LCZ696 reduced the risk of death from cardiovascular disease by 20%, reduced heart failure hospitalizations by 21% and reduced the risk of all-cause mortality by 16%. All the results were highly statistically significant.
The twice-daily tablet acts to enhance the protective neurohormonal systems of the heart while simultaneously suppressing the harmful system. Current therapies act only to block the harmful effects.
Novartis intends to submit its NDA to the FDA by the end of 2014 and its MAA to the EC in early 2015.
Taro Pharmaceutical (TARO -0.1%) announces that Mr. Dilip Shanghvi has been appointed to its Board of Directors as Chairman. Additionally, effective August 1, Mr. James Kedrowski will be retiring as its Interim CEO, and that Mr. Kalyanasundaram Subramanian, known as Kal Sundaram, has been appointed to serve as chief executive. Mr. Kedrowski will continue to serve as a member of TARO’s Board of Directors.
Taro Pharmaceutical (TARO -7%) slides after earlier reporting Q1 earnings of $1.10 per share on net sales of $165.1M, an increase of 13.8%, from a year ago. Gross margin grew to 72.4% from 68.3%, offsetting an increase in Research and development expenses by 23.9% to $12.2M. Settlements and loss contingencies totalled $33.3M, dragging down operating income to $63.1M, or 38.2% of net sales, compared to $66.2 million, or 45.6% the year prior.
Taro Pharmaceutical (TARO) and Sun Pharmaceutical mutually agree to terminate their merger agreement in which Sun - a 66% owner of Taro - would have paid $39.50 for the rest of the company (Taro closed at $50.55 last night). SA author Retail Investor has covered the saga here and here, and thinks Taro could be a triple. Shares +0.9% premarket.
Taro Pharmaceutical (TARO) agrees to be taken private by India’s Sun Pharmaceutical Industries for $39.50/share, a 60% increase from a prior offer of $24.50. Sun had already owned 66% of Taro prior to the buyout, which is worth $571M.
Taro Pharmaceutical Industries Ltd is a multinational, science-based pharmaceutical company. It develops, manufactures and markets Rx and OTC pharmaceutical products primarily in the United States, Canada and Israel.