24.08.2016 - Pharma major Pfizer is putting the cherry on top of its multi-billion-dollar takeover of Medivation with the acquisition of AstraZeneca’s antibiotics for a cool US$1.5bn. With the divestment, AZ aims to further sharpen its focus.
Just days after shelling out US$14bn (€12.4bn) for fought-over Californian biotech Medivation, Pfizer is taking AstraZeneca’s antibiotics business off the British-Swedish pharma company’s hands. AZ will get up to US$1.5bn (€1,32bn) out of the deal. “This agreement reinforces our strategic focus to invest in our three main therapy areas,” stressed Luke Miels, Executive VP for Europe and Head of the Antibiotics Business Unit at AstraZeneca.
Under the agreement, AstraZeneca sells the commercialisation and development rights to its late-stage small molecule antibiotics business in most markets globally outside the US. The portfolio comprises the approved antibiotics Merrem, Zinforo and Zavicefta, as well as the products ATM-AVI and CXL, which are in clinical development. Pfizer will pay US$550m (€485m) upfront, plus another US$175m (€154m) in January 2019. In addition, Pfizer will pay up to US$250m (€221m) in commercial, manufacturing and regulatory milestones, up to US$600m (€529m) in sales-related payments as well as recurring, double-digit royalties on future sales of Zavicefta and ATM-AVI in certain markets.
MedImmune’s portfolio of biologics, on-market products such as FluMist/Fluenz and Synagis, and AstraZeneca’s stake in Entasis Therapeutics are not included as part of the agreement.
Pfizer has long had its eyes on AZ’s assets. In 2014, Pfizer made a grab for the company for US$100bn, but was ultimately turned down.
23.08.2016 Cambridge University-allied investor Cambridge Innovation Capital has raised £75m (€87m) to reinvest in technology and healthcare companies. Among the backers were Woodford Investment and Winton Ventures.
19.08.2016 Together with partner Johnson & Johnson, Danish biotech Genmab is now one step closer to FDA approval with its combination treatment for multiple myeloma after its submission of a supplemental Biologics License Application. In July, Genmab was granted a Breakthrough Therapy Designation (BTD) for its blood cancer therapy.
17.08.2016 Philip Hammond, the UK’S chancellor has announced the government will guarantee funding for EU-backed "structural and investment fund" projects whose timelines extend beyond the UK’s departure from the EU, provided the projects are signed prior to this year's Autumn Statement on the UK budget. The decision ensures continued funding for farmers, companies and institutions involved in the EU’s Horizon 2020 project. The move could cost the UK government up to £6bn (€6.9bn).
15.08.2016 Back in April, the American FDA gave the green light for the colorectal cancer-screening test Epi procolon. Now Berlin-based diagnostics specialist Epigenomics is considering a secondary listing in the US. A draft of the required registration document was confidentially submitted to the US Securities and Exchange Commission (SEC).
09.08.2016 Hungarian Gedeon Richter and Irish Allergan are staying on course in the face of dissappointing Phase III results for depression drug cariprazine. The partners will now begin another Phase III study needed for approval.
08.08.2016 Araclon Biotech’s Alzheimer’s vaccine ABvac40 is going forward into Phase II after showing a good safety profile in Phase I. The promising trial results were presented at the Alzheimer’s Association International Conference.
01.08.2016 Life science venture capital group Epidarex has launched Nodthera Ltd, a biotech based on research by Poland-based drug discovery company Selvita. The start-up aims to develop novel inhibitors of the NLRP3 inflammasome.
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