Sept 25 (Reuters) – Hedge fund ValueAct Capital said on
Thursday it would return to the board of directors of Valeant
Pharmaceuticals International Inc, which is pursuing a
hostile takeover offer for Allergan Inc, and that it
planned to increase its stake in the company.
Valeant shares rose more than 3 percent.
ValueAct Chief Executive Officer Jeffrey Ubben said in a
statement that once he is on the board, he would work with
Valeant on its $53 billion acquisition of Allergan, a deal whose
certainty he has previously questioned.
Sept 23 (Reuters) – The large premium Germany’s Merck KGaA
agreed to pay in a $17 billion acquisition of
Sigma-Aldrich Corp shines a spotlight on, and
potentially raises the value of, a company Merck discarded a
VWR Corp, a supplier of laboratory chemicals and equipment
with annual sales of about $4.2 billion, is owned by private
equity firm Madison Dearborn Partners. It is gearing up for an
initial public offering after filing with U.S. regulators in
By Bill Berkrot
(Reuters) – Abbott’s Absorb dissolving heart stent proved as safe and effective one year after being placed in a diseased artery as the company’s market-leading Xience drug coated metal stent with a significantly lower rate of chest pain, according to data presented at a medical meeting on Sunday.
Absorb works in the same way as traditional heart stents, propping open arteries that have been cleared of blockages to restore normal blood flow. But unlike metal stents that remain permanently in place, Absorb softens over several months and dissolves in two to three years, allowing the treated artery to regain more normal flexibility to expand and contract.
By Ransdell Pierson and Bill Berkrot
(Reuters) – Roche Holding AG’s planned $8 billion purchase of InterMune Inc is centered around hopes for blockbuster sales of its lung drug, but the smaller company’s development pipeline may end up giving the Swiss drugmaker a far bigger bang for its buck.
Industry analysts have forecast annual sales of about $2 billion for the pulmonary fibrosis treatment, pirfenidone, once it gains U.S. approval, giving Roche a valuable addition to its respiratory franchise.
NEW YORK, AUG 15 (Reuters) – U.S. health regulators on
Friday approved Biogen Idec Inc’s Plegridy, a
long-acting multiple sclerosis drug that the company expects
will eventually replace its older big-selling Avonex treatment.
The company received European approval on July 23 for the
drug that is intended to reduce relapses of the debilitating
disease and slow its progression.
By Akane Otani and Bill Berkrot
(Reuters) – Hopes of finding a treatment for the deadly Ebola virus shifted on Monday to a small California-based biotech company whose experimental drug has been used to treat two American missionary workers. The drug, developed by Mapp Biopharmaceutical Inc, was used to treat two workers from the Samaritan’s Purse group who were exposed to the disease in Liberia, according to a U.S. government health official.
The official said the treatment was administered in Liberia.
One of the aid workers, Dr Kent Brantly, returned to the United States on Saturday for medical care, and his colleague Nancy Writebol is due to fly back to the country via medical aircraft on Tuesday.
Aug 4 (Reuters) – Amgen Inc said on Monday its
Kyprolis combined with standard treatment helped patients with
relapsed multiple myeloma live significantly longer before their
blood cancer worsened, compared with the standard therapy,
according to interim data from an eagerly-anticipated late stage
Kyprolis, the centerpiece of Amgen’s nearly $10 billion
acquisition of Onyx Pharmaceuticals last year, has recorded
sales of $146 million in the first half of this year. Celgene
Corp’s rival multiple myeloma drug Pomalyst by
comparison had sales of $296.5 million over the first six
July 31 (Reuters) – Scientific instruments maker PerkinElmer
reported second-quarter profit on Thursday that matched Wall
Street expectations and maintained its earnings forecast for the
full year as it prepares for the launch of new products.
Revenue for the quarter rose 3 percent to $556.2 million,
falling short of Wall Street estimates of $571.7 million.
By Bill Berkrot
(Reuters) – Amgen Inc (AMGN.O: Quote, Profile, Research, Stock Buzz) on Tuesday said it would cut up to 15 percent of its work force and close plants in a series of moves aimed at reallocating resources as it prepares to introduce new medicines it hopes will drive future growth.
High on the list of potential growth drivers is evolocumab, a cholesterol-lowering medicine from a new class of drugs that analysts see having multibillion-dollar sales potential. The company said it plans to file applications seeking U.S. and European approval this quarter.
By Bill Berkrot
(Reuters) – Celgene Corp (CELG.O: Quote, Profile, Research, Stock Buzz) reported a 25 percent rise in second-quarter profit, edging out Wall Street expectations, but a raised 2014 forecast failed to excite investors and its shares fell nearly 4 percent.
The U.S. biotechnology company said it now expects full-year adjusted earnings of $3.60 to $3.65 per share and revenue of $7.60 billion. It had previously forecast earnings of $3.50 to $3.60 per share and revenue of $7.50 billion.