Source: South Korean electronics giant Samsung got into biologics production with the boast that its manufacturing expertise would allow it to produce products at half the cost of Western drugmakers. It is backing that up with plans for a new plant it says will make it the largest biologics contract…...
Pfizer and Allergan Merge in $160B Tax Inversion Deal
Source: USA Today U.S. pharmaceutical giant Pfizer(PFE) and Irish rival Allergan(AGN) Monday announced a record-breaking $160-billion merger, the largest in health-care industry history and the biggest yet using a controversial tax-saving strategy. In a transaction expected to create the world's largest drugmaker, the companies said Allergan shareholders would receive 11.3…...
Valeant, Ackman Must Face U.S. Insider Trading Lawsuit
Source: A U.S. judge said Valeant Pharmaceuticals International Inc (VRX.TO) (VRX.N) and activist hedge fund manager William Ackman must face a lawsuit accusing them of insider trading in Allergan Inc before making an unsuccessful takeover bid for the maker of Botox. In a Nov. 9 decision, U.S. District Judge David…...
Q3: Big Five Insurers Post Positive Results, But Struggle on Exchanges
Source: FierceHealthcare Now that the "big five" U.S. health insurers have all released their third-quarter earnings, it's clear that while the companies reported plenty of positive news, most are experiencing challenges in the individual market. Here's a brief rundown of some of the highlights from the country's major payers, four…...
Statement from Philidor Rx Services
Source: PR Newswire From day one, Philidor has been focused on providing patients the medication their doctors say they need quickly and efficiently. We remain steadfast that Philidor has adhered not only to all applicable laws but to the highest standards of ethical business practice. Despite Philidor's best efforts to…...
Warner Chilcott Agrees to Plead Guilty to Felony Health Care Fraud Scheme and Pay $125 Million to Resolve Criminal Liability and False Claims Act Allegations
Source: The United States Department of Justice Department of Justice Office of Public Affairs FOR IMMEDIATE RELEASE Thursday, October 29, 2015 Former President and Three District Managers Also Face Criminal Charges Warner Chilcott U.S. Sales LLC, a subsidiary of pharmaceutical manufacturer Warner Chilcott PLC, has agreed to plead guilty…...
Valeant Shares Nosedive on Short Seller’s ‘Phantom Sales’ Allegations
Source: Valeant has faced its fair share of questions from lawmakers, prosecutors and presidential candidates over the past several weeks--and now, it's facing a whole lot more from investors. The company's stock tanked by nearly 40% on Wednesday on a report from short seller Citron Research, which likened Valeant to…...
Allergan Plots 117 Job Cuts in the Wake of Kythera Buyout
Source: The job-cutting ax has been hovering over Kythera Biopharmaceuticals ever since Allergan ($AGN) agreed to buy the company in April. Now, that ax is getting ready to fall. According to a notice filed with the state of California, Kythera will lay off 117 employees at its Westlake Village, CA,…...
Big Pharma Teams Up to Defeat Drug Pricing Proposal in California
Source: California wants to cap drug prices, but Big Pharma isn't having it. Amid a growing backlash over drug pricing, companies such as Johnson & Johnson ($JNJ) and Bristol-Myers Squibb ($BMY) are funneling millions of dollars into stamping out a new proposal that would curb drug spending in the state.…...
Avita Nabs $54M BARDA Contract For Ongoing Pivotal Trial, Stockpile of Burn Injury Device
Source: FierceBiotech Tiny OTC-traded micro-cap Avita Medical ($AVMXY) has won backing from the U.S. Biomedical Advanced Research and Development Authority (BARDA) of its PMA approval trial for its ReCell burn treatment device. It will get $16.9 million upfront for the study and for procurement of more than 5,000 of the…...