Elan's shareholders rejected a string of CEO Kelly Martin's deals today, but did green-light a share repurchase pact--which the biotech says will put the hex on Royalty Pharma's hostile $8 billion offer for the company. The hostile bid, though, was already being reconsidered at the end of last week, when Elan's board decided to formally put the company on the auction block, inviting Royalty to take a seat at the bidding table.
In its $1.15 billion buyout of Pearl Therapeutics this week, AstraZeneca bolstered its late-stage drug development with a Phase III inhaled delivery platform to treat respiratory diseases.
In a dealmaking frenzy, cash-rich Elan has agreed to pay up to $693 million for a biotech company focused on rare diseases, picked up a big share of a start-up specialty pharma company based in Dubai, spun out its sole remaining clinical asset into a new company with $90 million in financing and set up an $800 million debt offering to help keep the deals coming.
The U.K.'s Vectura has thrown its dry powder inhaler technology into a newly established Chinese joint venture biotech that is setting out to develop and commercialize new respiratory treatments for a growing Asian market.
Scientists in recent years have devoted their energies toward developing breath diagnostics for heart failure and all kinds of diseases. A team from Switzerland is now carrying the torch, having identified unique signatures in breath that could help screen for respiratory problems or other diseases.
Last week FDA staffers came up with a lukewarm review of the efficacy seen in Boehringer Ingelheim's prospective COPD drug olodaterol, but couldn't fault its safety profile. And that seemed to satisfy the panel of outside experts who met to review the drug today, giving it a pass with a lopsided 15-to-1 vote in favor of approval.
An FDA staffer dished out a lukewarm evaluation of the efficacy of Boehringer Ingelheim's respiratory treatment olodaterol, writing in a briefing that the inhaled therapy showed "modest" benefits in study patients with smoker's cough or chronic obstructive pulmonary disease.
Harris Interactive has been digging into physicians' response to drug brands, therapeutic area by therapeutic area, racking up more evidence for an emotional variable in the doctor-drug trust equation.
Forest Laboratories is in dire need of a Bloody Mary for its still-severe Lexapro hangover. The U.S.-based drugmaker fell short of low expectations for the third quarter, thanks to a 41% drop in sales, largely because of generic competition for the blockbuster antidepressant. And the company ratcheted back predictions for its full-year results.
Pearl Therapeutics has grabbed a hefty $65 million venture round, enough to bankroll the launch of a key late-stage COPD drug program that--one way or another--will prove transformational for the biotech.