June 25, 2016 |
An advisory panel to the Centers for Disease Control and Prevention said AstraZeneca's FluMist vaccine, administered as a nasal spray and not a shot, was only 3 percent effective in protecting children ages 2 to 17 years against influenza virus. AstraZeneca, with North American headquarters in Wilmington, said it would take an $80 million inventory write-down as a result of the decision. AstraZeneca said its own studies found FluMist was 46 percent to 58 percent effective. The U.K.-based drugmaker said it would continue to sell the vaccine in other countries.
May 27, 2016 |
Innocoll Holdings in Newtown Square said Wednesday that its non-opioid implant for postoperative pain relief met "statistical significance" in patients without the need for other pain medicines, such as opioids. The company's stock jumped 47.8 percent to close at $10.51 on the news, which comes at a time when regulators are pushing drug companies to come up with alternatives to opioids. Innocoll's spongelike implant to relieve pain after abdominal hernia surgery is inserted into an incision site during the operation.
May 14, 2016 |
British drug maker AstraZeneca, with North America headquarters in Wilmington, announced Thursdaythat the Food and Drug Administration has granted Orphan Drug Designation for its MEK inhibitor selumetinib for the treatment of patients with advanced thyroid cancer who fail to respond adequately to radioactive iodine. Orphan Drug status is given to drugs and biologics which treat, diagnose, or prevent rare diseases or disorders that affect fewer than 200,000 U.S. residents. One benefit of Orphan Drug status is a seven-year period of market exclusivity, if the drug is approved.
April 8, 2016 |
Pharmaceutical giant Pfizer and Ireland-based Allergan scrapped their merger plans Wednesday, two days after the Treasury Department announced tough new rules to thwart U.S. companies' moving their headquarters overseas to lower their taxes. The $160 billion deal would have been the biggest acquisition in drug industry history and would have created the largest pharmaceutical company in the world. The new Treasury Department rules make it harder for companies, through a merger, to move their tax addresses out of the United States and then shift profits to low-tax countries, a process called inversion.
January 29, 2015 |
Drugmaker Pfizer Inc. might grow, or break up, or some combination of both. Chief executive officer Ian Read said Tuesday that Pfizer will keep looking for companies to buy and is taking the next steps to see whether its pieces are worth more than the sum of its parts. Pfizer has said that it tried to buy AstraZeneca in 2014, and it reportedly inquired about buying Actavis and Teva Pharmaceutical Industries Ltd. AstraZeneca, Teva, and Actavis all have operations in the Philadelphia region.
August 21, 2014 |
Drugmaker AstraZeneca said Tuesday that the U.S. Justice Department had notified the British-based company that it was no longer investigating allegations of manipulation of clinical testing data for a key drug that the company hopes will eventually generate billions of dollars in revenue. The drug, Brilinta, is a blood thinner prescribed for some of those with clogged arteries in hope of avoiding heart attacks. AstraZeneca chief executive officer Pascal Soriot used the revenue possibilities from the drug to argue for declining three takeover offers from Pfizer Inc. "As one of AstraZeneca's growth platforms, we remain committed to delivering the full potential of this important medicine," Soriot said in a statement Tuesday.
June 22, 2014 |
Drugmaker Shire P.L.C., which is based in Ireland but has operations in Wayne and Exton, said Friday that its board has rejected a $46.5 billion takeover offer from AbbVie Inc. Like some other pharmaceutical companies, AbbVie wants to buy a company that would allow it to shift its official residence to Ireland and avoid the higher corporate tax rate that exists in the United States. In most cases, relatively few employees move to Ireland. AbbVie was spun off last year from Abbott Laboratories and became a separate drugmaker, while the new Abbott focused on the medical products side of the business.
May 2, 2014 |
Amid the recent swirl of pharmaceutical company takeovers and trades, GlaxoSmithKline chief executive officer Andrew Witty said Wednesday that GSK might end up with more Philadelphia-area employees if a deal with Novartis is completed. Witty said the business units joining GSK have about 10,000 people and the units going to Novartis have about 2,000 people. "On day one, there is a significant net influx of people to GSK, and therefore in most of our geographies - and the Delaware Valley, I suspect, will be no exception - there might be net benefit," Witty said during a conference call with reporters after the company released first-quarter financial results.
November 2, 2013 |
Despite an 18.4 percent drop in quarterly profit, AstraZeneca CEO Pascal Soriot said Thursday in response to a question from The Inquirer that there are no plans for more layoffs at the company's facilities in Delaware. AstraZeneca is based in London and has facilities in Wilmington and Newark. In March, the company cut 2,300 jobs from its worldwide workforce, including 1,200 from its Delaware facility. Some of the positions in Wilmington were moved to AstraZeneca's facility in Gaithersburg, Md. Reports at the time suggested AstraZeneca considered closing its Wilmington facility.