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Merck to create biotech unit
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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
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Comments
By Anonymous | Posted 1:52pm | June 7, 2009
Every day it looks more and more as though Schering-Plough sold its stockholders down the river. Schering has about 5 blockbuster products we know about and a few additional new interesting products. Merck purchased Schering to obtain replacement for lost income due to a generic version of Singulair and failure of their cardiac drug "rolofylline" to meet phase ll requirements. Merck's "pipeline" looks like a "Pipe Dream", while Schering's pipeline is the best in the industry.
Merck's value seems to be a poorer value than Schering's.
Who should be purchasing who?
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