Valeant has finally made a significant M&A move after its failed pursuit of Allergan, and bankrupt Dendreon has finally found a way to unload cancer vaccine Provenge. And they're one and the same.
Valeant Pharmaceuticals wasn't kidding when it said it was ready to rumble with new promotional spending. Its antifungal treatment for toenails, Jublia, will go to the Super Bowl this Sunday. And that's no cheap ticket.
Everyone makes mistakes--Valeant CEO J. Michael Pearson included. And he's perfectly willing to admit it.
Eager to show the industry it can hack it on its own without buying up other companies, last week Valeant forecast organic growth of 10% to 12%. But to do that, it'll need help from its new products--meaning a marketing push is in order.
Last month, rumors swirled that serial buyer Valeant would be swearing off its modus operandi for a little while to focus on cutting down debt in the wake of its Allergan bid failure. But according to CEO J. Michael Pearson, those who expect Valeant to stray from its dealmaking ways have another thing coming.
Pharma M&A in 2014 hit a record-breaking $234 billion in announced acquisitions. Actavis led the pack with its $66 billion bid for Botox maker Allergan and $25 billion buyout of Forest Laboratories. But investors and analysts say 2015 could generate as many or more deals, with Pfizer, Valeant Pharmaceuticals, AbbVie and Shire expected to be in the mix.
Valeant Pharmaceuticals has started the new year with a product recall. This time the drugmaker is recalling an inhaled med that can be used to treat hospitalized infants, one which it says is suspected of having microbial contamination.
After serial acquirer Valeant lost a months-long takeover battle for Allergan, many industry-watchers expected the company to restore its dealmaking reputation with another quick pickup. But the Canadian pharma may be heading in the opposite direction.
California's Allergan desperately wanted to avoid a hostile takeover by Valeant, fearful it would ravage its R&D operations in favor of its marketing oriented approach to the business. So it turned to Actavis as a white knight. But Actavis is also known to cut jobs with impunity to make deals pay and Allergan need look only a few miles down the road for proof of that as Actavis prepares to lay off 200 at it operations in Corona, CA.
Less than two weeks after losing longtime acquisition target Allergan--which happily sold itself to Actavis to dodge Valeant's hostile bid and the R&D cuts it feared would come along with it--the Canadian pharma is talking up the productivity of its own labs.