Even after the past two years of deals, AbbVie's decision to pay $21 billion for Pharmacyclics, bagging half interest in the blockbuster cancer drug Imbruvica, managed to get jaws to drop among even the most jaded biotech analysts.
After nixing his company's $55 billion deal for Shire last fall, AbbVie CEO Richard Gonzalez reminded investors that his company still had the "wherewithal to be active on the M&A front." Now, he's putting his money where his mouth is--and shelling out $21 billion for cancer drugmaker Pharmacyclics.
So far, the 2014 pharma deal blitz has continued right on into 2015. And cancer drugmaker Pharmacyclics could be the next company to keep it going.
Pharmacyclics CEO Bob Duggan thinks all his employees could become geniuses. Or so he tells Investor's Business Daily, citing research from psychologist Alfred Barrios. Duggan has Pharmacyclics staffers taking a 24-week training course to acquire the 24 personality traits Barrios identified in top achievers such as Einstein, Shakespeare and Socrates.
Pharmacyclics and Servier are quietly walking away from a 5-year collaboration on a new cancer treatment, leaving the former company to go it alone on mid-stage oral drug with an uncertain future.
Johnson & Johnson's new blood cancer drug Imbruvica (ibrutinib) is on a roll. The FDA just armed the drug with a new indication in chronic lymphocytic leukemia, adding to a series of regulatory nods.
Eventual winner Johnson & Johnson wasn't Pharmacyclics' first choice to partner with on ibrutinib, CEO Robert Duggan told FierceBiotech in January, but, as The Wall Street Journal lays out, J&J and its expansive approach to dealmaking won out in the end.
Johnson & Johnson and Pharmacyclics' new drug Imbruvica won the expanded approval it needed to go beyond a rare disease treatment and reach the blockbuster status it was conceived for. The FDA Wednesday gave Imbruvica accelerated approval for treating chronic lymphocytic leukemia in patients who have received at least one previous therapy.
No one ever climbed the industry ladder without getting some help along the way. And for women, including many of the accomplished top performers in this group, that can be especially important....
Pharmacyclics and Johnson & Johnson are riding high on an accelerated approval for the blockbuster hopeful Imbruvica, and now they've tapped Catalent to aid in commercial manufacturing and ongoing clinical trials for the cancer drug.