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.
Roche said that sales growth this year should be in line with the 4% increase reported in 2012 as demand for its oncology drugs remains strong. First quarter sales were up by 6% at constant exchange rates to CHF 11.6 billion (€9.54 billion).
GenSight Biologics, a privately-owned French company, has raised €32 million in a Series A round from a group of venture capital funds to develop a gene replacement therapy for Leber’s hereditary optic neuropathy (LHON), a serious eye disorder.
AstraZeneca Plc said that its MedImmune biologics unit has acquired AlphaCore Pharma Inc of the US which has a product in development, ACP-501, for the acute treatment of atherosclerosis, a hardening of the artery walls following a build-up of cholesterol.
Clavis Pharma ASA said a Phase 3 trial of its lipid-conjugated therapy for patients with acute myeloid leukaemia (AML) failed to meet its endpoint of a significant survival advantage and that all development work with the compound will be stopped.
The Swiss synthetic biology company, Evolva Holding SA, has raised CHF 31.3 million (€25.7 million) in a share placement with existing and new investors in order to support its portfolio of nutritional and pharmaceutical products.
CureVac GmbH has initiated a Phase 2b trial of its messenger RNA vaccine, a new treatment modality, in patients with castration-resistant prostate cancer. The trial will enrol up to 200 patients in eight European countries.