Goldmans Sachs

Biovail focuses on CNS drugs

Maureen Martino — Fri, 13 Jun 2008 12:34:15 -0400

As the battle for Biovail continues, current CEO William Wells emphasized the company's focus on CNS drug development at Goldman Sachs' annual healthcare conference. Biovail is investing $600 million over the next four years for work on epilepsy, multiple sclerosis, and Parkinson's. Wells said the company will "maintain its drug delivery technology but [will seek] to license it or use it for drug development."

Biovail's development plans, however, hardly seem to be the focus these day. Found Eugene Melnyk launched a proxy battle for the company recently and is looking to sweep out its board and senior management. Melnyk has a dissident group of shareholders backing him, while the current management urges shareholders to reject Melnyk's interference. The fight will come to a head at annual shareholder meeting on June 25, when shareholders vote on the company's future management.

- see the CNNMoney article

Development chief outlines strategy at Genentech

John Carroll — Thu, 12 Jun 2008 10:55:43 -0400

Genentech's Susan Desmond-Hellmann, president of product development, outlined the biotech giant's development strategy to a group at the Goldman Sachs healthcare conference. In addition to testing new uses of its cancer blockbusters, Desmond-Hellman says the company will push hard to advance new therapies in the neuroscience and infectious disease areas. Genentech also has 14 new molecules in development for cancer indications.

The research chief also told the group that the blockbuster drugs of the past may never be duplicated. Future drugs will cater to a smaller, better defined group of patients. "The days of big cholesterol-lowering drugs for millions of people may be behind us."

- read the report in the Wall Street Journal

ALSO: Genentech announced that it had settled a patent dispute with MedImmune over basic production methods. Report

CV scores $185M royalty deal on Lexiscan

Wed, 16 Apr 2008 06:59:58 -0400

Just a week after gaining regulatory approval for Lexiscan (regadenoson), an injection that increases arterial blood flow during heart tests, CV Therapeutics sold off a 50 percent interest in its North American royalties to TPG-Axon Capital for $175 million and a $10 million milestone payment. Astellas Pharma, which is marketing the drug, is paying CV a $12 million milestone payment on the approval. A European application for Lexiscan is expected later this year. Palo Alto, CA-based CV is scheduled to get an FDA decision on Ranexa for a subset of diabetes patients in July.

TPG-Axon was spun out of Texas Pacific Group and is led by Dinakar Singh, the former head of Goldman Sachs' Principal Strategies Department. Shares of CV Therapeutics shot up 19 percent in after-hours trading on the news of the deal.

- check out the release
- read the story in the San Francisco Business Times
- read the report in Wall Street 24/7

Related Articles:
CV, Astellas gain Leixscan approval. Lexiscan report
CV Therapeutics gains $7 million on NDA filing. CV report
CV, Astellas present positive Phase III results. CV, Astellas report

Circassia pockets $21.8M in second VC round

Tue, 29 Jan 2008 06:59:54 -0500

Goldman Sachs and Invesco Perpetual have signed on as new investors in Circassia, a UK biotech exploring ways to control immune responses. They helped put up $21.8 million in Circassia's second round of venture capital. Circassia's lead products target allergies using its T-cell epitope desensitization technology, which was originally developed at Imperial College London.

"We have made good progress advancing our anti-allergy products during the last year, and successfully completing this funding, particularly in the current challenging market conditions, is a strong vote of confidence from a syndicate of world-class investors," says Steve Harris, Circassia's CEO.

- check out the release for more

ALSO NOTED: Nuvelo drug gets fast tracked; QLT brings on Goldman Sachs; and much more...

Wed, 12 Dec 2007 06:59:50 -0500

> Sanofi-Aventis has set up a small executive committee to set strategy, allocate resources and oversee company management, according to anonymous sources who talked to APM Europe. The idea is to consolidate decision-making to make management more nimble. Report

> The FDA has handed generic drugmaker Mylan for Lamotrigine Tablets, a generic version of GSK's Lamictal Tablets for seizures. Report

> Nuvelo has started a Phase II trial of alfimeprase for acute ischemic stroke. The company has also won fast track designation by the FDA for this indication. Release

> As promised, QLT has hired Goldman Sachs to explore strategic alternatives. Report

> Roche has filed an IND for an antibody targeting asthma. Report

> The empire strikes back. AstraZeneca went on attack today, suing seven generics makers who've filed for FDA permission to sell copycat versions of Crestor. Report

> Dr. Shinya Yamanaka, the Japanese scientist who led one of the two teams that recently announced they had turned human skin cells into the equivalent of embryonic stem cells, was driven by a passion to stop the destruction of embryos in medical research. Report

