Human Genome Sciences Inc has rejected as inadequate an unsolicited takeover bid from GlaxoSmithKline Plc that is priced at $13 per share in cash. The offer values the company at approximately $2.59 billion, according to the Associated Press.
Sanofi SA has entered into a collaboration with the Michael J. Fox Foundation to conduct a clinical trial to assess the safety and tolerability of a Sanofi phosphodiesterase type 4 inhibitor for patients with Parkinson’s disease.
The Roche Group has decided not to extend the deadline of 20 April 2012 on its offer for Illumina Inc of $51.00 per share.
Merck & Co Inc is to pay Endocyte Inc $120 million upfront and up to $880 million in performance-based milestones for rights to a candidate compound for ovarian cancer, vintafolide. The compound is being tested with a companion diagnostic.
Risk sharing deals in drug development often involve a Big Pharma company and a small, research-intensive biotech. Typically, the larger partner pays for rights to a promising asset on the expectation that its investment will pay off years later when the compound becomes a marketed pharmaceutical. Very often the larger company is cash rich, while the smaller one is cash poor but rich in intellectual property.
Takeda Pharmaceutical Company Ltd has agreed to pay $800 million upfront, plus future performance-based milestones, for privately-owned URL Pharma Inc. URL has a marketed product for gout that had 2011 net sales of $430 million.
Aleva Neurotherapeutics SA of Switzerland has raised CHF 4 million (€3.3 million) in a Series B financing round to advance development of its implant technology for deep brain stimulation. The round was led by Banexi Ventures Partners.
Fresh from a private placement that raised €77.8 million, ThromboGenics NV of Belgium is expanding its commercial presence in the US ahead of the expected regulatory approval later this year of its lead product for eye disease, ocriplasmin.
The battle for Illumina Inc has heated up following Illumina’s rejection of a revised takeover bid from the Roche group on 2 April 2012, and a statement from Roche criticising the US company’s management.
AstraZeneca Plc is to pay $50 million upfront to Amgen Inc in a deal where the two companies will jointly develop and commercialise five monoclonal antibodies from Amgen’s clinical inflammation portfolio. AZ announced the agreement on 2 April.