Friday, May 17, 11:23 AM
Impax Laboratories (IPXL -1.2%) says its Generic Division, Global Pharmaceuticals, has begun shipping its generic drug Zomig, which is used for the treatment of migraines in adults, as part of a licensing and distribution agreement with AstraZeneca (AZN).
Comment![Healthcare, Global & FX]
Monday, May 13, 5:09 PM
Shares of Optimer Pharmaceutical (OPTR +14%) ramped up into the close on reports that AstraZeneca (AZN), Astellas Pharma (ALPMY.PK) and Cubist Pharmaceuticals (CBST) are among the first round bidders for the antibiotic manufacturer. OPTR disclosed almost three months ago that they were working with Centerview Partners and JPMorgan to explore its strategic options, including a potential sale.
Comment![Healthcare, On the Move, M&A]
Wednesday, May 8, 11:35 AM
Pozen (POZN -8.8%) falls after Q1 results miss estimates. The company says AstraZeneca (AZN), —which commercializes the osteoarthritis drug on which POZN receives royalties — plans to cease promotion of VIMOVO in the U.S. and Europe (ex-Spain and Portugal), although the product will still be available. Promotions will only continue in countries which account for 47% of Q1 sales. POZN says it is "unsure of the impact" the strategy change will have on future financial performance, but it is worth noting POZN derives all of its revenue from VIMOVO royalties. (PR)
Comment![Healthcare, On the Move, Earnings]
Monday, May 6, 1:36 PM
Merck (MRK -1.3%) gets no love today from the FDA's approval of Liptruxet late Friday, as the stock is likely dragged down with the rest of the big pharma names on the back of a CNBC report that criticizes their earnings so far. The article points to the fact that pharmaceutical companies have seen a 4.7% contraction in earnings, and a 3.2% drop in revenue this quarter. Why? Morningstar's Damien Cover says there are two primary reasons: FX impact, especially from the yen, and intensified generic competition from patent losses.
Comment![Healthcare, On the Move]
Monday, May 6, 7:52 AM
Isis Pharmaceuticals (ISIS) initiates Phase 1b/2a clinical study — via licensing partner AstraZeneca (AZN) — of its antisense drug ISIS-STATRx in HCC patients. The effort is part of a broader initiative to study the drug in a number of different cancers. For more on ISIS' antisense technology, see SA contributor Jane Edmondson's recent writeup. (PR)
Thursday, April 25, 5:52 AM
AstraZeneca (AZN -1.4%) has received a subpoena from the U.S. Attorney's Office in Boston about production standards at the company's plant in Macclesfield in northern England. The facility is AstraZeneca's second largest manufacturing site and is used to produce its Zoladex line for prostate and breast cancers. (Q1 earnings)
Thursday, April 25, 3:42 AMAstraZeneca (AZN):Q1 pretax profit -36% to $1.3B vs consensus of $1.75B, hurt by loss of patent protection for key products. Revenue -13% to $6.39B vs $6.53B. Adjusted EPS -25% to $1.41. For 2013, reiterates that it expects mid-to-high single digit decline in revenue. Sales breakdown: Seroquel (schizophrenia) -60.6% to $449M, Crestor (cholesterol) -12% to $1.32B, Symbicort +14.3% to $826M (asthma). Shares -1.2% in London. (PR)
1 Comment[Earnings, Healthcare]
Monday, April 22, 12:51 PM
AstraZeneca (AZN +0.5%) is the latest major pharmaceutical company to license Bind Therapeutics' technology, agreeing to pay almost $200M in upfront and other payments - as well as royalties on any sales - for the rights to use the privately held company's nanotechnology drug delivery system. AstraZeneca intends to use Bind's particles, called Accurins, to develop cancer drugs that will selectively target tumor cells rather than healthy tissue. (PR) Comment![Healthcare]
Thursday, April 18, 8:17 AM
Theravance (THRX) looks poised for a strong session after an FDA advisory panel recommends approval of a once-daily COPD inhaled treatment option (Breo Ellipta) the company is developing with GlaxoSmithKline (GSK). Some color on the story: 1) the drug will be called "Relvar" in the U.S. 2) Annual sales should come in at ~$337M next year. 3) Treatment may be used in conjunction with GSK's $8B per year Advair. 4) Relvar will compete with AstraZeneca's Symbicort which had sales of $3.19B in 2012. THRX shares +16% premarket.
1 Comment[Healthcare, On the Move]
Monday, April 8, 12:07 PM
S&P has cut AstraZeneca's (AZN +0.1%) credit outlook to negative as the company's plan to arrest falling revenues failed to impress. According to S&P, the loss of patent protection on key products will erode the company's top line by 9% in 2013, which could in turn cause AZN's funds from operations to net debt ratio to fall below the minimum level for AA-.Comment![Healthcare]
Friday, April 5, 8:58 AM
Rigel Pharmaceuticals (RIGL) plummets before the bell after adverse side effects were observed in a late-stage clinical trial of AstraZeneca's (AZN) rheumatoid arthritis drug fostamatinib. It also appears the drug may be inferior to AbbVie's Humira in terms of efficacy. The drug is licensed from Rigel whose shares are -35% premarket on heavy volume.
Comment![Healthcare, On the Move]
Friday, April 5, 3:38 AM
AstraZeneca's (AZN) rheumatoid arthritis pill Fostamatinib met only one of its two main targets in a Phase III study in what is a further blow to the company as it seeks to overcome its patent cliff. While Fostamatinib brought about improvement in a test assessing signs and symptoms of the disease, the drug failed to do so as measured by X-ray. Still, expectations were low given disappointing results in earlier trials. (PR)
Thursday, April 4, 4:45 AM
The cost of caring for people with dementia is $157-215B a year and could double by 2040, a study from RAND Corp. estimates. The cost of dementia treatment is $109B - above the $102B spent on heart disease and the $77B on cancer - with the other dementia expenses used for long-term day-to-day care. Companies that develop drugs for Alzheimer's disease and other conditions include Pfizer (PFE), Eli Lilly (LLY), J&J (JNJ) and Merck (MRK).
Wednesday, April 3, 7:55 AM
AstraZeneca (AZN) gets a bit of respite Wednesday as a New Jersey court grants a temporary block on sales of Actavis' (ACT) generic version of asthma treatment Pulmicort Repsules. The court order lasts only until April 12, but it should buy AZN time to appeal an unfavorable ruling on its patent handed down earlier in the week.Comment![Healthcare]