Genzyme

SPOTLIGHT: Altus hires new CEO

Thu, 22 May 2008 06:59:53 -0400

Altus Pharmaceuticals has hired Georges Gemayel from Genzyme to be its new CEO. Gemayel had been executive vice president at Genzyme. Both companies are based in Cambridge. Release

ALSO NOTED: Novartis buys bigger stake in Alnylam; FDA chastises ZymoGenetics' marketing campaign;and much more...

Thu, 08 May 2008 06:59:50 -0400

> Novartis has scooped up a bigger share of Alnylam stock. The pharma giant now owns 13.3 percent of the company. Alnylam release

> Curious how the FDA might spend its PDUFA fees? A new five-year plan shows that FDA will plow the money into post-marketing safety to meet its commitments under the new law passed last fall. FDA report

> The FDA has chastised ZymoGenetics' maiden effort to commercialize a therapy, saying that its claims for a genetically engineered form of Thrombin are "false or misleading." ZymoGenetics' marketing material notes that the drug has a lower level of antibody formation compared to a competitor, creating the impression that bovine thrombin's antibodies are less safe. Story

> Genzyme has expressed an interest in setting up an Israeli biotech incubator. Report

> Proteome Sciences said it has won a grant of €571,000 to study the proteomics end of a new generation of in-vitro assays. Report

> Did GlaxoSmithKline try to monopolize the Wellbutrin market? A lawsuit now certified as class-action says so. GSK report

> Will today's Congressional hearing on drug ads lead to new legislation? That's what Michigan Democrat--and vocal pharma critic--Bart Stupak hopes. DTC report

> New CEOs often clean house. Biovail's Bill Wells looks like he's trying to gut and rebuild it. The company announced it would shutter two plants in Puerto Rico as it shifts focus to specialize in central nervous system meds, "a market where unmet medical needs and growth potential are high," Wells said. Biovail report

> Merck's layoffs have inspired one newly unemployed poet to write in verse. Report

And Finally… Vaccine experts are pondering just how long vaccines will be able to provide immunity in a world where some diseases are all but eliminated and natural exposure to many common viruses has ended. Vaccine report

CEO pay: Who makes what in Big Biotech?

Wed, 30 Apr 2008 06:59:57 -0400

What do you get when you make it to the top of of Big Biotech's biggest companies? Millions in compensation, for one thing. But although the average pay for the CEOs listed is $14.42 million, most saw a decline from 2006 levels, underscoring the stock market challenges some biotechs faced in 2007. Take, for instance, Amgen CEO Kevin Sharer. Though he came out on top in this year's CEO pay ranking, Sharer's pay down 17 percent from 2006. His base salary was up slightly to $1.55 million but he took a hit on stock awards and incentive plan compensation. Arthur Levinson (Genentech), Henri Treemer (Genzyme), John Martin (Gilead) and James Mullen (Biogen Idec) round out the five highest paid Big Biotech execs.

Because companies each have their own approach to reporting CEO pay, FierceBiotech's CEO numbers are based on total compensation reported in these companies SEC filings. The number include base salary, bonus and "other" compensation in 2007. Click below to see what biotech's biggest players made last year.

- see this CEO pay report for more

Related Article:
Big Biotech's Stock Report

Cholesterol drug delay signals new FDA standards

Mon, 28 Apr 2008 06:59:58 -0400

In what may signal a major shift in FDA standards, Isis and Genzyme say that they expect to add another year to the development timeline for a closely watched cholesterol therapy in order to produce data demonstrating a reduced risk of heart attacks and related diseases rather than just an ability to lower levels of cholesterol. Researchers for the two companies say they now plan to file for approval in 2010. Shares of both companies were hurt by the announcement, with Isis shares dropping 29 percent Friday.

Genzyme agreed to buy $150 million of Isis shares and provide $175 million in a large upfront fee last January. The two companies planned to file for approval of mipomersen as a therapy targeted against a rare genetic disease. The decision, though, could have a wide ranging impact on drug developers if the FDA will no longer approve a drug based simply on its ability to lower cholesterol. And that could be a direct result of the brouhaha over data showing that Vytorin--while effective in lowering cholesterol--was no better than a generic in preventing thickening of the arteries.

- see this Genzyme/Isis release
- read the story in the Wall Street Journal

Genzyme CEO Henri Termeer - CEO pay report

Maureen Martino — Fri, 25 Apr 2008 14:49:55 -0400

Henri A. Termeer - Genzyme

Total Compensation: $14.6 million

Details: Termeer spent part of 2007 convincing investors that, unlike Biogen Idec and MedImmune, Genzyme wasn't a good takeover target. For his efforts, Termeer gained $1.5 million in base salary--a 5 percent increase over 2006--about $2.1 million in bonuses, $10 million in option awards, and $105,773 in other expenses like travel, insurance and 401(k) contributions.

