Takeda to axe 2,800 jobs by 2015

Japanese pharmaceutical manufacturer Takeda Pharmaceutical Company, which recently bought Swiss drugmaker Nycomed, is to trim its workforce by 2,800 over the next four years.

Takeda says it will cut 2,100 jobs in Europe and 700 in the US and combine r&d sites or eliminate some subsidiaries, mostly in Europe by the end of 2015.

The company will align Nycomed’s former operation structures and processes with its global headquarters in Japan and the newly defined organisations of the Chief Commercial Officer, which is headquartered in Zurich, Switzerland, and Chief Medical & Scientific Officer, which is headquartered in Deerfield, Illinois and its expanded affiliate network worldwide.

‘The combination of Takeda and Nycomed, which we acquired on 30 September, brought together Takeda’s strong presence in the Japanese and US markets with the legacy Nycomed business infrastructure in Europe and high-growth emerging markets,’ said Yasuchika Hasegawa, president and chief executive of Takeda Pharmaceutical Company.

‘While our combined operations in more than 70 countries are more complementary than overlapping, there are a number of areas where we will need to make changes to ensure efficient and flexible operations moving forward.’

Takeda will also shift its focus from a product portfolio of mature, high selling products to a more diverse portfolio concentrating on new products.

The combined company has a commercial presence in the therapeutic areas of metabolic diseases, gastroenterology, oncology, cardiovascular health, CNS diseases, inflammatory and immune disorders, respiratory diseases and pain management.

Takeda says this restructuring will cost an estimated JPY70bn (US$912m; €709m) in total during 2011–2015. During this period, Takeda will achieve cost savings of approximately JPY200bn.

Abbott Completes Acquisition of Piramal's Healthcare Solutions Business

Abbott has completed its acquisition of Piramal's Healthcare Solutions business, propelling it to market leadership in the Indian pharmaceutical market and further accelerating the company's growth in emerging markets. Today, more than 20 per cent of the company's total sales are generated in these growing economies.

"The acquisition of Piramal's Healthcare Solutions business further strengthens Abbott's growing presence in emerging markets," said Miles D White, chairman and CEO, Abbott.

India's rapid pharmaceutical market growth is being driven largely by branded generics. Piramal's Healthcare Solutions business has a comprehensive portfolio of branded generics, including market-leading brands in multiple therapeutic areas, including antibiotics, respiratory, cardiovascular, pain and neuroscience.

The healthcare solutions business will operate as a separate business unit, reporting into Abbott's newly-created Established Products Division (EPD), which was formed to focus on branded generics, maximising the opportunity in emerging markets. The business will continue to be led by its current India-based management team. "Piramal's proven business model in India and experienced local leadership team, combined with the global resources of Abbott, will allow us to build upon Piramal's commitment to quality and service," said Michael J Warmuth, Senior Vice President, Established Products, Pharmaceutical Products Group, Abbott. Abbott now employs approximately 10,000 people across all of its businesses in India.

Abbott, through a wholly-owned subsidiary, purchased the assets of Piramal's Healthcare Solutions business for a $2.2 billion up-front payment with additional payments of $400 million annually for the next four years, beginning in 2011. This transaction will not impact Abbott's ongoing earnings per share guidance in 2010.

Pfizer to buy King Pharmaceuticals

Pfizer stepped up the consolidation in the drug industry on Tuesday with a $3.6 billion deal to buy King Pharmaceuticals, a maker of pain medications.

The deal is Pfizer’s biggest since its $68 billion purchase of Wyeth last year, which set off a cascade of big pharmaceutical companies’ bolstering their product pipelines with acquisitions. Under the terms of the King deal, Pfizer will pay $14.25 a share in cash through a tender offer. The offer represents a 40 percent premium to King’s closing price on Monday and is more than the company’s shares have traded for in the last three years.

King’s stock soared 39.3 percent Tuesday, to $14.14, nearly matching Pfizer’s offer price.

Big drug companies have sought mergers to strengthen their product lineups as patents expire. Late next year, Pfizer is set to lose the patent on the cholesterol fighter Lipitor.

