Pharma News
Five years, twice the revenue.
That's what Teva Pharmaceutical Industries chief Shlomo Yanai is predicting: By 2015 his feisty generics company can more than double its annual sales to $31 billion. That would make it big enough to become one of the Top 10 drugmakers worldwide--on the 2008-revenue ranking at least.
Further details at http://www.fiercepharma.com/story/will-teva-join-big-pharma-2015/2010-01-08?utm_medium=nl&utm_source=internal
Judge tosses two more Seroquel suits
Once again, a judge has nipped Seroquel litigation in the bud. A Delaware state court judge dismissed two more lawsuits, saying that the plaintiffs couldn't prove via medical testimony that the drug contributed to their developing diabetes, Pharmalot reports. That makes eight lawsuits dismissed. No Seroquel lawsuit has made it to trial.Of course there are still plenty of Seroquel suits floating around in U.S. courts. But a lawyer representing AstraZeneca says that plaintiffs have been trying--and failing--for years. "This litigation has been around since 2003 and they still can't get a case to trial," Michael Kelly of McCarter & English tells The Am Law Litigation Daily. "These are presumably their best cases. It's telling that they can't even get these to trial."Plaintiffs' lawyers undoubtedly see the issue differently. Almost 40 federal Seroquel cases are in pre-trial proceedings right now, awaiting their moment in federal district courts. And another New Jersey state court case is set for trial next month. We'll have to wait and see how those proceed.
Further details at http://www.fiercepharma.com/story/judge-tosses-two-more-seroquel-suits/2010-01-08?utm_medium=nl&utm_source=internal
Biotech News
Cambridge, MA-based Molecular Insight Pharmaceuticals announced today that it is cutting nine positions as it seeks to reduce operating costs. The company will take a one-time charge of $200,000 in the first quarter, but expects to save about $1 million annually as a result of the cuts.
Research Triangle Park, NC-based PhaseBio Pharmaceuticals has raised $25 million in a Series B financing round. New investors New Enterprise Associates and OSI Investment Management, a subsidiary of OSI Pharmaceuticals, led the round.
Clavis Pharma announced today that the FDA has granted its intravenous pancreatic cancer treatment CP-4126 orphan drug designation. Clavis signed a $380 million development and commercialization deal with cancer-drug powerhouse Clovis Oncology in November. As part of the deal, Clavis handed off all development of the Phase II CP-4126 to Clovis. The FDA designation follows a similar move by European regulators in October of last year.
A fresh set of promising Phase IIa data for its lead therapy helped Irving, TX-based Reata Pharmaceuticals score a $272 million licensing pact with Kyowa Hakko Kirin covering Japan and a slate of key Pacific Rim countries. The collaboration on bardoxolone calls for $35 million of that to arrive as an upfront payment with $97 million in development milestones, $140 million in sales milestones and escalating double-digit royalties.
Disclaimer- This information is for knowledge purpose only. Specialist opinion should be sought for your specific circumstance.
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