Genzyme News:
Genzyme on buyouts: Thanks but no thanks
Icahn sells Genzyme stock

Genzyme gets biosimilar rejection, builds R&D plant

Tue, 22 Apr 2008 06:59:58 -0400

The FDA have given a thumbs down to Genzyme's request for permission to sell its Pompe disease drug Myozyme manufactured in an Allston, MA plant. Genzyme is already manufacturing the drug in a smaller Framingham-based plant and wants to ramp up production at the larger Allston location. But the FDA ruled that the Allston-produced Myozyme must "be classified as [a different product] because of differences in the carbohydrate structures of the molecules." The FDA said Genzyme has to submit a separate BLA to gain approval for Myozyme produced on a larger scale.

This rejection underscores the difficulty biosimilars face in the United States. "The FDA decision...suggests that regulators may be reluctant to approve any generic versions of biologic drugs...without clinical data proving the drugs are at least as safe and effective as the originals if there are even slight differences in the compounds," observes the Boston Globe. Currently, the U.S. has no pathway to quickly approve biosimilar drugs.

As Genzyme points out, Myozyme production has already been scaled up in 40 other countries. "Based on the global clinical experience of nearly 900 patients of all ages currently receiving Myozyme produced at the larger scale...Genzyme believes that Myozyme produced at both the 160L and 2000L scales is clinically effective and safe," the company said in a statement. The company expects the FDA to act on the application by the end of the year.

- see this release from Genzyme
- read the Boston Globe article

ALSO: Genzyme is opening a major new R&D center in Beijing. The facility will house 350 employees and will cost an estimated $90 million. Researchers in the Beijing plant will develop drugs in four focused areas: orthopedics, transplant and immune disease, oncology, endocrinology and cardiovascular disease. According the the release, the R&D facility "is part of Genzyme's ongoing global expansion and commitment to establishing a long-term presence in China." Report

Genzyme gets public backing for $200M expansion

Tue, 01 Apr 2008 07:59:55 -0400

Genzyme is getting some public backing for a $200 million expansion project in the south of Ireland. The Cambridge, MA-based biotech plans to hire about 170 people as it expands its manufacturing and research operations. Ireland has become a key global player in biopharma over the years, hosting a range of manufacturing and lab facilities. Teva announced its own expansion plans for Waterford last month.

- read the story from the International Herald Tribune

Related Articles:
Genzyme--Big Biotech's Stock Report. Report
Genzyme on buyouts: Thanks but no thanks. Report
Boston officials herald big Genzyme expansion. Report

Genzyme - Big Biotech's Stock Report

Maureen Martino — Wed, 26 Mar 2008 09:10:51 -0400

Company: Genzyme
Starting stock price: $65.73
Ending stock price: $74.97
Percent Change: 12.97%

Scoop: When Biogen Idec put itself up for sale, many wondered whether Genzyme would do the same, considering that investor Carl Icahn (photo) bought a stake the company. But Genxyme’s CEO Henri Termeer (photo) quashed rumors of a possible deal, saying that Big Pharma companies wouldn’t want to shell out billions for a company that specializes in treatments for rare diseases. So far, he’s right.

In 2007 Genzyme saw positive data from a Phase III Mozobil trial for non-Hodgkin's lymphoma. The stem cell drug spurs the release of bone marrow stem cells into the blood so that they can be collected and used in a transplant. The company also reported positive results from a Phase II trial of alemtuzumab, a treatment for multiple sclerosis.

Current stock price (3/25): $73.38

Big Biotech's Stock Report

Maureen Martino — Wed, 26 Mar 2008 08:53:23 -0400

2007 was a big year for Big Biotech, and while some of the top companies shined, other industry leaders took a beating. Biotech five biggest players--Amgen (1), Genentech (2), Biogen Idec (3), Genzyme (4) and Gilead Sciences (5)--are among the oldest and most established companies in the industry. Drug safety concerns, buyout talks, layoffs, and the ongoing struggle to produce cutting-edge technologies all made for an eventful year for these industry giants.

Gilead, Biogen Idec and Genzyme were the stock market winners in '07, gaining 43 percent, 16 percent and 13 percent respectively. On the other hand Genentech was down 18 percent, and Amgen dropped a whopping 34 percent. Click below for full stock performance details on Big Biotech's 2007 winners and losers.

1. Gilead
2. Biogen Idec
3. Genzyme
4. Genentech
5. Amgen

Icahn sells Genzyme stock

Fri, 15 Feb 2008 06:59:58 -0500

Carl Icahn has cashed in his Genzyme chips and evidently gone looking for another game. After arousing intense speculation last year that he would pull an Icahn and shake up Genzyme with big demands and blistering criticism--as he had at ImClone and other biotechs--Icahn sold his shares in late December. Genzyme CEO Henri Termeer (photo) may have persuaded Icahn to take the money and run after publicly vowing to resist any effort to make him sell or break up the aggressive developer. "We have pioneered very important therapies and that is what we want to continue to do," he told the hometown Boston Globe late last year.

Of course, whatever his long-range goals may have been, Icahn still came out well ahead. Genzyme stock had shot up 20 percent when he cashed out its 1.5 million shares.

- check out this article for more

Related Articles:
Icahn: Biotechs must merge with Big Pharma. Report
Is Carl Icahn out to buy Genzyme? Report
Who's next on the biotech buyout hit list? Report
Boston officials herald big Genzyme expansion. Report