Onyx Signs Deal with Ono Pharma

Onyx Pharmaceuticals Inc. recently announced that it has entered into an agreement with a Japanese company, Ono Pharmaceutical Co. Ltd., for the development and commercialization of two of Onyx Pharma’s compounds, carfilzomib and ONX 0912, in Japan.

Carfilzomib is currently in multiple trials for the treatment of patients with multiple myeloma and other cancers, and Onyx Pharma plans to file a New Drug Application with the US Food and Drug Administration (FDA) by the end of 2010 for accelerated approval of the candidate. ONX 0912, which is a follow-on drug of carfilzomib, is currently in phase I testing.

As per the terms of the agreement, Ono Pharma will have full rights to develop and market both the compounds for all oncology indications in Japan, while Onyx Pharma retains the marketing rights for the rest of the world.

For the deal, Ono Pharma will make an upfront payment of ¥5 billion ($59 million) to Onyx Pharma and the company will also be entitled to receive up to $280 million on the achievement of certain development and sales milestones. Onyx Pharma will also receive double-digit royalty payments on the sales of these drugs, when approved and marketed in Japan.

Japan-based Ono Pharmaceutical Co. Ltd. is primarily engaged in the manufacture and sale of pharmaceutical products. The company’s products include oral medications for the treatment of bronchial asthma, disturbances of peripheral circulation, chronic pancreatitis and overactive bladder, as well as injectable drugs for the treatment of acute lung injury, generalized intravascular coagulation syndrome, acute phase cerebral thrombosis and blood pressure regulators used during surgical operations.

We currently have a Neutral recommendation on Onyx Pharma, which is supported by a Zacks #3 Rank (short-term Hold rating). We view this deal as a positive for Onyx Pharma, as this partnership allows the company to benefit from Ono Pharma's drug development experience in Japan.

Moreover, the agreement has brought in cash, which should come in good use as Onyx Pharma conducts pre-launch activities for carfilzomib. Carfilzomib could hit the US market as early as 2011 if it is granted accelerated approval by the FDA.

BioMarin Pharmaceutical buys Zystor Therapeutics in deal worth up to $115 million

BioMarin Pharmaceutical Inc. said Tuesday it bought privately held biotechnology company Zystor Therapeutics Inc. in a deal potentially worth more than $115 million.

Under the deal, BioMarin paid $22 million upfront. Zystor is eligible to receive up to an additional $93 million if certain milestones are met. Zystor is developing ZC-701, a potential treatment for the enzyme disorder Pompe disease.

Shares of BioMarin rose 17 cents to close at $20.52.

Transasia Bio-Medicals Ltd., India's Largest Clinical Diagnostic Co. acquires a leading European diagnostic company

PLIVA Lachema Diagnostika, is engaged in the development, production and marketing of In Vitro Diagnostics products consisting of a range for Urine analysis, Biochemistry and Microbiology. The company, with its extensive marketing and distribution network in the countries of Central and Eastern Europe adequately complements the current market potential and product lines of Transasia and Erba Mannheim. It has state-of-the-art Manufacturing and Research & Development facilities at Brno, employing over 100 people.

The acquisition by Transasia through its German subsidiary ERBA Diagnostics Mannheim GmbH, provides a great opportunity for Transasia and ERBA to usher in newer products in the dynamically developing markets of Asia. Also, Lachema’s customers in Central and Eastern Europe will have access to Transasia’s extensive product range in Clinical Chemistry, Immunoturbidimetry and Immunology. Transasia Bio-Medicals Ltd. and ERBA Diagnostics Mannheim plan to invest more than USD 1 Million in Lachema to increase its manufacturing capacities and add new products in the near future for meeting growing demand. This new acquisition greatly expands the spectrum of technologically advanced products and manufacturing capabilities of Transasia. Transasia and ERBA customers will now benefit with these products being offered at high quality and affordable prices.