And Finally... Harvard Medical School professor George Church, one of the key players in the Human Genome Project and a noted expert in genetics, has set his sights on winning the $10 million prize being offered to the first team that can sequence the genomes of 100 people in 10 days at a cost of $10,000 per genome. Report

Biogen Idec in play after Icahn makes his move

Mon, 15 Oct 2007 06:59:58 -0400

Biotech powerhouse Biogen Idec has brought in some of Wall Streets top dealmakers to explore a possible sale of the company, which would fetch well over $20 billion. In fact, says Biogen Idec, the company already has one interested suitor in Carl Icahn (photo), who recently acquired 2.7 million shares of Biogen Idec and reportedly offered $23 billion for the company last week. Icahn recently took effective control of ImClone, but only after roasting its executives for months. Biogen Idec's next step will be to determine if any of the big pharma companies that have been spending big bucks for biologics will rush in to bid against Icahn. The company says that any sale is contingent on a number of factors, and may never happen, but bringing in Goldman Sachs and Merrill Lynch clearly puts the company in play, raising issues about its partnership with Elan on Tysabri.

Elan, meanwhile, has brought in Lehman Brothers to give it advice. The Irish company owns half of Tysabri, which has been rebuilding its MS sales after being pulled from the market shortly after it was introduced. Elan--which also saw its shares rise on the news from Biogen Idec, could acquire Biogen Idec's share in the drug for "fair value," sell their interest or maintain the current position. Investors loved what they heard and immediately rushed to push up shares of Biogen Idec by 18 percent in after-hours trading on Friday.

- see Biogen's release on the $23 billion bid
- here's the AP report on the dealmaking
- MarketWatch looks at the implications for Elan

ALSO: Take a look at the Big Pharma companies that are most likely to make a bid for Biogen. Report

Related Articles:
Biogen Idec's CEO nets bonus despite bad year. Report
Biotech CEOs face rising fury of angry investors. Report
Biogen inks $220M deal for Cardiokine drug. Report
Biogen launches late-stage study of galiximab. Report

Read more on: Biogen Idec | Carl Icahn | Elan

AstraZeneca inks $310M deal for asthma programs

Mon, 24 Sep 2007 06:59:54 -0400

AstraZeneca is stepping up its deal-making efforts with a pact to acquire Verus Pharmaceuticals' pediatric asthma programs for a potential $310 million. Verus gets $30 million of that up front with $280 million in scheduled milestones. The deal includes the North American rights to Captisol enabled budesonide solution, a short-acting beta agonist solution, a customized version of eFlow for use with both medications, and other IP.

"This transaction allows us to refocus our time and resources on our other emerging development programs, including those targeting unmet needs associated with related atopic diseases and conditions," said Verus president Robert W. Keith. Verus was a 2005 Fierce 15 company.

- check out the release for more info

PLUS: AstraZeneca wants some fresh eyes on its financial challenges. The drug maker is casting outside of pharma for a new CFO to replace Jon Symonds, who quit abruptly in June to join Goldman Sachs. Report

Related Articles:
Start-up opens with $98M in financing. Report
AstraZeneca cuts 7,600 jobs. Report
AstraZeneca announces restructuring and buyout. Report
AstraZeneca to continue ambitious deal-making. Report
AstraZeneca lays out road map for recovery. Report

ALSO NOTED: Alexza gains $50M; AstraZeneca, Cubist sign $10.25M licensing pact; and much more...

Sun, 03 Dec 2006 19:01:30 -0500

> Symphony Capital Partners will provide $50 million to Alexza Pharmaceuticals for the development of AZ-002 and AZ-004, both of which are in Phase II trials. Release

> Shanghai-based Cathay Industrial Biotech has closed a $52 million second round of financing. Investors include Goldman Sachs, Gramineae Holdings Company Limited, GM Investment Company Limited and New Horizon Evergreen Investment. Report

> Procter & Gamble Pharmaceuticals has announced that a trial of Asacol delayed-release tablets in patients with ulcerative colitis demonstrated a statistically significant improvement in overall quality of life. Report

> AstraZeneca has entered into a $10.25M licensing pact with Cubist Pharmaceuticals to develop and commercialize the antibiotic Cubicin in China and other Asian, Middle East and African countries. The deal does not included commercialization in Japan. Report

And Finally... 'Super' enzyme may lead the way to better tumor vaccines. Report

Merck KGaA buying control of Serono

Wed, 20 Sep 2006 20:01:38 -0400

Germany's Merck KGaA is buying the Bertarelli family's 64.5 percent interest in Switzerland's Serono. The $13.3 billion deal gives the family a 20 percent premium over yesterday's stock price. Serono also announced that its oral cladribine for multiple sclerosis had been fast tracked by the FDA. The family had long signaled its interest in finding a buyer for its stake in the biotech company, but recently had appeared to back off that strategy after failing to put a deal together. Goldman Sachs went looking for a buyer in December and just months later Serono announced it was looking for new acquisitions. This deal appears to have been heavily influenced by Merck's decision to keep Serono's headquarters in Geneva, where the family has a high profile.

