(Reuters) – Canadian drugmaker Valeant Pharmaceuticals International Inc VRX.TO VRX.N raised the cash component of its unsolicited offer for Botox-maker Allergan Inc AGN.N, but the increased bid fell short of expectations and the stock of both companies fell.
Valeant’s sweetened offer on Wednesday, valuing the U.S. firm at $49.44 billion, also included a contingent value right that could be worth an additional $7.6 billion.
(Reuters) – Canadian drugmaker Valeant Pharmaceuticals International Inc VRX.TO VRX.N raised the cash component of its unsolicited offer for Botox-maker Allergan Inc AGN.N, valuing the U.S. firm at $49.44 billion and ratcheting up pressure on the target company.
Valeant’s sweetened offer also included a contingent value right that could be worth an additional $7.6 billion.
By Esha Dey
(Reuters) – Hospital operator Kindred Healthcare Inc (KND.N: Quote, Profile, Research, Stock Buzz) went hostile with its $533 million offer for Gentiva Health Services Inc (GTIV.O: Quote, Profile, Research, Stock Buzz) on Thursday, after Gentiva rejected the bid saying it expected to generate more value as a standalone provider of home healthcare services.
Kindred said Gentiva was unwilling to discuss a potential deal to create a company with adjusted annual revenue of about $7.2 billion that could offer a full spectrum of services to an aging U.S. population.
By Esha Dey
(Reuters) – Forest Laboratories Inc (FRX.N: Quote, Profile, Research, Stock Buzz) said it would buy Furiex Pharmaceuticals Inc (FURX.O: Quote, Profile, Research, Stock Buzz) for up to $1.46 billion, including milestone payments, to add a promising treatment for irritable bowel syndrome to its gastrointestinal drugs portfolio.
Forest will pay about $95 per share in cash to Furiex shareholders and up to $30 per share as contingent value rights.
(Reuters) – Zimmer Holdings Inc (ZMH.N: Quote, Profile, Research, Stock Buzz) said on Thursday it would buy rival orthopedic products maker Biomet Inc LVBHAB.UL for more than $13 billion, the latest deal in a wave of consolidations in the healthcare industry.
Investors gave a resounding thumbs up to the announcement, sending Zimmer shares up more than 18 percent on expectations the larger scale will help it navigate stiffer pricing pressure on medical devices from hospitals and insurers. The deal is expected to take Zimmer from the fourth-largest seller of orthopedics products to No. 2, behind Johnson & Johnson (JNJ.N: Quote, Profile, Research, Stock Buzz).
By Esha Dey and Susan Kelly
(Reuters) – The U.S. Food and Drug Administration on Tuesday proposed speeding up medical device approvals for patients who have no other treatment options through a new program focused on earlier and more frequent interactions between companies and FDA staff.
The Expedited Access Premarket Approval Application program is a response to criticisms by policymakers, patient groups and industry that the FDA process for approving medical devices is inefficient and slow, delaying patients’ access to new, helpful products.
By Esha Dey and Natalie Grover
(Reuters) – Sarepta Therapeutics Inc’s shares soared 64 percent after it said that the U.S. Food and Drug Administration indicated an alternate path to approval for the company’s experimental muscle disorder drug.
The news provides a fresh lease of life for Sarepta, whose plans for a marketing approval the regulator deemed “premature” late last year, citing insufficient trial data.
By Esha Dey
(Reuters) – Specialty pharmaceuticals company Mallinckrodt Plc will buy drugmaker Questcor Pharmaceuticals Inc for about $5.6 billion to gain access to its lucrative drug to treat multiple sclerosis, Acthar Gel.
This acquisition, Mallinckrodt’s second in less than two months, highlights its efforts to tap into the fast-growing specialty drugs market, which focuses on complex and chronic diseases.
By Esha Dey
(Reuters) – Generic injectable drugs maker Sagent Pharmaceuticals Inc (SGNT.O: Quote, Profile, Research) is looking to shore up its portfolio with deals worth up to $500 million, as rampant manufacturing issues and quality concerns push consolidation in the industry.
Cancer drugs, anti-infectives and treatments that can be sold directly to hospitals are of key interest to the company that has remained relatively unscathed by the regulatory problems in the sector, Sagent Chief Executive Jeffrey Yordon said in an interview.
March 4 (Reuters) – Oxygen Biotherapeutics Inc said
the U.S. Food and Drug Administration had lifted an order
imposed in 2008 suspending trials of its experimental brain
injury drug, sending the company’s shares up by more than a
third in early trading.
The FDA had placed a clinical hold on the development of the
drug, Oxycyte, citing concerns over its use in patients with
severe traumatic brain injury (TBI).