This acquisition now allows Transasia customers access to a wide range of solutions for microbiology and usher in a quicker and better diagnosis for a range of health issues, which is great news for the Indian healthcare scene.

This acquisition will augment the company’s vision of bringing benefits of the best diagnostic technologies within reach for its vast populations in developing countries. The company is a partner of the Clinton foundations Aids control Program in Africa and India.

TRANSASIA and its 100% German subsidiary, ERBA Diagnostics Mannheim GmbH, with its team of experienced marketing and service professionals and an extensive distribution network spread over 55 countries worldwide, in markets like Italy, Germany, France, Australia, China, Turkey, Latin America, Africa, Russia, Middle East, SAARC and Asia are playing a stellar role in bringing world-class products within reach of laboratories across the globe.

With an enviable 30-year track record in the Industry, Transasia Bio-Medicals Ltd. is the largest Indian Manufacturer and Exporter of Diagnostic Instruments and Reagents. The group, founded by Mr. Suresh Vazirani in 1979, provides Total Solutions for Clinical Diagnosis in the field of Biochemistry, Haematology, Immunology, Critical Care, Coagulation, Urine Analysis, Liquid Handling systems and Blood Transfusion medicine.

The Group has a strong tradition of servicing its customers , many of whom are second generation of users and has earned the prestigious CNBC & ICICI Emerging India Award for its impressive 360 degrees approach to business from Research and Development, Manufacturing, Marketing and Service. The coveted “Niryat Shree” for excellence in Exports” has also been received from FIEO, Ministry of Commerce. Manufacturing of instruments and reagents is undertaken at 3 units in India – located at Daman and Mumbai and Baddi, besides ERBA Mannheim facilities in Germany. All the units of the Group are ISO 9001:2000 & ISO 13485:2003 certified. Transasia Group has the largest Sales and Installation base with over 18,000 installations all over the world supported by a network of102 service engineers, 58 centres and 14 Zonal offices at metros & major cities. Service support for TRANSASIA equipments and the Infrastructure built to support this has helped to set benchmarks for the industry in terms of service expectations.

With an enviable 30-year track record in the Industry, Transasia Bio-Medicals Ltd. is the largest Indian Manufacturer and Exporter of Diagnostic Instruments and Reagents. The group, founded by Mr. Suresh Vazirani in 1979, provides Total Solutions for Clinical Diagnosis in the field of Biochemistry, Haematology, Immunology, Critical Care, Coagulation, Urine Analysis, Liquid Handling systems and Blood Transfusion medicine.

The Group has a strong tradition of servicing its customers , many of whom are second generation of users and has earned the prestigious CNBC & ICICI Emerging India Award for its impressive 360 degrees approach to business from Research and Development, Manufacturing, Marketing and Service. The coveted “Niryat Shree” for excellence in Exports” has also been received from FIEO, Ministry of Commerce. Manufacturing of instruments and reagents is undertaken at 3 units in India – located at Daman and Mumbai and Baddi, besides ERBA Mannheim facilities in Germany. All the units of the Group are ISO 9001:2000 & ISO 13485:2003 certified. Transasia Group has the largest Sales and Installation base with over 18,000 installations all over the world supported by a network of102 service engineers, 58 centres and 14 Zonal offices at metros & major cities. Service support for TRANSASIA equipments and the Infrastructure built to support this has helped to set benchmarks for the industry in terms of service expectations.

Salix in multimillion-dollar licensing deal with Lupin

Morrisville-based Salix Pharmaceuticals Ltd. said Monday that it has struck a deal that will allow it to develop an extended-release formulation of its travelers’ diarrhea drug rifaximin.

Salix has entered into an agreement with Indian pharma Lupin Ltd., in which the two firms will collaborate in the development and commercialization of a product incorporating rifaximin and utilizing Lupin’s bioadhesive drug delivery technology.

Salix added that it and Lupin have entered into an exclusive agreement in the United States for supply of rifaximin active pharmaceutical ingredient. Salix has to make a $5 million up-front payment and regulatory milestone payments to Lupin, with the majority contingent on achievement of clinical development and U.S. regulatory milestones.