- here's the AFX report on the deal
- and Swissinfo has some insight to offer as well

Related Articles
Serono puts out "for sale" sign. Report
Deadline for Serono bids passes with no offers. Report

Altana sells drug unit to Nycomed

Wed, 20 Sep 2006 20:01:36 -0400

Germany-based Altana is selling its pharmaceutical business to Denmark's Nycomed for €4.5 billion. Last year Altana hired Goldman Sachs to find a buyer. The company said it would sell the unit due to slow business, high development costs and an inability to compete in the worldwide pharmaceutical market. Altana "has been under pressure ever since mid-2005, when...Pfizer terminated a cooperation to jointly develop respiratory drug Daxas, which Altana hopes will replace sales of its top-selling ulcer drug Pantoprazol, when the latter will lose patent protection in 2009," reports Easy Bourse. Altana has continued development of Daxas on its own. The deal is expected to close by the end of this year.

- see this AP report

Genzyme to pursue rare hostile biotech bid

Wed, 30 Aug 2006 20:01:39 -0400

Cambridge, MA-based Genzyme says it will pursue its hostile takeover of AnorMed with a tender offer of $8.55 per share, a 70 percent premium on the Canadian biotech's trading price. The New York Times' Andrew Pollack polled a group of industry execs, none of whom could recall any recent example of a hostile takeover in the biotech industry. Analysts say that a successful hostile takeover could trigger a walkout by key people in a biotech outfit, significantly reducing its value. AnorMed, though, may be a special case. Baker Brothers Advisers engineered a board coup at the company last April. The new board, meanwhile, has brought in Goldman Sachs to evaluate "strategic alternatives," a sign for some that they just want a higher offer before agreeing to sell.

- here's the article on the takeover attempt from The New York Times

Hedge fund commits to Quintiles development ops

Wed, 10 May 2006 20:01:39 -0400

The multi-billion dollar hedge fund TPG-Axon Capital has inked a deal to work with Quintiles to develop new drugs. TPG-Axon Capital told Reuters that it would put up to a billion dollars at work in the deal, in which the fund would help finance drug development work through the CRO's subsidiary, NovaQuest. TPG-Axon is led by the former head of Goldman Sachs' Principal Strategies Department, Dinakar Singh. The hedge fund has already funneled hundreds of millions of dollars to finance NovaQuest drug development partnerships.

"I believe NovaQuest offers pharma and biotech companies 'smart money'--financial solutions backed by Quintiles' expertise and capabilities in global product development and commercialization," said Singh. "This is a powerful resource for pharma and biotech companies seeking new solutions to major challenges."

- here's the release on the drug/dollar pact

Serono ends buyer search

Sun, 09 Apr 2006 20:01:37 -0400

Swiss biotech Serono has taken itself off the market after failing to receive an acceptable offer. Back in November Serono hired Goldman Sachs in order to "explore strategic options," but despite interest from a number of large drug companies, including Novartis, Pfizer, GlaxoSmithKline and AstraZeneca, a deal failed to materialize. The company will now consider making acquisitions of its own, particularly the therapeutic areas of oncology and immunology. "Moving forward, Serono will invest in its existing businesses and will actively pursue opportunities for growth through acquisitions," CEO Ernesto Bertarelli said.

- read the company's release for more

3M puts drug arm on auction block

Mon, 03 Apr 2006 20:01:39 -0400

3M says it is considering selling its drug development and marketing operation. 3M has hired Goldman Sachs to advise it on various alternative strategies, which typically is code for putting a company up on the auction block. The group, which employs 1,500 people, develops and sells drugs in dermatology, women's health, cardiology and respiratory medicine.

"The best way for this business to grow is for it to be free to pursue separate strategies under the direction of a dedicated pharmaceutical industry company with a business model better suited to maximize its potential," said Brad Sauer, executive vice president of 3M Health Care.

- read the report from the San Francisco Chronicle

Novartis abandons Berna bid as Serono rumors heat up

Mon, 09 Jan 2006 19:01:39 -0500

Novartis' decision to publicly bow out of a bidding war for Berna Biotech is fueling rumors that the company preparing an even bigger bid for Serono. The announcement clears the way for Berna to proceed with an announced merger with Crucell, another Dutch company. Serono shares, meanwhile, surged on speculation that Novartis was assembling a cash and stock offer for Serono, which hired Goldman Sachs two months ago to explore various "strategic alternatives" for its business.

