News

GSK under fire in fraud case
Enlarge image

Regulatory AffairsUK

GSK under fire in fraud case

04.07.2012 - GSK has been fined a record $3bn for drug fraud. The UK-based company admitted it had made inappropriate hospitality offerings to bribe physicians.

The pharma giant invited health care practitioners to enjoy deep-sea fishing, hot air balloon rides and golfing days in Hawaii. The company hoped the practice would mean doctors would prescribe more of their drugs. The case, described as "unprecedented in both size and scope" by deputy US attorney general James Cole, included allegations that GSK promoted two drugs for unapproved uses and failed to report safety data about a diabetes drug to the Food and Drug Administration (FDA).

Problems were first flagged up in 2001, when a whistle blower sparked internal investigations within the company. An official investigation begun by the US Attorney's office of Colorado in 2004 and was later taken over by the US Attorney's Office of Massachusetts. With its admission of guilt, GSK agreed to pay $1bn in criminal fines and forfeits and additional $2bn to settle civil claims. "Whilst these originate in a different era for the company, they cannot and will not be ignored", stated Andrew Witty, Glaxosmithkline chief executive, adding that the company has fundamentally changed its procedures for compliance, marketing and selling to avoid further misbehaviour.

http://www.european-biotechnology-news.com/news/news/2012-03/gsk-under-fire-in-fraud-case.html

LicensingSwitzerland

30.08.2016 Swiss biopharma company Ferring has acquired the exclusive development and commercialisation rights to Seikagaku’s Phase III chemonucleolytic leg pain treatment for €85m.

Clinical TrialsFrance

26.08.2016 Adocia said it would discontinue its diabetic foot ulcer programme after its lead product BioChaperone PDGF disappointed in Phase III. The French company will turn the focus on its earlier-stage products.

M&AUKSweden

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.

FinancingUK

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.

R&DDenmark

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.

ResearchUKEU

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).

Stock marketsGermany

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).

LicensingDenmark

11.08.2016 Danish Genmab AS has granted Gilead Sciences license to use its DuoBody technology platform to develop bispecific antibodies for the treatment of HIV. The deal is worth up to €252m.

Clinical developmentHungaryIreland

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.

ImmunotherapySpain

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.

Quick news provided by GlobeNewswire

View more stock news

Events

All Events

Partner-Events

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • ARGEN-X (B)14.20 EUR5.19%
  • MAGFORCE (D)4.71 EUR4.43%
  • DIAMYD MEDICAL -B- (S)7.20 SEK4.35%

FLOP

  • BIONOR PHARMA (N)0.41 NOK-6.82%
  • PHOTOCURE (N)41.00 NOK-6.61%
  • SAREUM HOLDINGS (UK)0.74 GBP-5.13%

TOP

  • NORDIC NANOVECTOR (N)34.50 NOK40.8%
  • KARO BIO (S)43.10 SEK30.6%
  • MOLMED (I)0.42 EUR27.3%

FLOP

  • BIONOR PHARMA (N)0.41 NOK-28.1%
  • GW PHARMACEUTICALS (UK)514.61 GBP-13.6%
  • WILEX (D)1.46 EUR-13.6%

TOP

  • NICOX (F)10.29 EUR441.6%
  • SAREUM HOLDINGS (UK)0.74 GBP236.4%
  • GENMAB (DK)1085.00 DKK83.4%

FLOP

  • BB BIOTECH (D)44.30 EUR-83.1%
  • EVOCUTIS (UK)0.04 GBP-77.8%
  • NEUROVIVE PHARMACEUTICAL AB (S)5.65 SEK-75.4%

No liability assumed, Date: 29.08.2016