Salix (Nasdaq: SLXP) also will pay royalties on net sales of the bioadhesive rifaximin product.

Salix generated $80 million in 2008 revenue from Xifaxan, the company’s brand name for rifaximin. The company also is working to obtain regulatory approval to use rifaximin for the treatment of irritable bowel syndrome.

Salix’s stock was trading at $22.87 in mid-morning trading, a 3.9 percent increase from its previous close.

A Salix spokesperson was not available for comment.

Noven Pharmaceutical sale finalized

Hisamitsu Pharmaceutical Co. completed its $428 million purchase of Miami-based Noven Pharmaceutical, the companies said Friday.

Hisamitsu agreed to buy Noven on July 14 for $16.50 per share, which was a 22.4 percent premium to the most recent closing price for Noven stock.

Noven is now a wholly owned subsidiary of Hisamitsu U.S. It will keep its name, work force and current locations and remain a stand-alone unit. Noven shares will no longer trade on the Nasdaq Stock Market after Friday.

Noven's products include Vivelle-Dot estrogen patch, which is sold through a partnership with Novartis AG, and Daytrana, an attention deficit hyperactivity disorder patch licensed to Shire PLC.

Pharmaceutical lab to be sold

A North Charleston pharmaceutical maker is being spun off to a private equity firm that injects its money into medical-industry plays.

AAIPharma Inc.'s drug manufacturing operations off Leeds Avenue is being sold to Water Street Healthcare Partners as part of a $75 million deal.

The purchase also includes the rest of AAIPhamra's main Wilmington, N.C.-based business and a chemistry facility in Chapel Hill, N.C. Water Street said the sum includes money for future expansions to grow the newly acquired company.

AAIPharma is essentially an outsourcing firm for pharmaceutical and biotechnology firms in North America. It acquired the North Charleston manufacturing site in 2001 and now works with more than 300 companies, primarily by giving them an assist when developing new drugs.

"This is the unique value proposition that we intend to build on." Al Heller of Water Street.

The new company, AAIPharma Services Corp., will continue to be based in Wilmington and employ 450 workers in North Charleston and North Carolina.

The local lab fills "a unique niche in the industry in providing small- to medium-volume commercial and clinical sterile products that large, high volume suppliers will not do," said Barry Johnson, senior marketing manager for AAIPharma.

The sale of the business should not result in any immediate changes, he added. "The Charleston facility is integral to our service offering and as such, part of the deal. Therefore, I would anticipate no major changes in the near term," Johnson said. "Of course, this deal will provide the needed capital to fund improvements to all our facilities in the future."

Sun Pharma, MedImmune Settle Lawsuit on Ethyol Drug

Sun Pharmaceutical Industries Ltd., India biggest drugmaker by market value, said the company and its subsidiaries settled a lawsuit with MedImmune Inc. on a generic version of the cancer drug Ethyol.

MedImmune granted Sun a license to certain patents allowing the Indian company to continue to sell the generic version in the U.S., the Mumbai-based company said in a statement to the Bombay Stock Exchange today.

“The settlement resolves the entirety of the litigations between the parties,” the statement said.

Sun fell 0.1 percent to 1173.25 rupees as of 10:14 a.m. in Mumbai trading. It rose as much as 2.2 percent earlier today.

The units in the settlement include Caraco Pharmaceutical Laboratories Ltd., 76 percent owned by Sun.

Savient FDA Decision Looms As Street Looks To Partnership,Sale

NEW YORK -Savient Pharmaceuticals Inc. (SVNT) is expecting an approval decision from the Food and Drug Administration for its gout treatment Krystexxa, either Friday or Monday, but the real excitement lies in a potential partnership or acquisition.

The drug received a strong 14-to-1 positive recommendation from an FDA panel in June and the stock has almost tripled since then, recently trading at $15.65.

Gout is a form of arthritis and affects about 2.1 million people in the U.S., according to the Arthritis Foundation. Krystexxa would be used in patients that don't respond or are unresponsive to standard therapies such as anti-inflammatory drugs or allopurinol, an enzyme inhibitor.

