Brent Saunders, Actavis chief executive and architect of four major pharma deals, doesn't hate drug discovery. He just doesn't want his company to do it.
Fourteen months after the FDA rejected the new antipsychotic cariprazine, the developers say they have gathered together a new batch of late-stage data to demonstrate its effectiveness for schizophrenia, but the statement has done little to dispel the lingering doubts about this one-time blockbuster hopeful.
Big Pharma or "growth pharma"? Actavis CEO Brent Saunders is aiming for the latter. Though his company is expected to rank among the industry's top 10 after closing its Allergan buy later this year, Saunders says Actavis won't act like a Big Pharma. What's the difference? He has some ideas.
Before Actavis swooped in to grab Allergan from hostile suitor Valeant, analysts said a tie-up between the two could create a marketing superpower. Now, a month after Actavis and Allergan announced their merger agreement, the drugmakers have a plan they think can make that happen.
Last week, a New York judge called a halt on Actavis' plan to pull Namenda off the market, throwing off its strategy for switching patients to a newer extended-release version. On Monday, the judge nixed Actavis' attempt to block the injunction.
Actavis and Allergan have come to terms on a buyout that values the Botox maker at $66 billion, dwarfing a bid from Valeant and William Ackman that forced the biotech into play. And it gives Actavis CEO Brent Saunders exactly what he's been looking for: Bragging rights to top 10 status in the Big Pharma world--after brushing aside a weakening Eli Lilly.
Allergan today confirmed what much of the industry has been buzzing about for some time now: It's in takeover discussions with another company other than the acquisition-hungry Valeant. And the business news outlets quickly identified Actavis as the interested party.
Valeant's been pursing Allergan for months now, but the California-based drugmaker may soon have another bid, too.
Fresh off signing up to buy Durata Therapeutics for $675 million, Actavis is making another overture for the embattled Allergan, Reuters reports, potentially setting up a bidding war with the dogged Valeant Pharmaceuticals.
Buyout-hungry Actavis--which is alternatively spotlighted as both a buyer and a possible buyout target--has snapped up Chicago-based Durata Therapeutics and its recently approved antibiotic Dalvance (dalbavancin) for $675 million plus a potential bonus.