Despite the uncertain economic climate, publicly-listed European biopharmaceutical companies reported some significant milestones in the nine months ended 30 September 2009.The following is a round-up of recent financial and R&D activity.
Pfizer Inc has decided to pay $1 million for access to a drug delivery technology developed by Flamel Technologies SA of France. The purpose is to develop a controlled-release formulation of a marketed therapeutic protein.
Genmab A/S has decided to sell its US manufacturing plant and eliminate 300 jobs in a bid to generate more savings. As a consequence, it has revised upward its expected operating loss for 2009. It also reported a delay in a milestone payment from GSK.
The publicly-traded Swedish speciality pharmaceutical company, Biovitrum AB, has announced plans to merge with closely-held Swedish Orphan International AB to create a new company with SEK 2 billion (€191 million) in revenues and an orphan drug franchise.
Probiodrug AG, a German company that has discovered a novel target with a crucial role in the pathogenesis of Alzheimer’s disease (AD) and additional inflammatory conditions, has raised €36 million in a Series B financing.
PDC Biotech GmbH, a privately-held Austrian company that is developing peptide antagonists to treat uterine contractions, has raised €4 million in a Series A financing led by MIG Verwaltungs AG and Edmond de Rothschild Investment Partners.
Shire Plc, the British speciality pharmaceutical company, posted a decline in revenue because of generic competition in the third quarter.
Sanofi-Aventis has raised its earnings guidance for 2009 in light of expected income in the fourth quarter from sales of its pandemic flu vaccine. Earnings per share are now expected to rise by 11% this year, instead of the previously-forecast 10% rise.
Proximagen Neuroscience Plc, a King’s College London spin-out that recently raised £50 million on Britain’s junior stock market, has expanded its portfolio of CNS drug candidates with the acquisition of Cambridge Biotechnology Ltd.
Unexpectedly strong US sales of an off-patent beta-blocker, together with sales of a new pandemic flu vaccine, drove up revenue at AstraZeneca Plc by 10% in the third quarter. For 2009, the company sees sales growth in the mid-to-high single digits.