Boehringer Ingelheim has agreed to hand over as much as $730 million to South Korean drugmaker Hanmi Pharmaceutical in exchange for the rights to a midstage treatment for lung cancer, betting the drug can stand out in a crowded field.
Last year when Hikma bought Boehringer Ingelheim's Ben Venue injectable business, it decided not to reopen its long-troubled Bedford, OH, plant. But with a $2.65 billion deal announced today for Boehringer's Roxane generics business, it gets a U.S. manufacturing plant that it says it likes the looks of.
When Boehringer Ingelheim put its U.S.-based generics business on the market, Hikma Pharmaceuticals, Mallinckrodt and Perrigo reportedly pulled up seats at the bidding table. But Hikma emerged the winner, snagging Boehringer's Roxane Labs unit for $2.65 billion to substantially boost its noninjectable generics business.
Shares of Vitae Pharmaceuticals dropped 5% this morning after the biotech reported that Boehringer Ingelheim had decided to dump its collaboration on a new BACE program for Alzheimer's.
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Boehringer Ingelheim has unloaded a vet med facility in Iowa that has been slated for closure for some years. New Zealand's Argenta, which does vet med contract work, has bought the facility as part of its expansion plans but will employ far fewer than the 100 that work for Boehringer.
When Boehringer Ingelheim's COPD drug Stiolto Respimat won U.S. approval early last month, the company's head of pharma marketing and sales, Allan Hillgrove, acknowledged that payer arm-twisting happening stateside may make pricing tough. But now, the German drugmaker has nabbed some European approvals that should give the drug a lift.
Earlier this year, Boehringer Ingelheim said it was considering selling its U.S.-based generics business for up to €2 billion ($2.2 billion) to lighten its load and focus on drug development. Now, the company is moving one step closer to a sale as companies such as Hikma Pharmaceuticals, Mallinckrodt and Perrigo approach the bidding table.
Vitae Pharmaceuticals has slammed into another setback. The small biotech's lead drug, the diabetes therapy VTP-34072, failed the first leg of a mid-stage study executed by Boehringer Ingelheim.
Portola Pharmaceuticals has laid out the last batch of Phase III data on its "breakthrough" anti-anticoagulant andexanet alfa, filling in the numbers that will be reviewed by regulators considering the biotech's upcoming pitch for marketing approval. And right alongside that announcement comes the latest numbers from Boehringer Ingelheim's breakthrough program for idarucizumab, which is already under review as an antidote to its blockbuster Pradaxa.