business development

Report: GSK to fund venture firm, back start-ups

Tue, 06 May 2008 06:59:57 -0400

In Vivo is reporting that GlaxoSmithKline plans to set aside up to $500 million for a new venture fund that will support its internal R&D work as well as fund start-ups created from de-prioritized assets. GSK President of Pharmaceuticals Russell Greig will take control of the fund June 2, according to In Vivo, relying in part on his contacts developed during his days as senior VP of world-wide business development. The GSK Venture Fund will include SR One, which has invested $550 million in 125 companies but has not sought to directly link their investments to Glaxo's work.

- check out the report from In Vivo

GPC jettisons 38 workers in new round of layoffs

Mon, 25 Feb 2008 06:59:55 -0500

GPC Biotech's failure to get an FDA approval on satraplatin for cancer will cost the jobs of another 38 of its employees. GPC announced its first round of cuts last November. The new layoffs will preserve enough working capital for three years worth of work, says the developer. In addition to the latest cuts, COO Elmar Maier and the senior vice president of business development, Sebastian Meier-Ewert, are resigning from the management board but will remain as advisers. GPC's remaining work force will consist of 14 workers in Munich and 49 in Princeton.

"We have implemented a comprehensive strategic plan which includes a sharper focus on what we believe are our most promising oncology development programs and a further reduction of the company's cost structure,'' CEO Bernd Seizinger said.

- check out the release

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San Diego biotechs expanding ties to China

Mon, 17 Dec 2007 06:59:54 -0500

These days in biotechnology, if you're not already tied in some way to China, you're giving it some serious thought. Over the last few years, San Diego's biotech community has steadily expanded its contacts with researchers in Beijing and Shanghai. Executives from Invitrogen and other biotechs routinely make the 12-hour commute, expanding their footprint in a country that promises to play a leading role in drug development.

"Nowadays you would be hard-pressed to find a decent local biotech that is not using a (foreign contract research organization) or at least seriously considering using a company from China or India," Zhu Shen, head of business development at San Diego-based Immusol, told the San Diego Union-Tribune.

- read the report from the San Diego Union-Tribune

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Merck snares NovaCardia in $350M buyout

Wed, 25 Jul 2007 06:59:57 -0400

Merck has bolstered its cardiovascular pipeline with a deal to buy NovaCardia for $350 million in cash. For Merck, the acquisition marks another step down its five-year plan to restructure the company. Buying up new therapies in development is a key part of that effort, and the competition for acquisitions has been steadily driving up valuations in the biotech world. NovaCardia has a drug--KW-3902--in late-stage studies for congestive heart failure.

"This acquisition continues to deliver on our strategy of targeted acquisitions in areas of unmet medical need in the therapeutic areas of strategic importance for Merck, such as cardiovascular diseases," said Richard Kender, vice president of business development and corporate licensing at Merck.

- check out Merck's announcement
- here's the AP report on the buyout

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Press Release: AstraZeneca's Fourth Quarter Results 2006 [Excerpt]

Maureen Martino — Thu, 01 Feb 2007 12:24:16 -0500

Fourth Quarter

Sales in the fourth quarter were $7,154 million, up 11 percent at CER, or 14 percent on an as reported basis (including an exchange benefit of 3 percent). Sales in the US were up 17 percent; sales in other markets were up 6 percent. Combined sales for five key growth products increased 23 percent to $3,702 million: NexiumTM (up 13 percent), SeroquelTM (up 19 percent), CrestorTM (up 73 percent), ArimidexTM (up 24 percent) and SymbicortTM (up 15 percent).

Operating profit increased by 24 percent in the quarter at CER (22 percent as reported, including a 2 percent adverse impact from currency movements). Earnings per share in the fourth quarter were $0.93 compared with $0.77 in 2005. AstraZeneca PLC

Externalisation update

Strengthening the pipeline, by enhancing the productivity of our internal discovery and development and continued pursuit of external opportunities, remains the number one priority for the Company. In the past year, the Company has significantly expanded its business development capability, increasing its capacity to pursue promising external opportunities to strengthen the pipeline. Since December 2005, AstraZeneca has entered into twelve significant business development transactions (including three company acquisitions) and nine significant research collaborations. Including the recently announced collaboration with Bristol-Myers Squibb to develop two compounds to treat diabetes, these initiatives have added five Phase II and two Phase III molecules to our late-stage development pipeline.

