For many pharma companies like, say, Eli Lilly, the focus in R&D has been taking the big bats and swinging for the proverbial fences, looking for breakthrough drugs that can instantly command billions in annual revenue. That strategy has been on display for Alzheimer's as well as heart drugs, where Lilly has been pursuing questionable scientific strategies in search of the golden blockbuster ticket.
Like the naughty child that gets caught doing something wrong, Novartis ($NVS) keeps changing its story about just what it is up to. The Swiss company that succumbed to pressure this week and revoked a proposed $78 million non-compete to departing Chairman Daniel Vasella now says it will hire him as a consultant.
Score another deal for Mylan as it methodically expands its manufacturing capabilities in India.
Italian antitrust watchdogs have entered the Avastin-vs.-Lucentis fray. The Italian Competition Authority opened an investigation of Roche ($RHHBY) and Novartis ($NVS) on suspicion of a "cartel" designed to preference the vision-loss drug Lucentis over Avastin, the cancer drug sometimes used off-label in eye treatments.
Turns out, Everolimus is becoming quite the franchise for Novartis ($NVS). It just nabbed another approval, this time as Zortress, to prevent organ rejection in liver transplant patients.
The news of Daniel Vasella's $78 million payoff from Novartis couldn't have surfaced at a worse time. Once again, the Swiss drugmaker becomes a lightning rod for executive-pay watchdogs. And now, lightning is striking just days before the Swiss are due to vote on a proposal designed to rein in executive compensation.
Generic drugmaker Mylan ($MYL) is building up its Indian operation by spending $30 million to pick up a manufacturing plant from India's Unichem Laboratories.
U.K. cost-effectiveness watchdogs kicked Novartis' ($NVS) new cancer drug Jakavi to the curb, saying the myelofibrosis treatment isn't worth the £3,600-per-month ($5,999) price.
Two individuals have pleaded guilty in separate cases to importing and selling $7 million worth of unapproved oncology drugs to doctors in the U.S., shedding light on the perils of doctors buying foreign-made drugs and thinking they are getting equal quality at lower prices.
The closed Novartis consumer products plant in Lincoln, NE, that has besmirched the drug giant's reputation and frustrated CEO Joseph Jimenez has bitten the company again.