The East Brunswick, N.J., drug developer has long stated that it will need to form a partnership to successfully market Krystexxa in the U.S. and overseas, and many believe that its market value of just $950 million makes a buyout more likely.

"Although investors have learned to exercise caution ahead of most regulatory milestones, we see little downside in SVNT shares," writes Cowen & Co. analyst Eric Schmidt.

Of the possible outcome, Schmidt believes it is most likely that Krystexxa will either receive straight approval or get a request for more information that could delay approval for up to 90 days.

In a worst-case scenario, which Schmidt believes is unlikely, the agency could request more data that could lead to another clinical trial and create a more significant delay.

Overall, analysts are generally bullish. Of the nine analysts that have a rating on Savient, six have the equivalent of a strong buy or buy and three have a hold, according to Thomson Reuters.

Regardless, there is a large contingent of shares - short interest is 18% of the float - that are betting that the FDA will deliver disappointing news, causing the stock to fall from its recent gains.

But success could squeeze those investors and lead to stock price volatility in the wake of the news.

Wedbush Morgan analyst Kimberly Lee notes that the FDA has missed more than 60% of its targeted decision dates, so any minor delay isn't cause for alarm. Conversely, she recommends investors take advantage of any related decline in the stock price.

Lee, projecting $400 million in peak annual Krystexxa sales, expects a large pharmaceutical company to quickly acquire Savient if that approval arrives, because of the lack of gout treatments on the market, a dearth of competition and the simple, one-drug structure of the company.

Others on Wall Street have echoed that sentiment, noting that the company hasn't been aggressively building a sales force and has slowed down its manufacturing prior to the approval.

"We believe an acquirer could pay at least $20 a share," Lee said.

Ajinomoto to buy P&G’s Japanese osteoporosis drug

Procter & Gamble Co., has agreed to sell Ajinomoto Co. the rights to its Japanese osteoporosis drug for $210 million, days after reports emerged that the consumer products maker is in talks to sell off its pharmaceutical business.

The deal gives the Japanese company the rights to research, develop, manufacture and sell the drug, a licensed product exclusive to the Japanese market, Ajinomoto said in a statement. The drug is marketed under the brand name Actonel.

The deal follows reports that P&G is in discussions to sell its pharmaceuticals business to the investment firm Cerberus Capital Management and to Warner Chilcott Ltd., a maker of specialty drugs. The selling price was pegged at $3 billion. P&G’s total pharmaceutical business generates sales of an estimated $2.2 million.

The Business Courier reported in December that Cincinnati-based P&G was considering selling off some or all of its drug brands. The pharmaceutical business is headquartered in Mason, where it employs more than 500 of its 2,700 pharmaceuticals employees worldwide.

Cincinnati-based P&G (NYSE: PG) is the world’s largest consumer products maker. It will report its fiscal fourth quarter and annual earnings on Aug. 4.

Vertex Pharmaceuticals and Mitsubishi Tanabe Pharma Corporation Amend Agreement to Develop and Commercialize Telaprevir in Asia

Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) and Mitsubishi Tanabe Pharma Corporation today amended their agreement for the development and commercialization of telaprevir for the treatment of hepatitis C virus (HCV) infection in Japan and other countries in the Far East. Telaprevir is an HCV protease inhibitor currently in Phase 3 clinical trials in Japan, as well as in the United States and in Europe. Under the terms of the amended agreement, Vertex will receive $105 million following signing, and will be eligible to receive further milestones upon approval and commercialization in Japan.

The previous agreement signed in 2004 between Vertex and Mitsubishi Tanabe provided certain development and commercial rights to telaprevir as a potential monotherapy for the treatment of Hepatitis C. The amended agreement announced today provides a fully-paid license to commercialize telaprevir as part of a combination regimen with interferon and ribavirin to treat hepatitis C in Japan and the Far East. Vertex retains exclusive development and commercial rights to telaprevir in North America. Janssen Pharmaceutica, an affiliate of Johnson & Johnson, holds development and commercial rights to telaprevir in Europe, South America, Australia, and the Middle East.