- read this MarketWatch article for more information

C&L: Cipau takes helm at Phase Bioscience

Tue, 21 Jun 2005 20:01:32 -0400

Phase Bioscience has named Gabriel Cipau, M.B.A., Ph.D. as CEO and chairman of the board of directors and Cindy Clark, J.D. as president and chief business officer. Dr. Cipau is a partner with Key Partner Consulting.

Dr. Jonas Alsenas has stepped down as CEO and as a director of Prana Biotechnology to pursue "other opportunities."

John L. McManus has joined Aeolus Pharmaceuticals as president. McManus is the founder and president of McManus Financial Consultants.

Michael R. Minogue, president and CEO of Abiomed, has assumed the additional position of chairman of the board of directors.

ImClone Systems has named board member David Sidransky as vice chairman.

Millenia Hope announced the resignation of its vice-chairman of the board, Dr. Alex Kavic, for personal reasons.

Aastrom Biosciences has named Gerald "Jerry" D. Brennan, Jr., JD, as vice president of administrative and financial operations and chief financial officer. Brennan will assume his position with the company effective July 2, 2005, following the retirement of Alan M. Wright. He will come to the company from Great Lakes Chemical Corporation, where he serves as director of new ventures.

Pharmacopeia Drug Discovery has hired Michio "Mich" Soga as executive vice president and CFO. He has held various executive positions at Goldman Sachs, Morgan Stanley, and Credit Agricole Indosuez in New York, Tokyo and London.

Neurogen Corporation has appointed Stephen Uden, MB to the newly created position of executive vice president, head of research and development. Dr. Uden was vice president, development site head for Pfizer Global Research & Development in New London, Connecticut.

MacroGenics announced the addition of R. Nelson Campbell and Ronald L. Wilder, M.D., Ph.D. to the company's senior management team, as well as the promotions of Ezio Bonvini, M.D. and Joseph Panigot.

CancerVax has promoted Martin A. Mattingly, Pharm. D., to executive vice president and chief operating officer; Hazel M. Aker, J.D., to senior vice president, regulatory operations and legal affairs; and Carol G. Gallagher, Pharm. D., to vice president, sales, marketing and product planning. John Petricciani, M.D., will continue to serve as senior vice president, medical and regulatory affairs, focusing on the company's strategic regulatory direction and interactions with regulatory authorities.

Vitae Pharmaceuticals has hired Martin Freed, M.D., as chief medical officer. Dr. Freed spent nearly fourteen years with GlaxoSmithKline and its predecessor, SmithKline Beecham Pharmaceuticals, most recently as vice president, clinical, in the company's Metabolism Therapeutic Area.

Trimeris has hired Neil Graham, M.D., as chief medical officer and senior vice president of clinical development and medical affairs. Dr. Graham previously served as chief medical officer for XTL Biopharmaceuticals.

AdipoGenix has appointed Nils Bergenhem, Ph.D. as chief scientific officer. Before joining AdipoGenix, Dr. Bergenhem was vice president of research at the Institute for Diabetes Discovery.

Diane E. Paul, MS, RN, has joined National Comprehensive Cancer Network as vice president, clinical trials network. Before rejoining NCCN, Paul served as executive director of the Cancer Institute of New Jersey Oncology Group and director of the Cancer Institute of New Jersey Network at the University of Medicine and Dentistry of New Jersey in New Brunswick, New Jersey.

Pozen has appointed Lisa Zimmerman to the newly created position of vice president, quality assurance. Zimmerman was most recently employed at Duke Clinical Research Institute as director of quality assurance and regulatory compliance.

Carl Pelzel has joined Depomed's executive team as vice president, marketing and commercial development. Pelzel was most recently senior vice president, global commercial operations at Chiron.

Advanced Cell Technology has made the following appointments to its scientific team: David Larocca, Ph.D., James T. Murai, Ph.D and R. Geoffrey Sargent, Ph.D.

Tanox has appointed Julia R. Brown to its board of directors.

Carol Ferguson has been appointed as a non-executive director and as chair of the audit committee of Ardana.

CuraGen has named Michael J. Astrue, J.D. and Frank M. Armstrong, M.B., Ch.B. to its board of directors.

Hybridon has elected Robert W. Karr, M.D. to the company's board of directors.

Luminex Corporation has appointed J. Stark Thompson to the board of directors to serve as a Class III director.

Sunesis Pharmaceuticals announced that Matthew Fust, senior vice president and CFO of Jazz Pharmaceuticals, will be joining Sunesis' board of directors.