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Abbott Laboratories Spends $400 Million on Reata Pharmaceuticals, Inc. Development Deal PDF Print E-mail
Tuesday, 13 December 2011 06:00
IRVING, Texas, Dec. 12, 2011 /PRNewswire/ -- Abbott (NYSE: ABT) and Reata Pharmaceuticals today announced that they have entered into a worldwide collaboration to jointly develop and commercialize Reata's portfolio of second-generation oral antioxidant inflammation modulators (AIMs). The agreement is in addition to the partnership between the two companies announced in September 2010 in which Reata granted to Abbott exclusive rights to develop and commercialize its lead AIM compound, bardoxolone methyl, outside of the United States, excluding certain Asian markets.
Merck blueprints Asian R&D HQ in Beijing in $1.5B research blitz PDF Print E-mail
Wednesday, 07 December 2011 03:32

Pharma giant Merck ($MRK) has mapped out 47,000 square meters of new lab and office space for itself in a Beijing business park destined to become its new Asian R&D headquarters. The first phase should open in 2014 as the new home for 600 workers, who will handle everything from discovery through clinical development and regulatory projects for the company's global operations.

Roche preps full data on blockbuster hopeful for breast cancer PDF Print E-mail
Thursday, 01 December 2011 06:37

After the FDA dropped its breast cancer label on Avastin this month, Swiss pharma giant Roche could regain some steam in early December when it presents full data on its late-stage experimental breast cancer drug pertuzumab. There's a lot riding on the success of the drug, which analysts have estimated could bring in about $2 billion in annual revenue if approved.

Pfizer After Lipitor Slims Down to Push Mini-Blockbusters PDF Print E-mail
Thursday, 01 December 2011 06:19

Nov. 30 (Bloomberg) -- Pfizer Inc.’s long dependence on the cholesterol pill Lipitor to produce almost one-fifth of the company’s revenue begins eroding today when the drug’s patent protection ends in the U.S.

Amgen's new Enbrel patent could delay biosims for 17 years PDF Print E-mail
Monday, 28 November 2011 02:19

Would-be Enbrel copycats, get out your handkerchiefs. Amgen ($AMGN) says it has a new patent protecting the blockbuster anti-inflammatory drug, which could protect it from generic rivals for another 17 years. If the patent holds up, then drugmakers with biosimilar ambitions--including Merck ($MRK), which has teamed up with South Korea's Hanwha Chemical to develop an Enbrel version--will find those aims squashed until 2028.

Radius Health collects $27.7M for PhIII osteoporosis program PDF Print E-mail
Monday, 28 November 2011 01:56

Cambridge, MA-based Radius Health has drawn down a $27.7 million tranche from its $91 million financing round as it bores ahead with a pivotal Phase III program for its bone-building drug. In addition to the $21.4 million the biotech gathered from its venture backers, GE Capital, Healthcare Financial Services and Oxford Finance chipped in with a $6.3 million loan. Radius has now collected $57.3 million from its roster of supporters.

Portola Pharmaceuticals, Inc. Announces Completion of $89 Million Financing PDF Print E-mail
Tuesday, 22 November 2011 08:00 SAN FRANCISCO, CA--(Marketwire - November 21, 2011) - Portola Pharmaceuticals, Inc. today announced that it has raised $89 million in a preferred stock financing. The financing round included existing investors who were joined by Temasek, an Asia investment company, and Eastern Capital Limited. Proceeds will be used primarily to advance betrixaban, a once-daily, oral Factor Xa inhibitor, through Phase 3 clinical development and to advance development of its companion product, PRT064445, a recombinant Factor Xa inhibitor antidote designed to reverse anticoagulant activity in patients treated with Factor Xa inhibitors suffering major bleeds or requiring surgery. Portola plans to initiate a Phase 3 betrixaban program to prevent venous thromboembolism (VTE) in acute medically ill patients in the first half of 2012.

Valeant Pharmaceuticals International (VRX) Agrees to Acquire iNova Pharmaceuticals for a A$625 Million Plus Milestone Payments PDF Print E-mail
Tuesday, 22 November 2011 07:46, Ontario, Nov. 20, 2011 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) announced today that it has signed an agreement to acquire iNova, a private pharmaceutical group which sells and distributes a range of prescription and over-the-counter (OTC) products in Australia, New Zealand, Southeast Asia and South Africa from Archer Capital, Ironbridge and other minority management shareholders. iNova owns, develops and markets a diversified portfolio of well established and innovative prescription and OTC pharmaceutical products in the Asia Pacific region and South Africa, including leading therapeutic weight management brands such as Duromine, as well as leading OTC brands in the cold and cough area, such as Difflam and Duro Tuss.
Geron Shuts Down Pioneering Stem-Cell Program PDF Print E-mail
Wednesday, 16 November 2011 01:55 study of whether embryonic stem cells could cure spinal-cord injury suffered from high costs, dim prospects.

Biotechnology firm Geron said last night that it would discontinue its stem-cell research program and halt a pioneering clinical study in people with spinal-cord injury.

