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.
Genzyme Continues to Soar on Takeover Reports
Onyx Pharma Releases 'Promising' Multiple Myeloma Study Results
Bristol-Myers Squibb reported better-than-expected second-quarter earnings on Thursday, driven in part by higher sales for some of its virology blood-thinner drugs, cost controls and a favorable tax rate.
ZIOPHARM has enticed several major institutional investors to put their money in it. And it has an all-star group of cancer scientists joining its committee to design Phase 3 clinical trials for its chief product, Zymafos, a cancer treatment.
Its development of novel treatments for hepatitis C is leading Achillion to seek partnerships with major drugmakers. Many analysts see great potential for its drugs and expect it to strike one or more deals soon.
Pharmaceutical firm Sanofi-Aventis is preparing a major acquisition in the U.S. worth $20 billion or more, according to Bloomberg, which cited five people with knowledge of the situation.
Pharmaceutical sales representatives have been battered during the recession -- thousands were laid off by drugmakers hunting for ways to trim their budgets. But even if the economy recovers with a vengeance, don't expect pharmaceutical firms to go on a hiring binge.
News-release service Business Wire said a press release about Javelin Pharmaceuticals that it published Friday has been identified as a hoax. If you feel like you've seen this movie before, you're right. Last week, PR Newswire got fooled by a fake press release about General Mills.
Valeant Pharmaceuticals International and Canadian drugmaker Biovail announced Monday they have agreed to merge. Upon the completion of the merger this year, Biovail stockholders will own 50.5% of the combined company and Valeant stockholders will own 49.5%.
A new database of Alzheimer's patients from failed trials built by a dozen competing drug companies may offer some hope for Alzheimer's research and treatment breakthroughs.
The Obama Administration has begun mailing checks to seniors hitting the "donut hole" in their Medicare prescription drug coverage. The help for seniors to cover the gap is part of the health-care reforms Congress passed earlier this year.
Major health care distributor Cardinal Health is buying privately-held Healthcare Solutions Holding for $517 million in its latest foray into the specialty pharmaceuticals market.
Spain may be embroiled in a credit crisis, but that hasn't stopped some of its companies from striking big deals. Take Grifols SA: The medical products developer has agreed to shell out $3.4 billion to acquire Talecris Biotherapeutics Holdings from private-equity firm Cerberus.
With drug sales stalling in developed countries, Abbott Laboratories has made a bold play to harness pharma's strong growth in emerging markets. Its purchase of a Piramal Healthcare unit in India gives Abbott the largest market share in the country.
Pfizer, the world's largest pharmaceutical firm, announced Tuesday that it will lay off 6,000 more people globally as part of a manufacturing reorganization.
Two major deals gave a boost to the pharmaceutical sector's Monday. Astellas Pharma finally came to an agreement with OSI Pharmaceuticals, and Universal Health Services is acquiring Psychiatric Solutions.
Merck shares fell 2.2% Tuesday after the drugmaker's R&D and Business Briefing -- the first one following the integration of Schering-Plough -- didn't impress investors any more than its first-quarter results did last week.
When a Las Vegas jury ordered drugmakers Teva and Baxter to pay a combined $500 million in punitive damages to a man who contracted Hep C from an unsafe medical procedure, not a drug, maybe they overstepped.
Resveratrol, a substance found in red wine, could slow age-related disease and extend patients' life spans. But GlaxoSmithKline has suspended a trial of a resveratrol drug as a result of safety concerns.
The Dow is getting boost Tuesday from Pfizer and Merck. The two drug giants are the only ones in the index that are climbing, other than Walmart, after both reported quarterly results that beat Wall Street estimates.