Enhancing Productivity

The strong financial performance delivered over the past three years has stemmed from good top-line growth and disciplined management of costs. Going forward, management remains committed to maintaining a competitive financial performance during a period when the Company, as well as the industry, faces the challenges posed by patent expirations and pricing pressures from government and private sector payers. Consistent with this, the Company has taken a further step in its drive to improve productivity, announcing a programme to improve asset utilisation within its global supply chain. Over the next three years, the Company plans to rationalise production assets, anticipating accounting charges of approximately $500 million (of which approximately $300 million will be cash) and the proposed reduction of approximately 3,000 positions, subject to
consultations with works councils, trade unions and other employee representatives, and in accordance with local labour laws.

Future Prospects

As previously indicated, the 2007 financial contribution from the US Toprol-XLTM franchise is difficult to forecast with any degree of certainty. In addition to its reported results, the Company has also reported its revenue and earnings performance in 2006, and set its targets for 2007, assuming no financial contribution from Toprol-XLTM in the US. When the sales and profit contribution from US sales of Toprol-XLTM are excluded from 2006 reported results, adjusted sales were $25,093 million and earnings per share were $3.36. For 2007, the Company anticipates that continued sales momentum from its key product franchises should result in sales growth in the high single digits. Tight management of costs should allow for significant growth in R&D investment while producing double-digit EPS growth, within the range of $3.80 to $4.05 per share. This range excludes any contribution from US sales of Toprol-XLTM and any one-off costs associated with productivity initiatives, and includes the additional R&D costs arising from the diabetes product collaboration with Bristol- Myers Squibb. Our determination to increase cash returns to shareholders is evidenced by the target of $4 billion in share repurchases (net of shares issued) for 2007. Under current market conditions (that is, Toprol-XLTM brand maintaining market exclusivity on the 50/100/200mg dosage strengths and Sandoz and Par distributing generic versions of the 25mg dosage strength), profit contribution from US sales of the Toprol-XLTM product range, which includes sales to Par, is running at around $100 million per month. The Company will update this estimate as market conditions change.

Editor's Note: Shortened from original.Full
Release

Press Release: Pfizer To Acquire BioRexis Pharmaceutical

Maureen Martino — Thu, 01 Feb 2007 11:55:14 -0500

Pfizer To Acquire BioRexis Pharmaceutical Corporation To Access Novel Technology Platform And Early Stage Diabetes Pipeline

NEW YORK, Feb. 1 -- Pfizer Inc today announced that it has entered into an agreement to acquire BioRexis Pharmaceutical Corporation, a privately-held biopharmaceutical company with a number of diabetes candidates and a novel technology platform for developing new protein drug candidates. Financial terms of the agreement were not disclosed.

"Through this acquisition, we are investing in a company with an exciting new technology and potential new product candidates in diabetes," said Edmund P. Harrigan, M.D., senior vice president, Worldwide Licensing and New Business Development for Pfizer. "This is an example of how we are pursuing compelling science outside our walls in order to deliver new healthcare solutions to customers and patients."

"The acquisition is a further step in Pfizer's strategy to accelerate our business development and licensing activity while ensuring appropriate operational and financial discipline," said David Shedlarz, vice chairman of Pfizer. "Our strategy is focused on complementing Pfizer's current portfolio of medicines and acquiring technologies that can be applied to strengthen and add value to our portfolio."

BioRexis is developing long-acting GLP-1 receptor agonists for the potential treatment of patients with type 2 diabetes. Early studies with these compounds support their potential to advance new treatment options for this disease.

BioRexis has developed proprietary protein engineering technologies based upon human transferrin that provide novel therapeutic agents with substantially longer duration of action than synthetic peptides. In addition to reducing dosing frequency, these technologies have the potential to substantially improve patient tolerability as compared to other evolving protein therapeutic technologies. This new platform supports Pfizer's commitment to develop novel protein therapeutic agents where improved patient tolerability will lead to substantial health benefits including greater patient compliance.

The acquisition is subject to customary closing conditions (including approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976), and is expected to close during the first or second quarter of this year.

More information on both companies and the transferrin technology can be found at www.pfizer.com and www.biorexis.com

DISCLOSURE NOTICE: The information contained in this release is as of February 1, 2007. The Company assumes no obligation to update any forward- looking statements contained in this release as a result of new information or future events or developments.

This release contains forward-looking information about an agreement by Pfizer to acquire BioRexis and about BioRexis's diabetes product candidates and the potential benefits of such product candidates. Such information involves substantial risks and uncertainties including, among other things, the satisfaction of conditions to closing the agreement; the uncertainties inherent in research and development activities; decisions by regulatory authorities regarding whether and when to approve any drug applications for such product candidates as well as their decisions regarding labeling and other matters that could affect the availability or commercial potential of such product candidates; and competitive developments.

