NEW YORK, Oct 20- AbbVie Chief Executive Officer Richard Gonzalez for three months led the charge to buy Dublin drugmaker Shire for $55 billion, only to walk away from the deal last week, but analysts and fund managers said he deserves credit for trying and should remain at the helm of the Chicago drugmaker. Investors were given no advance warning on Thursday, when...» Read More
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.
The drug, designed to treat hot flashes associated with menopause, will be marketed in the U.S. by Bradley Pharmaceuticals .
The private equity surge continues. About $60 billion in mergers and acquisitions deals just in the U.S. have been announced this morning. Apollo Management alone is involved in two of the four deals. The only buyout not involving a PE firm was an aggressive bid by Express Scripts for Caremark Rx – which was already entertaining a bid from CVS. CNBC’s Melissa Lee reported the story on “Squawk on the Street.”
Big pharma company Eli Lilly is coming under fire. CNBC's Pharmaceuticals Reporter Mike Huckman had the late breaking details on this morning’s “Squawk Box.” Huckman reported that Eli Lilly said sales of its top selling drug Zyprexa would be “stable” next year (the drug is used for schizophrenia and bipolar disorder).
Merck won two more Vioxx cases in three days. Last Wednesday it got a victory in another federal case and then on Friday, it picked up a win in an Alabama trial. The drug company says it is now 9 and 4. The stock closed up 40 cents on the news. And before Christmas there could be another Vioxx verdict.
Bayer AG said Monday it is selling its Wolff Walsrode business, which specializes in cellulose products, to the Dow Chemical Co. for an undisclosed sum.
An Alabama state court jury deliberated for less than two hours before finding for the drug maker on two counts.
A first-generation experimental bird flu vaccine for use in humans from GlaxoSmithKline has won outline support from European regulators.
A New Orleans jury handed Merck a victory today in the latest federal Vioxx product liability trial, finding that the drugmaker adequately warned of the heart risks associated with the medicine.
Treatment with antidepressants increases the risk of suicidal thoughts and behavior in patients up to age 24, according to proposed changes to the drugs' labels unveiled by health officials.
At the Merck annual analyst day here in company headquarters in central New Jersey, the company revealed for the first time what many on the Street had suspected: it has a so-called CETP inhibitor in the drug development pipeline. That's the same type of drug that Pfizer pulled the plug on last week because of an increased risk of death.
Merck said it plans to seek U.S. approvals next year for drugs to treat HIV, cholesterol and insomnia, and aims to have another four products in late-stage trials by mid-2007.