Bayer recruits Pfizer exec as drugs chief; EMEA to restrict antibiotic use;

> With profits sliding, GlaxoSmithKline CEO Andrew Witty used much of his second quarter review for analysts to amplify plans to radically alter its R&D work, abandoning its old focus on blockbusters in favor of more targeted drugs that earn more modest incomes. GSK report

> Bayer tapped a Pfizer executive, Andreas Fibig, as the new CEO of its prescription drug subsidiary Bayer Schering Pharma, replacing Arthur Higgins, who will continue to head up the company's healthcare business. Report

> The European Medicines Agency recommends restricting the use of antibiotics based on moxifloxacin--marketed by Bayer under the brand name Avelox--because of the potential risk of liver damage, and also wants strengthened warnings. Report

> Wyeth plans to sell a 273,000-square-foot Richmond, VA, office complex and consolidate those operations with another facility it operates in that city. Report

> Watson Pharmaceuticals launched its version of AstraZeneca's heartburn drug Prilosec, beginning 180 days of market exclusivity for the product. Report

> Medco Health Solutions posted a 22 percent increase in second-quarter profit and raised its full-year earnings forecast, citing strength in its specialty pharmacy business, new client wins and a continued boost from generic drugs delivered by mail. Report

> Australia's Progen says that it is focusing on M&A opportunities after deciding to shelve a Phase III study for its liver cancer therapy--PI-88. Progen report

> Seattle-based Cell Therapeutics got a much-needed financial shot in the arm just days after filing SEC papers that indicated CTI needed new money to continue operations. Report

> Business Facilities magazine came up with its own formula for assessing states' strength in the biotech economic development field and decided that Pennsylvania came in first. Report

> Cara Therapeutics has closed on $12.3 million of additional funding to its original $24 million Series C financing completed in 2007. VC report 

And Finally... Anti-HIV meds have boosted life expectancy for people with the virus by an average of 13 years. Report

Suggested Articles

Pfizer’s Ibrance has met with success in breast cancer since breaking onto the scene in 2015. But its first foray into early breast cancer was a bust.

After years of having first-line liver cancer market to itself, Bayer’s Nexavar is getting major competition from Roche's Tecentriq.

Most of the recent enthusiasm around AbbVie’s new drugs has centered on Skyrizi and Rinvoq, but elagolix wants a piece of the spotlight, too.