Shire picked up the FDA's promise of a fast review for its new dry eye drug, a treatment the company believes can eventually bring in more than $1 billion a year.
Two months ago Shire CEO Flemming Ornskov held up the rare liver disease drug SHP625 as a prime example of its most promising development programs. Today, though, Shire was forced to concede that the drug flopped against both the primary and secondary endpoints in the first of several Phase II studies.
Shire has said it's targeting $10 billion in sales by 2020, with $3 billion of that coming from its current pipeline. Now, it looks like an ADHD product waiting in the wings could be ready in time to help it get there.
The M&A rumor mill was churning Friday morning on reports of an in-the-works Shire ($SHPG) deal for orphan drugmaker BioMarin Pharmaceuticals.
Shire is an acquisitive company with a focus on rare diseases. BioMarin fits the same description. A blog post that, by its own admission, "might be codswallop," reported that the former is considering buying the latter. And those three facts combined to send the shares of BioMarin, far from a penny stock, up as much as 15% on Friday, illustrating how the biotech boom has changed Wall Street's perception of the drug industry.
Industry watchers well know that U.S. drug spending is rising--a lot. And they also know that it's likely to continue over the next few years if some major changes don't occur. But which medical conditions will be responsible for the swelling tide? Some of those may surprise you.
As Endo showed last week with its failed $10 billion bid for North Carolina's Salix, it's willing to shell out some serious dough if the right target comes along. The question is, what's left?
Shire is pushing ahead with plans to shift hundreds of workers out of Pennsylvania and into its Boston-area headquarters. The biotech filed notice with the state of Pennsylvania that it is downsizing its operations at its Chesterbrook, PA, campus by 600 staffers. And the company is confirming that the bulk of those jobs are headed to Lexington, MA.
Seventy percent of the 20 best-selling drugs in Taiwan are for treating blood pressure, strokes and other chronic diseases.
Akili Interactive Labs has partnered with the nonprofit Autism Speaks to conduct a clinical trial of its cognitive assessment and personalized treatment video game.