Novartis has confirmed that sales will be flat this year as the loss of revenue from generic competition offsets growth from its patent-protected portfolio. The revenue impact of generic competition is expected to be about $3.5 billion.
The loss of patents on big revenue-generating medicines continued to weigh on AstraZeneca Plc as first-quarter revenue declined by 12% at constant exchange rates to $6.4 billion and core operating profit declined by 21% to $2.3 billion. The company expects that revenue for the year as a whole will decline by a mid-to-high single digit percentage.
GlaxoSmithKline Plc said it expects sales to grow by around 1% at constant exchange rates this year, despite a first-quarter outturn in which both turnover and operating profit declined. The quarterly performance was affected by one-off developments including the divestment of the group’s non-core over-the-counter medicines.
A therapeutic vaccine for human papillomavirus (HPV) that is being developed by Genticel SA of France has received backing by a syndicate led by Wellington Partners, raising €18.2 million in new capital.
TiGenix NV has reported that a Phase 2a study of its allogeneic stem cell therapy in patients with refractory rheumatoid arthritis had positive six-month safety data. The trial enrolled patients who had failed to respond to at least two biologic therapies.
The German molecular diagnostics company, Curetis AG, has raised €12.5 million in a Series B round to further test and commercialise its technology for detecting antibiotic resistant bacteria. The round was led by HBM Partners of Switzerland.
The Board of Directors of Elan Corporation Plc has formally rejected an unsolicited takeover bid from the US investment group, Royalty Pharma, saying it substantially undervalues the company. This follows a low turnout in a share buyback.
The importance of next-generation gene sequencing technologies has been underscored once again with Thermo Fisher Scientific’s announcement of plans to acquire Life Technologies Corp for $13.6 billion.
Shareholders of Elan Corporation Plc appear to have rebuffed an unsolicited takeover bid from the US financial group, Royalty Pharma, which valued the Ireland-based company at up to $12 per share for a total enterprise value of up to $7.3 billion.
The US government has awarded Bavarian Nordic A/S of Denmark a new contract valued at up to $228 million for the continued supply of the smallpox vaccine Imvamune for the nation’s stockpile of strategic medicines.