*AbbVie, InterMune say they defending business secrets. The decision leaves in limbo a high-profile fight that has pitched the European Medicines Agency, Europe's equivalent of the U.S. Food and Drug Administration, against AbbVie and InterMune.» Read More
Wondering how to make big money in drug stocks next year? Two analysts told us their winning prescription for your 2007 portfolio on today’s “Morning Call.” Their advice: Look for (positive) newsmakers and buy into generics.
After the market close yesterday Pfizer, in an SEC filing, revealed that ousted Chairman and CEO Hank McKinnell will walk away with nearly $200 million in pension benefits, deferred compensation and other cash and stock including more than $300,000 in unused vacation time. This is well above the pension benefits that had been reported earlier this year and includes money that had not previously been disclosed. A Pfizer spokesman says the company is honoring its legal obligation to meet the terms of McKinnell's employment contract which was signed in 2001--"a different time in the company's history," he said.
Pfizer's former Chief Executive Hank McKinnell -- who was replaced amid a sharp decline in the company's market value -- will receive about $199 million in total compensation after he leaves the board in February.
Bristol-Myers Squibb said it agreed to pay $499 million to settle federal investigations into questionable drug pricing and marketing practices, and lowered its full-year outlook to reflect the charges.
Boston Scientific has landed an exclusive contract to provide drug-coated stents to the Cleveland Clinic, one of the nation's most prominent cardiology centers, CNBC pharmaceuticals reporter Mike Huckman has learned.
Bristol Myers Squibb has had more than its fair share of problems over the past 5-7 years. This morning the company announced plans to settle several investigations involving it’s drug pricing, sales and marketing practices. CNBC's David Faber revealed the details on today's "Squawk On The Street."
Two days after Pfizer named new CEO Jeff Kindler Chairman of the Board, Merck has promoted its CEO Dick Clark to Chairman as well. Clark has been on the job a year longer than Kindler and Merck's stock has performed about three times better than Pfizer shares this year. Former Pfizer CEO Hank McKinnell was expected to remain Chairman through next February, when he will leave the Board altogether, but the directors decided to give Kindler an early Christmas present.
Invega, considered by some the most important drug in J&J's pipeline, will be marketed in the United States by the company's Janssen LP unit.
Lilly and Icos today postponed the Icos shareholder vote on the new-and-improved, $34-a-share buyout offer until January 25th. The vote was supposed to take place today, but after Lilly raised the bid -- somewhat reluctantly -- yesterday, the companies wanted to give investors more time to mull it over. At least one big shareholder is still complaining that Lilly didn't go high enough.
The same rare, but fatal viral infection that forced Biogen Idec and Elan to recall, and recently relaunch, the multiple sclerosis drug, Tysabri, may also be a side effect of Rituxan, also from Biogen Idec and Genentech. In an SEC filing -- not a press release -- and on the FDA website, the companies and the agency disclosed yesterday evening that two people with lupus died after taking Rituxan.
Private generic drugmaker Ratiopharm International had challenged the patent, which led to the decision.
Two lupus patients died from a rare brain infection after taking the Genentech and Biogen drug Rituxan, U.S. health officials said in an advisory issued Monday.
The deaths of two people from a rare brain infection has prompted the U.S. Food and Drug Administration to issue a warning on the drug Rituxan. CNBC's Mike Huckman was on "Squawk Box" with the details. Huckman said the deaths were caused by a rare brain infection (called PML) to patients with lupus--who were taking the drug to combat their disease.
GlaxoSmithKline has bought global rights to Danish biotech company Genmab's most promising new drug, a treatment for leukemia, in a record deal worth up to $2.1 billion, the two firms said on Tuesday.
Jeffrey B. Kindler becomes the company's new chairman and the quarterly dividend is increased 21%.
The bulls caught their breath today after a run-up last week. All major indexes ended the day in the red. The Dow Jones Industrial Average closed slightly lower today by 4 points, even as two of its biggest components – General Electric and Citigroup – surged with both stocks hitting highs (Citigroup closed at an all-time high, GE at a 52-week high). The Nasdaq and S&P 500 also faced selling pressure, closing down 22 and 5 points, respectively.
Minutes after I wrote the last blog entry came the news that Pfizer is indeed raising its dividend -- 21% or a nickel in the first quarter of next year. The news is not a huge surprise -- the move had been widely speculated upon after Pfizer shares plunged on the loss of torcetrapib a couple of weeks ago.
I jinxed myself. That closing statement in my last posting about things quieting down on the beat: fuggedaboutit. Yesterday and today, "The New York Times" ran above-the-fold, front-page stories on Lilly's marketing of Zyprexa. It's the company's top-selling drug and its biggest profit-maker -- analysts estimate the schizophrenia/bipolar disorder drug is responsible for one-third to as much as one-half of the company's bottom line.
Pharmacy benefits manager Express Scripts has launched a hostile $26 billion bid to buy rival Caremark a move that could trump Caremark's current deal to be acquired by drugstore chain CVS.
Eli Lilly has downplayed for about 10 years the risks associated with Zyprexa, which treats schizophrenia, The New York Times said on its Web site Sunday, citing internal documents from the drug maker and e-mail messages of its managers.