Shire has reported a double-digit increase in revenue in the first quarter, as well as a rise in borrowing, as it moves to complete the takeover of Baxalta Inc, its largest acquisition to date. The $32 billion cash plus share deal will be put to a shareholder vote on 27 May and is expected to close in June.
Vernalis Plc has conditionally raised £40 million with a share placement that will enable it to get a series of cough-cold drugs onto the US market and advance its plans to become a sustainably profitable specialty pharmaceutical company in the future.
AstraZeneca Plc has reached out to Craig Venter, who led the first commercial project to sequence the human genome, to collaborate on a database of genome sequences that could be used for drug research and development.
With generic competition for the statin Crestor looming, AstraZeneca Plc has taken steps to increase productivity and narrow its investment focus to three therapeutic areas. Going forward, oncology is a priority for the company followed by medicines for respiratory and cardiovascular and metabolic diseases.
Sanofi SA said it would solicit Medivation Inc’s shareholders directly after the US biotech’s board of directors unanimously rejected the French company’s unsolicited takeover bid of $52.50 per share as substantially undervaluing the company.
GlaxoSmithKline Plc has increased its exposure to bi-specific antibodies through the signing of a second research collaboration with Zymeworks Inc of Canada under which it will have an option to develop and commercialise multiple drugs across different therapeutic areas.
A Phase 2b/3 trial of the monoclonal antibody bimagrumab failed to meet its primary endpoint, which was based on a six-minute walking test, in patients with the muscle wasting disease sporatic inclusion body myositis, according to MorphoSys AG.
Sanofi SA has disclosed that it is making a $9.3 billion, non-binding bid for Medivation Inc of California, US which has at least two cancer products in mid-to-late stage development and a product for prostate cancer that it is marketing jointly with Astellas Pharma Inc of Japan.
Despite a steep decline in AdVair sales, GlaxoSmithKline Plc was able to report an 11% increase in group revenue to £6.2 billion in the first quarter due to strong demand for its new HIV and respiratory medicines, and its vaccines for meningitis.
The discovery of an antibody targeting a protein on regulatory T cells with a potentially stronger side-effect profile than existing immuno-oncology compounds, has led to a multi-million dollar collaboration between Netherlands-based Argenx NV and AbbVie Inc.