| Merck Phase III pipeline |
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With its bottom line weakening and generic competition growing, Merck says it will create a new unit to develop biotech drugs. Merck BioVentures will not only develop novel therapies but also target follow-on biologics, successors to existing biotech drugs.
Merck's announcement puts it in line with big pharma companies like Pfizer and AstraZeneca, which have their own biotech initiatives underway. Biotech drugs are seen as a big driver of future revenue, and Merck is anxious to position itself as a player at a time the company has been slashing costs.
"Next year will continue to be a period of fundamental transformation that establishes Merck as a different competitor for the next decade," said Chairman and CEO Richard Clark. "We look to emerge leaner and more responsive to our customers' needs and with a pipeline that offers significant potential."
Merck also says it plans to file three NDAs next year for telcagepant, a migraine treatment; the heart failure drug rolofylline; and a drug combining Zetia and Lipitor for cholesterol.
- here's Merck's statement
- check out the report from the Wall Street Journal
- read the AP report