By Tracy Staton If you’re a pharma M&A junkie, then the next couple of years should make you happy. Unfortunately, the news isn’t as good for those seeking a job in the drug industry. That’s the message from a new KPMG survey of 100 pharma executives, many of whom expect difficult times ahead. Some 83% …
By Tracy Staton Novartis ($NVS) could soon be back on the acquisition trail. CEO Joe Jimenez (photo) told Swiss newspaper Aargauer Zeitung that the company’s first priority is paying down $22 billion in debt, but strong cash flow should take care of that fairly quickly. And then, Novartis’ appetite for deals is likely to sharpen, …
By Tracy Staton Sanofi ($SNY) has agreed to offload its Dermik skincare business to Valeant Pharmaceuticals ($VRX) in a $425 million deal that gives the Canadian drugmaker brands such as the acne treatment BenzaClin and wrinkle-filler Sculptra. It also allows Sanofi to focus more tightly on what CEO Christopher Viehbacher (photo) calls its “growth platforms.” …
By Ryan McBride Amgen, the world’s largest biotech, has firing up another deal to advance its expanded emphasis on cancer drug development. The biotech Micromet says that Amgen has become its latest major partner in the development of specialized antibody drugs that kick the body’s immune system into action against tumors. For now, Micromet and …
By John Carroll Bristol-Myers Squibb has added one more early-stage pearl to its string of development projects. France’s Innate Pharma grabbed the spotlight in the antibody world with its $465 million development pact with the trendsetting BMS. Its shares soared by 65% after Innate announced that it will bank a $35 million upfront in the …
By George Miller AstraZeneca and PTC Therapeutics are joining forces for cancer cures, using PTC’s proprietary discovery/development technology platform. AZ will front an undisclosed amount of cash to start work on the first oncology target. The drug giant has also agreed to “committed research funding,” according to an announcement. The platform, called Gene Expression Modulation …
By John Carroll Novartis Venture Fund has stepped in to lead a big Series B expansion for Sunnyvale, CA-based Sorbent Therapeutics, which is engaged in a mid-stage trial of a new treatment designed to flush excess amounts of fluids like sodium and potassium from patients. Novartis joined Sofinnova Ventures, ARCH Venture Partners, CMEA Capital and …
By John Carroll Japan’s Astellas has sold off a patent portfolio on diabetes drugs it obtained in the OSI Pharmaceuticals buyout, raising $609 million that it plans to use for a new round of dealmaking. Royalty Pharma gains valuable patents on DPP-IV inhibitors for Type 2 diabetes and Astellas gets a fresh injection of cash that …
By John Carroll Big Pharma has added at least 22 new late-stage drug development programs to their pipelines since the beginning of the year, according to new stats gathered by Fitch Ratings. And it’s getting most of their bright new prospects through in-licensing deals and outright acquisitions rather than from its own in-house R&D group. …
By John Carroll A new survey gives India’s R&D industry some high marks from a range of multinational biopharma companies, with most planning to increase the number of clinical studies underway on the subcontinent. But even as the field grows, India has been able to command only a tiny fraction of the money being spent …