Activist investor William Ackman has allied himself with biopharma raider Michael Pearson at Valeant to buy out Allergan, the maker of Botox, which has been actively hunting down its own buyouts, according to a report Monday evening from The Wall Street Journal.
Welcome to this week's edition of our EuroBiotech Report, in which we have news of how the rise and fall of U.S. biotech and med tech stocks is shaping decisions in Europe. After seeing the Nasdaq medical device index drop 7% in one week, U.K.-based Lombard Medical decided the market was too volatile for its IPO. French biotech Genfit is hoping the situation has settled down by next year, by which time it may start considering a move across the Atlantic. Almirall has become the latest drugmaker to take on Germany in pricing negotiations, only to pull the drug after the payer stood its ground. Topotarget and BioAlliance are set to merge, forming a French-Danish rare disease specialist. Cytos took a big step towards the biotech graveyard. And more. Read the full report >>
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Novartis, GlaxoSmithKline and Eli Lilly have hammered out a pact to swap, sell and partner on a group of four different divisions, realigning the corporate and marketing landscape for each of the big three pharma players. The bulk of these multibillion-dollar transactions center around marketed therapies, with Novartis going deeper into oncology, GlaxoSmithKline expanding on its substantial work in vaccines and Lilly grabbing an animal health business it's been avidly interested in for some time. But there are some big implications here for the two leading players' R&D divisions as well. Read more >>
A few weeks after Seattle-based Alder Biopharmaceuticals spelled out plans to raise $115 million in an IPO designed to propel them into the ranks of a fully diversified biotech company, the biotech has released some key data points from its proof-of-concept study on its experimental migraine therapy.
Allergan didn't waste any time in coming up with a poison pill to help thwart a hostile, $46 billion takeover attempt by Valeant CEO J. Michael Pearson and his hedge fund ally William Ackman. The board issued a shareholder rights plan on Tuesday evening giving its general investors the right to buy discounted shares once someone accumulates a threatening stake in the company of 10% or more.
Shares of Cambridge, MA-based Epizyme jumped 10% this morning after the company announced that it had won a $4 million payment from GSK after hitting the third of the three histone methyltransferase targets in their collaboration.
A Detroit-based biotech has landed a $59.5 million round to continue its work on a nucleic acid-based DNAi cancer therapy now in a mid-stage trial. ProNAi Therapeutics CEO Mina Sooch says that's enough cash to get the company through 2016, with plans to pursue partnership talks as well as a discussion with the FDA about potential ways to accelerate the approval process for their lead therapy.
AbbVie has submitted an FDA application for its promising all-oral hepatitis C treatment, expecting approval this year as it prepares for a three-way race with perceived leaders Gilead Sciences and Merck.
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Medtronic's Evera MRI SureScan cardioverter-defibrillator was implanted for the first time in the U.S. as part of the product's 275-patient, 45-center pivotal clinical trial for FDA approval.
Researchers at Harvard University's Wyss Institute have developed "smart" nanoparticles out of DNA that act like a virus to bypass the immune system's defenses and deliver drugs to a tumor.