Roche has announced plans to tender for all of the shares in Genentech Inc that it doesn’t already own at a price of $86.50 per share. The offer replaces an earlier offer of $89 per share that was rejected by a committee of independent directors advising Genentech on 13 August 2008. Roche said its new offer will be made directly to Genentech’s shareholders.
Alnylam to start Phase 1 trial of RNAi therapeutic
The US Food and Drug Administration has authorised Alnylam Pharmaceuticals Inc to start enrolling patients in a Phase 1 study of an RNAi therapeutic to treat liver cancers. The compound, ALN-VSP, is designed to target two genes which are critical in the growth and development of cancer: kinesin spindle protein which is required for tumour proliferation and vascular endothelial growth factor, which is required for tumour growth. The proposed study is a multi-center, open label, dose escalation trial to evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of intravenous ALN-VSP in patients with advanced solid tumours with liver involvement
Novartis AG has announced a 25% increase in its dividend for 2008 to CHF 2 per share following a double-digit rise in net income over the past year. The Swiss-based multinational said it expects record results again in 2009.
Galapagos NV, the Belgian-based drug discovery group, said that income from partnerships as well as prospective orders for its service division, BioFocus DPI, should deliver revenues of €100 million in 2009 and a year-end cash balance of €20 million. In 2008, the company achieved revenue of €77 million, up by 17% from the previous year. Cash on 31 December was €27 million.
Orexo AB of Sweden has sold exclusive marketing and distribution rights in China for Abstral, indicated for breakthrough cancer pain, for upfront and potential milestone payments valued at up to $4.75 million. It will also receive an undisclosed margin on any product sales.
The privately-owned Belgian biotechnology company, Algonomics, has signed an agreement with the International AIDS Vaccine Initiative (IAVI) to investigate a new approach to improve the immunogenicity of candidate AIDS vaccines.
Pfizer Inc said that it has reached an agreement with Wyeth on a takeover valued at approximately $68 billion. The cash and stock transaction has been approved by the boards of directors of both companies. It will significantly enhance Pfizer’s pipeline in the areas of vaccines and biologics.
Crucell NV of the Netherlands said that Wyeth has withdrawn from discussions about a possible merger between the two companies. The announcement follows reports that Wyeth is the subject of a takeover bid by Pfizer Inc. The Dutch company did not comment further.
The Intercytex Group Plc, which specialises in regenerative medicine, announced on 26 January 2008 that it is cutting its staff of 76 in half to preserve cash.
About one third of the marketing authorisation applications from small and medium-sized companies (SMEs) in Europe are failing to get approved, despite opportunities for assistance from the European regulator in the registration process.