Analysts generally believe that big takeovers are easier to pull off under the U.K.'s M&A guidelines. But you'd better not ignore the very specific rules of the game. AbbVie got a lesson on that score yesterday after CEO Richard Gonzalez confidently confided to a number of major news outlets, including the Financial Times and Reuters, that he had already chatted up most of Shire's big investors and won their support for a $51 billion buyout.
Even as reports of a prospective takeover bid from Allergan circulate, Shire CEO Flemming Ornskov shows no sign of slowing down on the company's deal spree. The biotech is buying Australia's Fibrotech for $75 million upfront and a string of undisclosed milestones, bringing in a lead drug for fibrosis.
One of the first deals Flemming Ornskov struck as the new CEO of Shire has soured quickly. The company says that its therapy for dry eye, lifitegrast, missed one of two key endpoints in a Phase III study, raising some serious questions about its future.
No one ever climbed the industry ladder without getting some help along the way. And for women, including many of the accomplished top performers in this group, that can be especially important....
Shire is prepping a plan to cut back on its sizable research operations in Basingstoke, U.K.--another setback for the country's research industry with Novartis axing more than 500 staffers and consultants in Horsham following major blows from AstraZeneca and Pfizer.
When Shire's new CEO Flemming Ornskov talks, analysts listen. And then some of them talk to Bloomberg. But their stories aren't always consistent.
Shire CEO Angus Russell's 13-year stint at the helm has provided a classic case study on how to efficiently build a biotech company.
The Telegraph in the U.K. is reporting that the market buzz indicates that GSK is in talks with BioMarin, the rare disease drug outfit that has been snapping up programs in recent months.
When Shire ($SHPGY) bought out Advanced BioHealing in San Diego last year for $750 million, it trumpeted the addition of a new unit focused specially on regenerative medicine. And today it followed up with a blueprint to increase its footprint in that branch of biotech with a corporate campus in the Southern California biotech hub and plans to hire hundreds of new workers.
Last year the top 10 biotechs in the world spent $10.2 billion on R&D, up a whopping 13% over their $8.9 billion track record in 2010.