Omega Pharma's advertising for its diet pill XLS Medical found itself in the middle of a dust-up in Britain, with hundreds of complaints flying about the swimsuit-season promos. And now, the campaign is banned altogether.
SAN FRANCISCO-- On Monday, we brought you the lowdown from the J.P. Morgan Healthcare Conference, with company presentations from pharma giants including Novartis and Merck & Co. Today, we're back with our latest roundup, big names and not-so-big.
Over-the-counter specialist Perrigo said on Monday that it was recalling some of its children's grape-flavored Mucinex copies after learning that dosing cups may be mismarked, putting children at risk for being overdosed. It said for some children, taking too much of the med could lead to vomiting and other stomach problems.
Perrigo is having to strip from retailers' shelves hundreds of thousands of packages of its copy of number-one allergy pill Zyrtec that are sold through CVS, Kmart, Kroger, and other retailers large and small. Perrigo initiated the recall of the antihistamine in late September after it found that the products potentially contained an impurity.
Earlier this month, Perrigo shareholders spurned a hostile buyout attempt from Mylan. And now, the Netherlands-based company may have to go up against its former target if it wants to pursue a replacement buy.
After finally turning back the long-running takeover attempt by Mylan, Perrigo assured shareholders they could expect "industry-leading future growth prospects." In its first move toward delivering on that promise, the OTC specialist said today it will buy the U.S. rights to AstraZeneca's Crohn's disease drug Entocort.
Pharma's longest-running takeover battle of the year has come to an end--and not in pursuer Mylan's favor. The company has failed to garner the support necessary for a takeover of Perrigo, a target it's been pursuing since April. As of 8 a.m. Friday, about 40% of Perrigo's shares had been tendered, Mylan said, missing the 50% threshold necessary for it to push forward with the transaction.
Mylan has swept aside one of the legal hurdles set up by Perrigo, which has been fighting on two continents to try to derail Mylan's takeover of the generics competitor.
Perrigo has railed repeatedly against Mylan's hostile takeover bid and introduced massive cost-cuts and streamlining efforts to try to keep its shareholders loyal. Its next step in fending off its unwanted suitor? Heading to Israel.
Perrigo, in an effort to hive off $175 million a year in costs, is laying off 6% of its workforce, among other steps.