ChronicleMIDWEEK
From the publishers of THE CHRONICLE OF CANCER THERAPY, THE CHRONICLE OF CARDIOVASCULAR & INTERNAL MEDICINE, THE CHRONICLE OF NEUROLOGY & PSYCHIATY, THE CHRONICLE OF SKIN & ALLERGY, THE CHRONICLE OF UROLOGY & SEXUAL MEDICINE, PHYSICIANS’ CHRONICLE, THE CHRONICLE OF HEALTHCARE MARKETING, LINACRE’S BOOKS, and chronicl*e group
ASTRAZENECA PAYS PREMIUM TO ACQUIRE BIOTECHIE MEDIMMUNE, MAKER OF FLU TX
IT’S NO SECRET THAT ASTRAZENECA is facing some challenges, including a long run of pipeline disappointments, pending patent expiries, and now the Bucket-gate Affair (see next item.) However, the extent of their anxiety may be measured by the price AZ was prepared to pay this week for mid-tier biotechie MedImmune. Stock in MedImmune, which makes FluMist, were trading for US$25 last July. Observers thought the company could be a takeover target at US$45 to 50 per share. AZ stepped in to offer US$58 per share on Monday (04/23), for a total of Cdn$17.3 billion, leading MedImmune’s board to declare, ‘Sold to the man with the damp armpits!’ That’s a lot of coin for an outfit with US$1.2 billion in annual turnover, but an analyst tells the Baltimore Sun newspaper: “There’s kind of a land grab going on. Major biotech companies are being scooped up.” More info =>
ASTRAZENECA BOSS TRIES TO QUIET ‘BUCKET-GATE’ FUROR, POINTS TO COMPANY’S CODES OF CONDUCT
IT WAS BAD ENOUGHt was bad enough when news reports began circulating about AstraZeneca’s Group of Seven: disgruntled detailers who have been leaking inappropriate sales material for Ca Tx anastrozole (Arimidex.) Included in the sales kit (see ChroMo #458) was a newsletter urging reps to regard oncology practices as a “bucket of money.” This week the controversy has escalated, as confidential sales training videos began appearing here and there on the Internet, including a site operated by industry gadfly Peter Rost. Yesterday, AZ boss David Brennan (right) personally moved to quell the crisis. Said he: “We have in place a very thorough and well-understood compliance program in the US and across the entire business, with codes of conduct and operating principles and annual training, and I take all that very seriously.” More info =>
ACTAVIS BUYS STATESIDE GENERICS MAKER, DETERMINED TO GET MORE OF NORTH AMERICAN MARKET
ACTAVISctavis, the Icelandic clonemeister, this week finalized its takeover of stateside generics outfit Abrika Pharmaceuticals. The move continues Actavis’ march to the front-ranks of worldwide knock-off producers, and provides a new source of controlled-release technology. Says Actavis helmer Sigurdur Oli Olafsson: “Our acquisition of Abrika represents another significant step forwards for our business in the US, a key market where we already generate a third of our total revenues. More info=>
AN ACQUISITION TO DROOL OVER? SCIELE SCOOPS PEDIATRICS OUTFIT ALLIANT PHARMACEUTICALS
SCIELE PHARMA, a 15-year-old Atlanta-based consolidator of CV, diabetes and women’s health Txs today (04/25) paid US$122 million for privately held Alliant Pharmaceuticals, maker of pediatric Rxs. Alliant’s anticipated revenues this year are US$50 to 60 million. Alliant was established three years ago, and logged less than a million dollars in revenues in 2004. Says Sciele supremo Patrick Fourteau: “The acquisition of Alliant gives Sciele a much larger presence in pediatrics… and will enable us to maximize the potential of glycopyrrolate, a Sciele product that is in pivotal phase III clinical trials for pediatric chronic, moderate-to-severe drooling.” More info =>
VANCOUVER’S NEUROMED BUYS US RIGHTS TO PAIN TX FROM ALZA
NEUROMED PHARMACEUTICALS, a privately held Vancouver developer of analgesics, today (04/25) in-licensed exclusive stateside rights from ALZA to an extended release formulation of a potent opioid analgesic (OROS Hydromorphone) currently in Phase III trials. Price-tag: US$30 million up-front, and royalties. Says Neuromed kingpin Christopher Gallen: “We believe a once-daily version [of hydromorphone] can provide a significant benefit for the large number of patients with moderate to severe pain that require pain relief around the clock. More info =>
PALADIN BUYS BIOENVELOP, CANADIAN DELIVERY SYSTEM DEVELOPER
PALADIN LABS, the Montreal marketer of branded GU products, inked a deal to buy BioEnvelop, a publicly traded marker of delivery systems. Says Pal prexy Jonathan Ross Goodman: “BioEnvelop’s rapidly dissolving film strip technology provides Paladin with a platform from which to develop innovative nutraceutical, OTC and prescription products.” More info =>
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