European antitrust regulators may have been a little late to the party when it comes to pay-for-delay actions but are making up for lost time. Sources are saying they will levy fines against French drugmaker Servier and Teva Pharmaceutical Industries next month for delaying the launch of generic blood pressure meds.
Teva CFO Eyal Desheh says the generic giant was built in bits and pieces, picking up a bunch of manufacturing plants in the process that it no longer needs. So the company will close half of its manufacturing facilities over the next 5 years as part of its plan to get more focused and more efficient.
Teva Pharmaceutical Industries execs have said all along that reducing manufacturing and procurement costs from its vast manufacturing system will be key to cutting overhead by $2 billion by the end of 2017. Last month Teva CEO Erez Vigodman said it would close 11 and was looking at 16 more. Now Teva CFO Eyal Desheh said Teva intends to close about three dozen plants in the next four to 5 years.
A federal court in Canada has now agreed with the industry that the country's price setting board has assumed too much authority and severely curtailed its ability to control prices over generic drugs in a case centered on Novartis' generic drug company Sandoz, and a unit of Teva Pharmaceutical Industries, which started as Ratiopharm.
Teva Pharmaceutical is jumping into a biotech horse race, paying $200 million in cash and up to $625 million more in milestones to buy out Labrys Biologics and an experimental migraine drug that the newly reorganized company bullishly believes can hit up to $3 billion in annual sales.
California has decided to lay the responsibility for opioid overdoses, and even a resurgence in heroin use, at the feet of the drugmakers, accusing them in a lawsuit of reaping huge profits while turning a large swath of people into drug addicts.
Israeli-based generics maker Teva is in the process of closing 11 plants in its global network of 70, 15% of the total, and evaluating another 16 to see where else it might find savings.
The top dogs at Teva Pharmaceutical Industries have been saying for more than a year that to help cut $2 billion in costs, its manufacturing network needed to be trimmed and its API business cinched up. Now, new CEO Erez Vigodman has put some numbers to the calculation: 11 plants are slated for closure and another 16 are still under evaluation.
Teva announced that its abuse-resistant version of extended-release hydrocodone--the opioid CEP-33237--aced a pivotal Phase III. Unsurprisingly, the pain drug beat out a placebo in the chronic back pain study, which sets the stage for a new drug application for later in the year. Purdue Pharma, meanwhile, has already raced to the FDA with its own tamper-resistant version of hydrocodone.
Shares of OncoGenex went into meltdown mode this morning after the biotech and its partner Teva put out word that their experimental prostate cancer drug had flunked a long-awaited Phase III study. Shares of OncoGenex immediately shed more than half their value in the reckoning with investors.