Galecto Biotech AB has expanded its investor syndicate and raised a further €5 million to support the development of its small-molecule modulators of the galectin family of proteins. Total capital raised thus far is €10 million.
Actelion Pharmaceuticals Ltd, a Swiss specialist in drugs for pulmonary arterial hypertension (PAH), has reported positive data from a Phase 3 trial for a new PAH agent that support the company’s quest to extend its franchise in this area.
GlaxoSmithKline Plc has announced the start of a new academic collaboration to discover future drugs, this time with Yale University in New Haven, Connecticut, US. The project will focus on proteolysis targeting chimeric molecules.
Despite a strong first quarter, Sanofi SA is bracing itself for an increase in generic competition this year with the result that group earnings per share could decline by as much as 15% for 2012 as a whole. The French company gave the update on 27 April.
Shire Plc, the specialty pharmaceutical company headquartered in Dublin, reported a 21% increase in revenue to about $1.2 billion and a 12.8% gain in net income to $238.4 million in the first quarter of 2012.
GlaxoSmithKline Plc has highlighted projects in its late-stage pipeline in disclosing its financial results for the 2012 first quarter. These results showed an increase in revenue and operating profit of 2% as measured in constant exchange rates.
AstraZeneca Plc has lowered its target for core earnings-per-share for 2012 following a steep decline in revenue in the first quarter – largely the result of the loss of patent protection on three key products. David Brennan, chief executive since 2006, is retiring effective 1 June.
Merck Serono SA, with revenues of €5.9 billion and a workforce of 16.9 million in 2011, will cease operating independently from its parent company, Merck KGaA. From the second half of 2012, management functions will move to Germany.
David Brennan is to retire as chief executive of AstraZeneca Plc, effective 1 June 2012, the company announced on 26 April. Simon Lowth, the chief financial officer, will act as interim CEO until a permanent successor is found.
Operating income at Novartis declined by 17% in the first quarter to $2.8 billion as the company was affected by less profitable outcomes for its generics, consumer health and vaccines and diagnostics businesses. Pharmaceutical income was flat.