"This amendment recognizes the value of telaprevir-based combination therapy as a potential major advance in the treatment of hepatitis C in Japan and Asian countries, aligning the telaprevir development program on a global basis,” said Kurt Graves, Vertex Executive Vice President, Chief Commercial Officer and Head of Corporate Development. "Moreover, following this amendment, the cash received strengthens our corporate financial position during an important period of investment and growth as we advance two Phase 3 programs in hepatitis C and cystic fibrosis.”

Terms of the Agreement

Under the amended development and commercialization agreement, Mitsubishi Tanabe will receive a license in its territory for telaprevir-based combination therapy with interferon and ribavirin, as well as rights to manufacture telaprevir for sale in its territory. Mitsubishi Tanabe will pay Vertex $105 million upon signing. In addition, the parties have reached other commercial agreements in the amendment, including potential bonus milestone payments in lieu of royalties, that if realized would range between $15 million and $65 million.

Sunesis adds to board after private placement

New Enterprise Associates, which invested $2.3 million in Sunesis Pharmaceuticals Inc. during a recent private placement, put Helen Kim on the Sunesis board.

Kim is CEO of TRF Pharma Inc., a privately held business. In the past she was president and CEO of Kosan Biosciences Inc., which was sold to Bristol-Myers Squibb (NYSE: BMY) in 2008.

She also worked previously for Chiron Corp., Protein Design Labs, Affymax and Onyx Pharmaceuticals.

Dan Swisher is CEO of South San Francisco-based Sunesis (NASDAQ: SNSS).

Earlier this month Johnson & Johnson Pharmaceutical Research & Development LLC terminated a research deal between the two that dates back to May 3, 2002. Though Sunesis was paid some money up front and through 2005 under that deal, it hadn’t been paid anything since December 2005.

Johnson & Johnson gave 180 days notice, so that deal ends Jan. 13, 2010.

KV Pharmaceutical hires bankruptcy firm

KV Pharmaceutical Co. has hired a firm that specializes in restructurings and bankruptcies.

The company has retained Morris Anderson & Associates Ltd., a Chicago-based financial and management consulting firm with an office in St. Louis, to advise KV on "restructuring its financial operations and cash management efforts,” KV said in a filing Friday with the Securities and Exchange Commission.

The Brentwood, Mo.-based company’s myriad problems with product recalls, federal investigations and subsequent lawsuits have hit its finances and work force.

To raise money, KV is trying to sell off certain assets, including its prenatal vitamin and hematinic product lines, with the help of Milwaukee-based Robert W. Baird & Co. Inc., which has a St. Louis office.

KV also hired Minneapolis-based Itasca Partners to help it sell one of its subsidiaries, Particle Dynamics Inc. (PDI), which makes drugs and capsules used in the pharmaceutical, nutritional, food and personal care markets, according to Friday’s filing.

PDI was damaged during an accidental fire last month, delaying efforts to sell it, KV said.

KV also said it laid off another 300 workers this month, bringing its total number of layoffs this year to 1,000, or more than half its work force.

The company now has 700 workers left, down from 1,700 on Dec. 31, 2008, according to the filing.

KV’s auditor, KPMG, plans to raise substantial doubt about KV’s ability to continue as a going concern, as KV struggles with its liquidity and financial losses.

KV has been plagued with problems over the past year, including alleged management misconduct, suspended drug shipments, a production stoppage, recalls of oversized painkiller tablets and probes by the U.S. Food and Drug Administration, the FDA’s Office of Criminal Investigations, the U.S. Securities and Exchange Commission and the U.S. attorney for the Eastern District of Missouri.

“If the company is required to pay fines or penalties, the amount could be material,” KV said in Friday’s filing. “Any governmental enforcement action could require the company to operate under significant restrictions, place substantial burdens on management, hinder the company’s ability to attract and retain qualified employees and/or cause the company to incur significant costs. If the company does not prevail in one or more pending lawsuits, the company may be required to pay a significant amount of monetary damages.”

