Sanofi-Aventis to Cut 1,700 Jobs in the U.S.
Sanofi-Aventis to Cut 1,700 Jobs in the U.S.
There's a new plot twist in the takeover battle between French pharmaceutical giant Sanofi-Aventis and U.S. drugmaker Genzyme. A regulatory filing made by Genzyme on Thursday claims Sanofi may be willing to go much higher than its current $69 bid -- a claim the French company disputes.
Global pharmaceutical sales are expected to grow by 5% to 7% in 2011 to around $880 billion, thanks to robust growth in emerging markets, especially China, as well as new innovative treatments, and despite patent expirations and budget pressures in the developed world.
Giant drugmaker Johnson & Johnson has agreed to buy Dutch vaccine maker Crucell. The deal will give J&J a bigger piece of the vaccine market and better access to emerging markets.
Swiss pharmaceutical company Novartis announced Tuesday that it had discontinued the development of two drugs -- the hepatitis C treatment Zalbin, and antifungal agent Mycograb. The company will take impairment charges of approximately $590 million in third quarter of 2010.
Federal investigators are looking into allegations that major drug companies, including Merck, AstraZeneca, Bristol-Myers Squibb and GlaxoSmithKline, paid bribes overseas to boost sales and accelerate approvals.
French pharmaceutical company Sanofi-Aventis announced a 10-year agreement with Covance on Thursday under which the Princeton, N.J.-based contract research firm will provide it with drug development services. Sanofi-Aventis will pay Covance between $1.2 billion to $2.2 billion.
Endo Pharmaceuticals (ENDP) agreed to buy generics company Qualitest Pharmaceuticals for $1.2 billion cash. Qualitest is the sixth-largest U.S. generics company as measured by prescriptions filled. Qualitest will add about $400 million to Endo%u2019s annual revenue and 40 cents per share in annual adjusted earnings, Endo said in a statement.
Here's a stock that is the largest drugstore operator in China, but still has huge growth ahead of it. The company just got costs under control, and has a new CEO. Plus, the stock is traded on the NYSE and sports a hefty dividend. Yet few know about it.
Novartis (NVS) agreed to sell the U.S. rights to bladder medicine Enablex for $400 million. Ireland-based Warner Chilcott will take over the marketing, sales and manufacturing of the drug in the United States, Novartis said in a statement. The deal is expected to close by the end of October.
Looking for stocks that could move fast? Hilary Kramer recommends that investors take a look at two companies that she says will benefit greatly in the near term. They are both in the pharmaceuticals business.
While a new report from Goldman says health care is in a state of flux that most of the sector's companies haven't adjusted to yet, it also pinpoints four that have plenty of cash that could be put to good use for investors.
Giant U.S. pharmaceutical group Abbott Laboratories is cutting 3,000 jobs, or about 3% of its workforce, following its purchase of Belgian-based Solvay's drugs business.
A U.S. Food and Drug Administration advisory panel voted on Thursday in favor of expanding Alkermes' alcohol addiction treatment drug, Vivitrol, to treat opioid addiction.
It's a busy day at the FDA today as panels meet to discuss two new drugs -- one to help weight loss and the other to combat drug addiction -- and decide whether to approve AstraZeneca's new blood thinner medication.
Sanofi-Aventis CEO Chris Viehbacher said Wednesday that he believes his French pharmaceutical company will eventually buy U.S. biotech company Genzyme at a reasonable price. However, he expects it will take some time to agree on a deal, and he won't rush into anything.
Drugmaker Bristol-Myers Squibb plans to buy ZymoGenetics, its partner in developing a hepatitis C treatment, for $885 million.
The Centers for Disease Control and Prevention released data that found that almost half of all Americans took at least one prescription drug per month in 2008, up from 43.5% a decade ago.
Pharmaceutical firm Allergan has settled criminal and civil charges that it promoted Botox for uses the FDA hadn't approved, agreeing to pay $600 million and enter into a "corporate integrity agreement." Allergan also dropped its related First Amendment lawsuit against the FDA.
Giant Swiss pharmaceutical company Roche has outlined a cost-cutting plan to help it offset pricing pressures in the U.S. and Europe, and following several setbacks in its late-stage research pipeline.
The FDA denied accelerated approval of Roche's trastuzumab-DM1 (T-DM1) license application. T-DM1 is a potential breast cancer treatment. Roche will continue with its trials and plans a global regulatory submission in mid-2012.
Pharmaceutical giant Sanofi-Aventis is unwilling to pay more than $70 a share in its bid to buy biotech firm Genzyme, media outlets reported Wednesday. If a deal can't be reached, the French drugmaker may consider alternative takeover targets.
Eli Lilly said Tuesday it is halting the development of an Alzheimer's treatment after studies showed the experimental drug semagacestat not only failed to slow the disease's progression, it actually reduced patients' cognition.
Several biotech stocks were on the move Monday after Deutsche Bank initiated coverage on some of them. The bank's analyst, Robyn Karnauskas, took a generally wary view on the biotech sector, only putting buy ratings on Gilead and Dendreon.
Did Merck & Co. bribe foreign officials? Two federal agencies are investigating whether the drugmaker violated the Foreign Corrupt Practices Act.
French pharmaceutical giant Sanofi-Aventis sent a letter to major U.S. biotech firm Genzyme proposing a friendly takeover valued at $69 a share, or $18.4 billion. But that's significantly less than the offer of $80 a share, or $21.3 billion, that sources say Genzyme is looking for.
Sanofi-Aventis reported its second-quarter net profit rose 7.6% to 2.48 billion euros, beating expectations. But the French drugmaker warned that earnings may fall for the full year, and it remained silent about its rumored plan to make a friendly bid for Genzyme.
CVS posted second-quarter adjusted earnings, excluding certain items, of 65 cents a share, unchanged from a year earlier. Net revenue fell 3.5% from a year earlier to $24 billion, the company said in a statement. Net income fell to $821 million from $886 million.