A further list and description of risks and uncertainties can be found in Pfizer's Annual Report of Form 10-K for the fiscal year ended December 31, 2005 and in its reports on Form 10-Q and Form 8-K.

Photo: A free corporate logo to accompany this story is availableimmediately via Wieck Photo Database to any media with telephoto receiveror electronic darkroom, PC or Macintosh, that can accept overheadtransmissions. To retrieve a logo, please call 972-392-0888//Company News On-Call: http://www.prnewswire.com/comp/688250.htmlPfizer Inc
CONTACT: Shreya Prudlo, +1-212-733-4889

C&L: Pritchard tapped to run KaloBios

Tue, 17 Oct 2006 20:01:32 -0400

KaloBios Pharmaceuticals has appointed David W. Pritchard as president and CEO. Most recently he held the position of chief business officer at Rinat Neuroscience.

Edward Jacobs will be appointed CEO and president of Insert Therapeutics on January 1, 2007.

Geron Corporation has appointed Alan B. Colowick, M.D., M.P.H., as president, oncology.

Enzo Biochem has named Gary C. Cupit, PharmD, to the newly created position of president of Enzo Therapeutics.

Christopher P. Schnittker has been named CPA, senior vice president and CFO of Micromet.

MAP Pharmaceuticals has appointed Tassos Gianakakos to the position of senior vice president, corporate and business development.

Helicos BioSciences has named longtime financial executive Louise Mawhinney as vice president and CFO.

Dr Gary Jay Sternberg, M.D., MBA has been named senior vice-president and chief business officer of Fovea Pharmaceuticals.

Zogenix has appointed J.D. Haldeman vice president, commercial strategy and corporate communications and an officer of the company.

Paul Strauss, M.D., has joined Omeros as vice president, clinical development.

InfaCare Pharmaceutical has hired Ronald Dundore, Ph.D. as vice president, regulatory and quality affairs.

Ronnda L. Bartel, Ph.D. has joined Aastrom Biosciences as vice president of research and development.

Pharmatek Laboratories announced the appointment of Robert Bergstrom, Ph.D. to the new position of vice president, business development.

George K. Gessner has joined bioRasi as vice president of business development.

Mary L. Schramke, Ph.D., MBA, has joined 454 Life Sciences as vice president of marketing.

WuXi PharmaTech has named Ee Hoon See as the company's VP of human resources.

DeltaDOT has appointed Dave Byatt as operations director and Dr Frank Smith as chief commercial officer.

Richard Serbin has been named head of Mazal Plant Pharmaceuticals business advisory board.

Favrille has named Michael Eagle chairman of the board, succeeding Cam Garner, who will remain a director.

H. Shaw Warren, a co-founder and director of Critical Therapeutics, is retiring and will be replaced by M. Cory Zwerling, a former executive at Bristol-Myers Squibb.

Dr. Claus Braestrup, president and CEO, H. Lundbeck, has been elected to the board of Santaris Pharma.

Charles Macfarlane joins the board of PharmaVentures as non-executive director.

John Maraganore, Ph.D., president and CEO of Alnylam Pharmaceuticals, has joined the MacroGenics board of directors.

Avalon Pharmaceuticals has named David Kabakoff, Ph.D., to its board of directors.

DeCODE alleges ex-employees stole trade secrets

Tue, 26 Sep 2006 20:01:36 -0400

Iceland's deCODE Genetics is suing five former employees for allegedly stealing research knowledge and trade secrets and using them at Children's Hospital in Philadelphia. And the biotech company says the theft was done with the knowledge of the hospital staff, an allegation the hospital denies. Hakon Hakonarson, deCODE's former vice president of business development, is named in the suit along with four others recruited by the Center for Applied Genomics, which is part of Children's Hospital. The hospital says it will defend its employees in the suit.

- read the AP report on the lawsuit

C&L: Gonda tapped to run Aradigm

Tue, 15 Aug 2006 20:01:32 -0400

Igor Gonda has been named president and CEO of Aradigm, replacing Bryan Lawlis, who also resigned from the board.

Impax Laboratories announced that CEO Barry Edwards resigned and will be replaced by President Larry Hsu on October 1.

Transport Pharmaceuticals announced that Dennis Goldberg, Ph.D., president and COO, has been appointed to CEO.

Denmark's LifeCycle Pharma has appointed Dr. Flemming 0rnskov as its new president and CEO.

MichBio has appointed Stephen T. Rapundalo, Ph.D., as its new executive director.

MedImmune has promoted Edward T. Mathers to executive vice president, corporate development and venture.

The UK's BioProgress--which has obtained something of a reputation for the spinning door at its executive office--announced that CFO Peter Keen has left the company after just a few weeks at the post.

