While med tech M&A didn't exactly shoot for the moon in the first half of the year, the industry's dealmakers have been far more feverish ever since, inking billion-dollar buyouts and slamming shut months of speculation. Now, as New Year's approaches, some of the field's most sought-after targets are still up for grabs.
After investing more than $350 million in upgrades, Boehringer Ingelheim has decided it is not worth continuing to pour money into its aging Ben Venue Laboratories plant in Bedford, OH, and will shut it down instead, canning the 1,100 people who work there.
The saga of the shortage of ovarian cancer drug Doxil has hit a new turning point, and not for the better. Johnson & Johnson has indicated it will have no supplies of the popular drug until at least the end of next year because its sole supplier is permanently closing the plant that makes it and it will be unable to get new suppliers approved for another 12 months or more.
William Weldon, who last year stepped down at Johnson & Johnson after running the company for years, has again added the title of chairman to his resume. In what The Wall Street Journal characterized as a stealth move, Weldon has replaced James Dimon in that role. Weldon was already a top director on the Chase board.
Johnson & Johnson's DePuy division has settled a lawsuit in a California state court alleging that it sold a faulty metal hip that harmed a man and needed to be replaced after failing. That leaves up to 11,500 remaining lawsuits, and speculation remains that the world's largest maker of healthcare products wants to negotiate a deal to resolve the rest.
When Johnson & Johnson does an R&D event, they often like to make a flourish--walking the walk as they talk the talk. That high-impact style was on full display in London today as the pharma giant spearheaded a $42 million venture investment in an up-and-coming antibody developer, inked one collaboration pact on immune-mediated diseases and a second vaccine research partnership that will connect with a pair of biotechs and a research institute.
As of today, the FDA has been virtually halved, and while the mandatory furloughs spelled out by government shutdown may imperil some of the agency's duties, it appears that drug approvals and reviews will go unmarred.
Johnson & Johnson's move to sell its Ortho Clinical Diagnostics unit has attracted a number of first-round bids from several big-name private equity firms. Reuters reports that Blackstone Group, KKR, Bain Capital, Carlyle Group and BC Partners all threw their hats into the ring, among others.
The U.K. drug price watchdog today gave Johnson & Johnson's Caelyx the distinction of being one of only two drugs it believes should be funded by the National Health System to treat recurring ovarian cancer.
Johnson & Johnson's ($JNJ) Janssen unit, which has jumped through hoops to keep supplies of ovarian cancer drug Doxil in doctors' hands, is again being hamstrung by issues with its contract manufacturer, Ben Venue Laboratories.