Jul. 11, 2014, 7:48 PM
- Reuters reports that generic drug firm Mylan (MYL -1%) is in advanced negotiations with Abbott Laboratories (ABT +0.1%) to purchase a multibillion dollar portfolio of its established off-patent Europe-based drugs. The transaction is a tax inversion deal that will enable Mylan to redomicile in Switzerland.
- Mylan has been in the hunt for foreign assets since its failed attempt to buy Swedish drugmaker Meda AB earlier this year. Its two main competitors, (TEVA +0.9%) and Actavis (ACT +0.5%) are domiciled in lower tax countries.
- Abbott will use the proceeds of the sale, rumored to be as high as $5B, to invest in higher growth opportunities.
Jun. 24, 2014, 9:37 AM
- Abbott's (ABT) Tecnis Symfony Extended Range of Vision intraocular lens (IOL) gets CE Mark clearance for the treatment of cataract patients who may have a diminished ability to focus on near objects. It is the first IOL to offer patients a continuous range of vision with reduced incidence of halo and glare compared to a monofocal lens.
Jun. 24, 2014, 7:15 AM
- An Indian health ministry panel meets today to consider adding more drugs to the government's National List of Essential Medicines (NLEM). Membership on the list means that there is a cap on the price. It makes drugs more affordable for the >1B people, 70% who live on <$2/day.
- Many observers are surprised by the formation of the committee considering the business-friendly posture of new Prime Minister Narendra Modi.
- Last year the number of drugs on the NLEM increased from 74 to 348, covering ~30% of the total drugs sold in India.
- Drug firms can protest and complain, but in the end there is little they can do. Even if the NLEM expands further, India remains an attractive growth market for the industry.
- Related tickers: (GSK) (ABT) (PFE)
Jun. 23, 2014, 4:14 PM
- Abbott Labs (ABT -0.3%) signs an agreement to acquire Russian pharmaceutical manufacturer Veropharm via purchasing Limited Liability Company Garden Hills, a holding company that owns a controlling interest in Veropharm. The purchase price range is 13.6B - 17B rubles (US$395M - 495M) depending on the size of Garden Hills' stake at the time of closing. Abbott will also assume net debt of 4.7B rubles (US$136M). The transaction will be funded with cash on the balance sheet and will close in Q4.
- The acquisition establishes a manufacturing presence for Abbott in Russia and enables it to obtain a portfolio of products in women's health, CNS, cardiovascular, gastroenterology and oncology.
Jun. 13, 2014, 10:21 AM
Jun. 9, 2014, 4:46 PM
- Cepheid (CPHD +1.6%) hires Peter Farrell as Vice President of International Commercial Operations (ICO). Mr. Farrell joins the company from Abbott Laboratories (ABT +0.2%) Diagnostics Division where he was Divisional VP and GM.
- Philippe Jacon, formerly the VP of ICO assumes the role of President of the High Burden Developing Country (HBDC) program replacing Paul Steuperaert who transitions to developing the business in sub-Saharan Africa until his retirement in 2015.
May 22, 2014, 7:27 AM
- The FDA approves the Immucor Precise Type Human Erythrocyte Antigen (HEA) Molecular BeadChip Test. It is the first molecular assay used in transfusion medicine to assist in determining blood compatibility, specifically donor and patient non-ABO/non-RhD (non-ABO) red blood cell types.
- The test works by detecting genes the govern the exprssion of 36 antigens that can appear on the surface of red blood cells. It uses thousands of coded beads that bind with the genes coding for non-ABO red blood cell antigens present in the sample. A light signal is generated from each bead that captures a specific gene. System software decodes the light signals to report which antigens are predicted to be present.
- Related tickers: (ABT) (RHHBY)
May 16, 2014, 7:54 AM
- Abbott Labs (ABT) doubles its Latin American presence with its purchase of Chilean generic drug firm CFR Pharma for $2.9B cash plus assumption of $430M in debt.
- The acquisition will add $900M to Abbott's top line in 2015 and double-digit sales growth over the next few years.
- CFR markets over 1,000 products. It employs 7,000 people and has R&D and manufacturing facilities in Chile, Colombia, Peru and Argentina.
- The Latin American pharmaceutical market is valued at $73B and is forecasted to grow to $124B in four years.
May 8, 2014, 9:01 AM
- Abbott Laboratories (ABT) signs on to develop a companion diagnostic test for Idera Pharmaceuticals' (IDRA) cancer drug IMO-8400. Idera will use it in its clinical development programs to treat certain genetically defined forms of B-cell lymphoma.
- The test will be based on polymerase chain reaction (PCR) to identify the MYD88 L265P oncogenic mutation in tumor biopsy samples. The mutation appears in ~90% of patients with Waldenstroms macroglobulinemia and ~30% in patients with the ABC (ABCZF) sub-type of diffuse B-cell lymphoma. It plays a key role in activating the Toll-like receptor pathways targeted by IMO-8400.
May 2, 2014, 4:13 PM
Apr. 16, 2014, 9:02 AM
- Overall operational sales for Q1 grew 0.5% for Abbott Laboratories (ABT) to ~$5.2B. Diagnostics and Medical Devices grew 5.1% and 0.3%, respectively, while Nutrition fell 1.7% and Pharmaceuticals fell 0.7%.
- International operations continue to deliver higher growth rates than domestic ops.
- Ex-U.S. business delivered ~72% of global sales.
- In the Nutrition segment, Adult International grew 12.4% versus growth in the U.S. of 5.2%. Pediatric fell in both markets.
- Diagnostics grew in all segments and markets led by Molecular's 12.6% and POC's 10% increase internationally.
- Pharmaceutical sales in key emerging markets (led by BRIC) were almost flat with a slight 0.2% gain.
- International Device sales grew 4.7%.
- Management confirms its 2014 EPS guidance range of $2.16 - $2.26 ex items.
- GAAP EPS range for the fiscal year is $1.13 - $1.23.
- Press release
Apr. 16, 2014, 7:47 AM| Comment!
Apr. 16, 2014, 12:05 AM
Apr. 15, 2014, 5:30 PM
Mar. 28, 2014, 12:53 PM
- Abbott Labs' (ABT +0.2%) Supera Peripheral Stent System gets a thumbs up from the FDA. The product is approved for the treatment of people with blocked blood vessels in the upper leg caused by peripheral artery disease.
- Abbott gained access to the stent via its acquisition of IDEV Technologies last August.
Feb. 21, 2014, 12:13 PM
ABT vs. ETF Alternatives
Abbott Laboratories discovers, develops, manufactures and sells health care products. Its products include branded generic pharmaceuticals manufactured internationally, marketed and sold outside the United States.
Other News & PR