Procter & Gamble in talks to sell pharmaceuticals unit

Procter & Gamble is negotiating with Warner Chilcott Ltd. and Cerberus Capital Management to sell its pharmaceuticals business.

citing unnamed sources, said the parties are in “later-stage discussions” and the price tag could be about $3 billion.

The Courier reported in December that Cincinnati-based P&G was considering selling off some or all of its drug brands.

P&G bases its pharmaceutical business in Mason, Canada and Western Europe, and runs plants in New York and Puerto Rico. The company’s key pharmaceutical brands include Actonel – a $1 billion brand – Intrinsa, Enablex and Asacol. The Mason headquarters employs more than 500, with about 2,700 pharmaceuticals employees worldwide.

In a Wednesday morning report, analyst Ali Dibadj, with Sanford C. Bernstein in New York, estimated the sale of the business would likely dilute earnings by 5 cents to 8 cents per share. Dibajd has estimated the pharmaceuticals business sales at $2.2 billion.

"The $3 billion potential valuation is at the lower end of our range, but we are (pleasantly) surprised that a company would be interested in acquiring the business in the first place, given its portfolio and recent performance," he wrote.

Dibadj has said the biggest drugs in the portfolio – osteoporosis medication Actonel and the colitis drug Asacol – have had flat to slow sales growth, in part due to rising generic sales. Those drugs in the portfolio that hold more promise are tied to marketing agreements or have yet to be approved in the U.S.

Warner Chilcott (NASDAQ: WCRX), headquartered in Rockaway, N.J., is a specialty drug maker with a focus on women’s health and dermatology. Cerberus Capital is a private equity firm headquartered in New York.

Procter & Gamble (NYSE: PG) develops, manufactures and markets consumer products and pharmaceuticals.

Wyeth shareholders OK Pfizer takeover

NEW YORK — US pharmaceutical firm Wyeth said Monday its shareholders overwhelmingly approved a deal to be taken over by rival Pfizer that would boost the size of the world's biggest drugmaker.

A preliminary count showed 98 percent of shares voted favored the merger, Wyeth said.

"The merger is in the best interests of our company and our stockholders," said Wyeth chairman and chief executive Bernard Poussot.

"Combined with Pfizer, we see opportunities for increased scale where needed and resources to become the world's premier biopharmaceutical company and an industry leader in human, consumer and animal healthcare, in both disease prevention and treatment. The combined organization will continue Wyeth's mission to bring innovative medical solutions to patients around the world."

Pfizer, already the world's biggest pharmaceutical firm, announced the planned merger in January, seeking diversification as it prepares for the expiration of patents on its blockbuster drugs.

The 68 billion dollar (48.2 billion euro) deal appears to be the biggest takeover in the global pharmaceutical sector since Pfizer acquired Warner-Lambert Co. for 93.4 billion dollars in 2000.

The EU's executive branch -- which enforces EU competition law -- approved the deal last week contingent on Pfizer's commitment to divest some of its operations in animal health vaccines, pharmaceuticals and medicinal feed additives in Europe.

Attorney General Abbott Joins Multi-State Agreement With Pharmaceutical Giants 7/15/09

Austin, Texas - Texas Attorney General Greg Abbott and 35 other state attorneys general today reached a multi-million dollar agreement with pharmaceutical manufacturers Merck & Co. Inc., Schering-Plough Corp., and a joint venture between the two companies, MSP Singapore Company, LLC.

Together, the three manufacturers agreed to pay $5.4 million to resolve the states’ investigation, which examined the manufacturers’ delayed release of negative clinical trial results. Texas will receive $300,000 for its efforts to investigate this matter.

The manufacturers’ clinical trial indicated that the cholesterol lowering drug Vytorin – which is a combination of the drugs Zetia and simvastatin – was no more effective reducing formation of plaque in carotid arteries than the cheap, generic alternative, simvastatin. Although the study ended in May 2006, complete results were not published until April 2008. In the meantime, the companies heavily promoted Vytorin in direct-to-consumer advertisements.

