm of one of them.
India's Sun Pharmaceutical intends to be the white knight that will turn around manufacturing problems at Ranbaxy Laboratories once it finalizes its $3.2 billion buyout of the troubled drugmaker.
Well, that's not going to work. Teva's latest move to try to fend off Copaxone copies, a lawsuit against the FDA, got tossed Wednesday by a federal judge in Washington just 10 days before the med's patent expiration date.
After nearly a year of fighting to protect the patent on its blockbuster leukemia drug Gleevec, Novartis has made peace with Indian drugmaker Sun Pharma, reaching a settlement that will keep Sun's generic version off the U.S. market until February 2016, Reuters reports. Novartis' U.S. patent expires in July 2015.
Teva has already tried unsuccessfully to get the Supreme Court to hold off generics of its multiple sclerosis drug Copaxone while it waits to get its appeal heard. So now, the Israeli company is trying something new: suing the FDA to block copycats' approval.