GSK stakes $50M Canadian investment fund, betting on early-stage biotech research PDF Print E-mail
Saturday, 12 November 2011 06:22

GlaxoSmithKline ($GSK) wants to do its part to make sure Canada's biotech scene remains vital as drug developers struggle to find capital for early-stage research. The London-based drug giant plans to pump $50 million into the GSK Canada Life Sciences Innovation Fund, which will be supported by the company's group based in the country as well as its venture capital arm, SR One.

Biogen Idec signs up with Samsung on $300 million biosimilars venture PDF Print E-mail
Wednesday, 07 December 2011 03:40

Biogen Idec CEO George Scangos has made good on his vow to hammer out a major joint venture on biosimilars. The biotech has announced it is joining forces with South Korean conglomerate Samsung, biting off $45 million of a $300 million investment to ramp up a new operation to develop, manufacture and market biosimilars--one of the hottest areas in biopharma for a select group of players with the money needed to play the game.

OvaGene Licenses miRNA Technology from Moffitt for Drug Response Assays PDF Print E-mail
Wednesday, 07 December 2011 03:05

NEW YORK (GenomeWeb News) – OvaGene Oncology has completed a licensing and collaboration agreement with the Moffitt Cancer Center to develop and commercialize proprietary microRNA assays to predict drug response for currently used cancer drugs, the Irvine, Calif.-based molecular diagnostics firm announced on Monday.

GSK shakes up R&D units during high-profile review PDF Print E-mail
Thursday, 01 December 2011 06:28

After an overhaul of its research and development three years ago, GlaxoSmithKline ($GSK) has wrapped up a review this month of the 38 Discovery Performance Units (DPUs) that were created as nimble and highly focused R&D groups. And there have been at least a couple of casualties of the review, which took place over the past several months to see whether the DPUs were on track to deliver the goods, Bloomberg reported Wednesday.

Affymetrix Buying Flow Cytometry, Reagent Firm eBioscience for $330M PDF Print E-mail
Wednesday, 30 November 2011 17:24

NEW YORK (GenomeWeb News) – Affymetrix today announced a definitive agreement to buy eBioscience, a flow cytometry and immunoassay reagent firm, for $330 million in cash.

Pfizer adds to fibrosis drug pipeline with Excaliard buyout PDF Print E-mail
Monday, 28 November 2011 02:12

Four years after opening shop with a $15.5 million Series A, Excaliard Pharmaceuticals is being snapped up by Pfizer ($PFE) after attracting the pharma giant's attention with a string of positive Phase II results for its lead anti-fibrotic antisense drug.

Pharmasset science founder lands a fortune from $11B Gilead buyout PDF Print E-mail
Monday, 28 November 2011 01:49

Emory University researcher and prolific biotech entrepreneur Raymond Schinazi will be $440 million richer once Gilead's ($GILD) $11 billion buyout of Pharmasset ($VRUS) goes through. That four percent slice of the company is now worth more than he was willing to sell the entire company for back in 2004, he tells Reuters.

Gilead Sciences, Inc. (GILD) to Acquire Pharmasset, Inc. (VRUS) for $11 Billion PDF Print E-mail
Tuesday, 22 November 2011 07:56 CITY, Calif. & PRINCETON, N.J.--(BUSINESS WIRE)-- Gilead Sciences, Inc. (Nasdaq:GILD - News) and Pharmasset, Inc. (Nasdaq:VRUS - News) announced today that the companies have signed a definitive agreement under which Gilead will acquire Pharmasset for $137 per share in cash. The transaction, which values Pharmasset at approximately $11 billion, was unanimously approved by Pharmasset’s Board of Directors. Gilead plans to finance the transaction with cash on hand, bank debt and senior unsecured notes. The company expects the transaction, when completed, to be dilutive to Gilead’s earnings through 2014 and accretive in 2015 and beyond. Further guidance will be provided when the transaction closes, which is expected to be in the first quarter of 2012.
Amgen Fills Gap for Early Stage Biotech PDF Print E-mail
Wednesday, 16 November 2011 04:53 Amgen Inc. (AMGN), the world’s largest biotechnology firm, decided that heart drugs being developed by startup MiRagen Therapeutics Inc. were too risky for a partnership deal, the company didn’t just walk away.

Blockbuster market awaits developers of antibodies against heart attacks PDF Print E-mail
Saturday, 12 November 2011 06:25

Sanofi ($SNY) and Regeneron ($REGN) made headlines yesterday for compelling results of their antibody drug for lowering bad cholesterol, potentially reducing the risk of heart attacks. And Bloomberg's Robert Langreth today gets the pulse of a host of major drug developers' programs focused on experimental antibodies that target a gene that, when mutated, is linked with dramatic drops in heart-attack risk.

J&J seeds an ambitious open R&D program for neuroscience PDF Print E-mail
Saturday, 12 November 2011 06:15 how far can you go with an open R&D approach to drug development? Johnson & Johnson ($JNJ) is stepping up with $3 million to seed a new program that intends to find out.

J&J has set up a group called Healthy Minds, which will assist the International Mental Health Research Organization in setting up a collaborative effort on neuroscience drug programs. Faced with some Herculean R&D tasks, the campaign for a collaborative research approach to brain disorders will set out to marshal forces from Big Pharma, biotech, academia and government agencies on both sides of the Atlantic, testing the limits of the new "open innovation" movement in drug development.

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