Generics maker Mylan has been laying out billions over the last 12 months for M&A. Now, it has inked a deal for a single drug: Arixtra, an injectable blood thinner that fights clots in the legs and lungs.
The second round of bidding for a portfolio of aging GlaxoSmithKline drugs is about to begin, and a bevy of big names is expected to participate. The product portfolio--which includes such drugs as Paxil for depression, the antimalarial Malarone, and the fish-oil based Lovaza--brings in about £1 billion ($1.7 billion) in annual sales.
We know plenty of Big Pharma companies are hawking portfolios of old products. What we don't know is who might buy them. One answer came earlier this week, when Mylan said it would acquire an ex-U.S. portfolio of Abbott Laboratories meds in a $5.3 billion stock swap. Now, it might be Sanofi's turn--and Mylan and Abbott are part of that chatter, too.
Wall Street analysts took advantage of a conference call on Abbott's just-announced sale of its developed market generics business to ask about some of their favorite topics, future M&A and the recent onset of tax inversion mania among life science companies.
Following the $5.3 billion sale of Abbott Laboratories' developed market generic drugs business to Mylan, diagnostics and devices will account for the majority of the company's sales, while pharmaceuticals' contribution to company-wide sales will stand at about 15%, based on 2013 earnings.
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%.
European regulators are getting the hang of levying pay-for-delay penalties, rolling up 6 companies in its latest action and fining them more than half a billion dollars in the process.
In March, a U.S. court struck down a key patent for Pfizer's Celebrex, suddenly opening the drug up to copycat rivals. Now, that competition has arrived as the FDA gave the green light to Celebrex copies from Teva Pharmaceutical and Mylan.
Following two bans from the FDA, the companyis recalling a product made at a facility in India: the same product that the FDA is currently testing over questions of effectiveness and side effects.
Thanks to a steady flow of expensive new cancer therapies--and a public brouhaha over the cost of next-gen treatments for hepatitis C--drug prices are on center stage. We thought we'd look into the products whose prices have increased the most since 2007, to see how and why their prices are leaping.