Today’s settlement requires the companies to follow several requirements when promoting Vytorin and Zetia, including:

• Obtain pre-approval from the U.S. Food and Drug Administration (FDA) for all direct-to-consumer television advertisements;

• Comply with FDA suggestions to modify drug advertising;

• Register clinical trials and post their results;

• Prohibit ghost writing of articles;

• Reduce conflicts of interest for Data Safety Monitoring Boards that ensure the safety of participants in clinical trials; and,

• Comply with detailed rules prohibiting the deceptive use of clinical trials.

The investigation was led by Oregon Attorney General John R. Kroger and an Executive Committee including the Attorneys General of Arizona, California, Florida, Illinois, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, and the District of Columbia.

The 36 states participating in today’s agreement are Arizona, Arkansas, California, Colorado, Delaware, the District of Columbia, Florida, Hawaii, Idaho, Illinois, Iowa, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, New Jersey, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Vermont, West Virginia, Washington and Wisconsin.

Abbott and Oasmia Pharmaceutical ink deal for new chemotherapeutic for dogs

Abbott Park, Ill. – A multi-year agreement to market a new chemotherapeutic agent for dogs was finalized by Abbott and Oasmia Pharmaceutical of Uppsala, Sweden.

While the product needs to gain regulatory approval, the deal sets the stage for future availability of Paccal Vet (micellar paclitaxel), a first-generation treatment for Grade II and Grade III canine mast-cell tumors where curative surgery cannot be performed.

The deal gives Abbott exclusive rights to distribute Paccal Vet for veterinary use in the United States and Canada. Oasmia will develop, manufacture and register the new drug. Financial terms were not disclosed.

Abbott’s entry into oncology offers a new area of focus for the company with products currently targeting diabetes, anesthesia, wound care, pain management and fluid therapy, company officials report.

"There are significant unmet needs in this market, which is why Abbott is entering the veterinary oncology arena," explains Lynn Bromstedt, divisional vice president and general manager of Abbott Animal Health.

Paclitaxel is a compound that has been used to treat cancer in humans since 1993. Traditional formulations of the compound were insoluable in water, requiring the medication to be dissolved in solvents which led to low tolerability and severe side effects in dogs, the company explains. "Paccal Vet uses a novel, non-toxic nanoparticle formulation that overcomes those challenges and provides a high level of water solubility."

If approved for use in the United States, the drug would rank as one of the first cancer treatment specifically designed for veterinary use.

Cadila Pharmaceuticals Launches Joint Venture With Novavax in India

ROCKVILLE, - Novavax, Inc. (Nasdaq: NVAX) and Cadila Pharmaceuticals today announced the launch of their joint venture in India under the agreement signed between the two companies in March 2009. This joint venture, called CPL Biologicals Pvt. Ltd., will develop and manufacture vaccines, biological therapeutics and diagnostics in India using technology contributed from Novavax and Cadila Pharmaceuticals. In addition, CPL Biologicals will establish manufacturing facilities in India and develop, produce and sell products such as seasonal influenza vaccine and potentially other novel vaccines against dengue fever and chikungunya fever based on Novavax's virus-like-particle (VLP) vaccine technology. CPL Biologicals also expects to develop the pandemic H1N1 influenza vaccine candidate in India that Novavax is developing in the United States.

Mr. I. A. Modi, Chairman of CPL Biologicals, noted: "This joint venture represents an important strategic alliance for vaccine development and manufacturing in India and uses unique and cutting-edge vaccine technology. Our vision is to be a leading provider of high quality, affordable vaccines, biological therapeutics and diagnostics through world-class research and innovative manufacturing to address current and future global health challenges."

Rahul Singhvi, President and Chief Executive Officer of Novavax, stated: "We are excited to see the agreement with Cadila announced in March come to fruition with the official launch of CPL Biologicals today. We look forward to a long and successful effort to bring important new vaccines and other pharmaceutical products to the people of India."