GenVec announced today that Jeffrey W. Church, its CFO, treasurer and corporate secretary, has resigned to take another position.

Chemokine Therapeutics announced that David Karp, has resigned to pursue another business opportunity.

Guava Technologies has named Donald D. Huffman CFO.

Algeta ASA has named Johan Harmenberg, MD, PhD as chief medical officer and Michael Dornish, PhD as chief scientific officer.

Calando Pharmaceuticals has named Dr. Jeremy D. Heidel chief scientific officer and vice president of research and development.

Eric M. Nelson, Ph.D., was named as Tranzyme Pharma's vice president of business development & licensing.

SGX Pharmaceuticals has named Terence Rugg, M.D., as vice president, development and chief medical officer.

Archemix Corp. announced the appointment of Dr. Robert Schaub as vice president of pre-clinical discovery.

Altus Pharmaceuticals has named John M. Sorvillo, Ph.D. vice president of business development.

Cadence Pharmaceuticals has named James B. Breitmeyer, M.D., Ph.D. to the position of executive vice president, development and chief medical officer. The company also announced the appointment of Christopher J. Twomey to its board of directors.

Sigma-Aldrich Corporation has appointed Rich Keffer corporate vice president, general counsel & secretary.

Solexa has appointed Dr. Frank Oaks as vice president, DNA sequencing services.

Schering-Plough Corporation named Trevor Juniper general manager, Schering-Plough China, for its pharmaceutical business, based in Shanghai.

Valeant Pharmaceuticals announced that chairman of the company's board of directors Robert W. O'Leary died Monday morning at the age of 62.

SingVax Pte has appointed Dr. John Brown as chairman of the board of directors.

IDM Pharma announced the appointment of Sylvie Gregoire, Pharm. D., as executive chair of the board of directors.

A.P. Pharma has named Arthur T. Taylor to its board of directors.

Dr. Rosemary Mazanet has been elected to Aksys' board of directors.

Endo Pharmaceuticals Holdings has named George Horner III to its board of directors.

Arena Pharmaceuticals has named Christine A. White, M.D. to its board of directors.

Neuro-Hitech Affiliated has create a Scientific Advisory Board. They are: Dr. Paul Aisen, professor of neurology and medicine, vice chair of the department of neurology and director of the memory disorders program at Georgetown University School of Medicine; Dr. Robert M. Moriarty, chief science officer of OrgSyn Laboratory; and Dr. Dinesh Patel, chairman of the board and co-founder of the XEL Herbaceuticals.

Jules Harris, M.D. has been named to GlobeImmune's Scientific Advisory Board.

C&L: Brian M. Gallagher joins Magen Biosciences as CEO

Tue, 18 Jul 2006 20:01:32 -0400

Brian M. Gallagher has joined Magen Biosciences as president and CEO.

John F. DeBernardis will resign as CEO of Applied NeuroSolutions.

Neuren Pharmaceuticals announced the appointment of Parmjot Bains, MD to the position of COO.

Proteome Sciences has named Peter Schulz-Knappe, MD as Research and Development Director/Chief Science Officer.

Michael Tansey, MD has joined La Jolla Pharmaceutical Company as Chief Medical Officer.

Biogen Idec has named Cecil B. Pickett President of R&D.

Charles Gluchowski, Ph.D., has been appointed as the Medicure's VP of R&D.

Octagon Research Solutions has appointed Doug Fulling as VP of Business Development.

AAIPharma announced today the appointment of Ninad Deshpanday, Ph.D. to the newly-created position of VP of Pharmaceutical Business Development.

Aileen Ryan has joined Vion Pharmaceuticals' management team as VP of Regulatory Affairs.

Jaime Davidson, MD, FACP, FACE, has been appointed Medical Director of Generex Biotechnology.

Merrimack Pharmaceuticals has added Louis Weiner, MD, to its Scientific Advisory Board.

Schering-Plough Corporation has named John M. Carroll VP, Global Internal Audits.

Acambis announces that, effective October 1, Alan Smith will retire as Chairman and will be succeeded by Peter Fellner, MD.

Former FEMA director Joe M. Allbaugh has joined Emergent BioSolutions board of directors.

Bristol-Myers Squibb has added Vicki L. Sato, Ph.D., to its board of directors.

Axm Pharma has named Steven M. Dinh to its board of directors.

Nascent Pharmaceuticals, Inc. announced today that Joanna C. Horobin, MD, has been appointed to its board of directors.

SpectraScience has elected Stanley Pappelbaum, MD to its board of directors.

Earl Collier has been named to the deCODE Genetics' board of directors.