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.
A syndicate led by Forbion Capital Partners of the Netherlands has secured $25 million in Series D financing for Argos Therapeutics Inc of the US to support a Phase 3 study of the company’s immunotherapy for metastatic renal cell carcinoma. The trial is being run under an SPA.
AstraZeneca Plc is to acquire Ardea Biosciences Inc of San Diego, California which has a late-stage product for gout. The agreed deal values the US company at $1.26 billion, including the target company’s cash balances. Ardea is listed on Nasdaq.
Dapagliflozin, a treatment for Type 2 diabetes that has been co-developed by AstraZeneca Plc and Bristol-Myers Squibb Company, has been recommended for approval in Europe. In January, the same drug was turned down by the FDA.
SkyePharma Plc’s asthma treatment, Flutiform, has been given a positive opinion by the European Medicines Agency’s Committee for Medicinal Products for Human Use. This brings the drug one step closer to a marketing authorisation in Europe.
Two Phase 3 studies of an ultra-long-acting insulin, degludec, and developed by Novo Nordisk A/S, have been published in the 21 April edition of The Lancet. The data were originally disclosed at two scientific conferences in 2011.
SkyePharma Plc has confirmed receipt of a previously forecasted milestone payment amounting to $10 million in connection with the launch of a new anaesthetic in the US. The payment has been made by Pacira Pharmaceuticals Inc.