According to a Los Angeles Times investigation, former Navy Secretary Richard Danzig talked up HGS' anthrax drug raxibacumab to his government contacts--at a time when he also served on the company's board.
The Los Angeles Times points a bright spotlight on the role former Navy Secretary and biowarfare consultant Richard Danzig played in successfully urging the U.S. government to invest hundreds of millions of dollars in a new therapy developed by Human Genome Sciences to counter a possible anthrax attack.
Mergers and acquisitions by drug companies were off big time this year, down by 35% overall. Much of what is getting invested is targeted at emerging markets, with China not surprisingly leading the list.
GlaxoSmithKline rolled out its late-stage drug prospects today, putting its best foot forward with a pair of drugs aimed at cancer and heart disease. Altogether the pharma giant says it expects to post pivotal data on 14 therapeutics in the next two years.
FiercePharma thought it would be instructive to look at the worst pratfalls. Of course, every train wreck will attract its share of gawkers. The point we'd like to make here is that every example below also offers some clear pointers on how to avoid a similar snafu. Hopefully, this report will also provide a bit of context for those peak sales estimates we're treated to on an ongoing basis. Each one of the drugs you see below once inspired great dreams of big money. Each of them failed to deliver. And a number of the top blockbuster prospects now in the pipeline will wind up on future lists of drug launch disasters. Read the report >>
Step back and look at the trend in biopharma M&A and you'll find less money than you would have seen on the table last year. Read the report on this year's dealmaking climate >>
FierceBiotech has gone back over the rumors, the speculation, the sheer guesswork provided by a legion of analysts, to see which biotechs are now the most cited buyout targets in the industry. What follows is a short list of the most-rumored takeover targets >>
More jobs are trickling away in the drug business. Two companies slated new rounds of layoffs today, both of them spurred by common pharma-industry events.
The new masters of Human Genome Sciences are continuing to chop away employees. Just weeks after letting state officials in Maryland know that it was laying off 114 workers, or roughly 10% of its workforce, the word now is that 97 more will follow with a third round of cuts coming ahead of Christmas and more slated for 2013.
Biogen Idec has decided to go cash-and-carry on Benlysta. The biotech company, which was in the marketing mix on the lupus drug with Human Genome Sciences, has sold its royalty rights to a private equity fund for an undisclosed amount.