GSK PROFIT FALLS AS ADVAIR SALES DROP EXACERBATES CHINA SCANDAL

GSK said first-quarter earnings fell 18 per cent as competition in the US and fallout from a bribery scandal in China depressed sales, Bloomberg reports. Profit excluding certain items fell to GBP1.53 billion ($2.58 billion), or 21 pence a share, from GBP1.9 billion, or 26.1 pence, a year earlier, the London-based company said 30th April ...

ACTAVIS POSTS PROFIT IN FIRST QUARTER

Specialty pharma company Actavis reported 30th April first-quarter net income attributable to shareholders of $96.5 million or $0.55 per share, compared to a loss of $102.8 million or $0.79 per share in the prior year, RTTNews.com reports. On a non-GAAP basis, earnings per share were $3.49, while the company posted $1.99 per share in the ...

REPORT – BAYER TO OFFER CASH AND ASSETS IN COMPETITION FOR MERCK’S OTC UNIT

Bayer is proposing a deal for Merck’s consumer business that could include some of the German company’s pharma assets, as it tries to beat an all-cash bid by Reckitt Benckiser Group, Bloomberg reports, citing people with knowledge of the matter. In addition to paying cash, Bayer may swap assets from its pharma, oncology, and animal-health ...

PFIZER CEO FLIES IN TO PITCH ASTRAZENECA DEAL TO UK GOVERNMENT

Pfizer CEO Ian Read flew into London 29th April to pitch his planned $100 billion takeover of rival British drug maker AstraZeneca to government ministers and urge them not to obstruct the deal, Reuters reports. The British government has so far adopted a neutral stance on the matter, in part because Pfizer has yet to ...

MYLAN STILL CHASING MERGERS AMID RIVAL ACQUISITIONS

Mylan is still hopeful on securing acquisitions despite its recent offer being rejected by Meda, Bloomberg reports CEO Heather Bresch, who said in February that the company was “poised for a transaction this year,” is still empty-handed after a sweetened $6.7 billion bid for Meda was rejected this week. While Sanford C Bernstein & Co. ...

TEVA’S ABUSE-RESISTANT PAINKILLER SUCCEEDS IN TRIAL

Teva has said its experimental abuse-resistant pain drug significantly reduced patients’ chronic low back pain in a late-stage trial, Reuters reports. The drug is a twice-daily formulation of hydrocodone, which belongs to a powerful class of painkillers known as opioids that are also frequently abused. Teva is developing the drug, called CEP-33237, for managing pain ...

NOVARTIS SECURES US APPROVAL OF LUNG CANCER TREATMENT

Novartis has won US approval of its treatment for patients with advanced non-small cell lung cancer, Bloomberg reports. The drug, ceritinib, gained marketing clearance about four months ahead of the expected decision date because it has the potential to offer substantial improvement over existing therapies, the FDA said 29th April in a statement. Ceritinib, to ...

UK LAWMAKERS TO PROBE PFIZER’S PURSUIT OF ASTRAZENECA

British lawmakers intend to investigate US drug maker Pfizer’s planned $100 billion takeover of British rival AstraZeneca in a bid to ensure scientific research and jobs are protected, Reuters reports. Members of the parliamentary business, innovation and skills committee are worried that the deal, which would be the biggest-ever foreign acquisition of a British company, ...

REPORT – J&J SUSPENDS SALE OF FIBROID SURGERY DEVICES AFTER CANCER SCARE

Johnson & Johnson suspended sale of devices used in fibroid surgery amid concerns about their potential to spread a rare but deadly cancer, Reuters reports, citing the Wall Street Journal. J&J was halting world-wide sale, distribution and promotion of the tools called power morcellators but not permanently pulling them from the market, the Journal said. ...

NOVARTIS’ ULTIBRO BREEZHALER SUPERIOR TO GSK’S SERETIDE IN STUDY

Novartis’ inhaled medicine Ultibro Breezhaler for chronic lung disease was better at improving lung function than GSK’s Seretide, the Swiss drug maker said 30th April, citing a late stage study, Reuters reports. The Phase III study in patients with moderate chronic obstructive pulmonary disease (COPD) found Novartis’ once-daily drug improved lung function compared to GSK’s ...