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BUSINESS
February 23, 2013
Pennsylvania Attorney General Kathleen G. Kane said Friday that drugmaker Merck & Co. Inc., would pay the state $8.25 million as part of a settlement in the long-running litigation over the prescription painkiller Vioxx. After legal fees for the Philadelphia firm of Cohen, Placitella and Roth P.C., the state will get $6.9 million. The money will go to PACE, which is a state program to assist seniors pay pharmaceutical bills. Vioxx was first approved by the FDA in 1999, but was later removed from the U.S. market amid reports that it was causing health problems.
BUSINESS
February 16, 2013 | By David Sell, Inquirer Staff Writer
Merck & Co. said Thursday that it would pay $668 million to settle two class-action lawsuits by investors who accused the company of not properly disclosing the failure of a cholesterol drug to meet its target in a key clinical trial. Merck's announcement followed a disclosure by Teva Pharmaceuticals Ltd. to the Securities and Exchange Commission on Tuesday that after it had already set aside $670 million to cover potential damages in a patent-infringement lawsuit brought by Pfizer Inc., the "ultimate resolution of this matter could result in a loss of up to $1.4 billion" more - a potential total of about $2.1 billion.
NEWS
February 8, 2013 | BY JOHN F. MORRISON, Daily News Staff Writer morrisj@phillynews.com, 215-854-5573
DENNIS TINNEY thought nothing of hopping on a plane and winging off to a sporting event somewhere in the world. That was the kind of guy he was. Adventurous, filled with the joy of living and out to conquer the world. He was always full of ideas for moneymaking schemes. And he took charge of his family as a loving patriarch. Dennis Edward Tinney, a 33-year employee of Merck & Co., where he was highly regarded by both superiors and fellow workers, died Jan. 31 of a brain aneurysm.
BUSINESS
February 3, 2013 | By David Sell, Inquirer Staff Writer
Merck's fourth-quarter profit fell 7 percent as sales of its former best-selling drug Singulair were depressed by generic competition, and the company said Friday that it would delay seeking government approval of a much-anticipated osteoporosis drug. Full-year and fourth-quarter 2012 results were released Friday morning by Merck, which is based in Whitehouse Station, N.J., and has a large facility in West Point, Montgomery County. Shares fell 3.3 percent, to close at $41.83. Singulair, a once-a-day pill for chronic asthma, brought in $5.48 billion in 2011 and followed its quarterly average of about $1.3 billion through the first half of 2012.
BUSINESS
November 4, 2012 | By David Sell, Inquirer Staff Writer
Merck & Co. Inc., which made the controversial arthritis painkiller Vioxx, just settled an unusual class-action lawsuit involving Missouri residents who sued on consumer-fraud grounds without having shown that they incurred physical harm. The economic argument was that Vioxx did not provide what Merck claimed it would. Vioxx was on the market from 1999 until it was withdrawn in 2004 because previously hidden clinical trials showed that it caused increased risk of heart attacks. Merck has large operations in the Philadelphia region.
BUSINESS
October 28, 2012 | By David Sell, Inquirer Staff Writer
Drugmaker Merck & Co. Inc. said its third-quarter profits rose 2 percent in part because it cut costs to offset generic competition against key products. Merck is based in Whitehouse Station, N.J., and has several facilities in the Philadelphia region. Merck reported a profit of $1.73 billion for the quarter ending Sept. 30, vs. $1.69 billion for the same period in 2011. Sales revenue fell from just over $12 billion to $11.5 billion for the latest quarter. Worldwide revenue from Merck's top-selling drug, the diabetes medication Januvia, grew 15 percent from $846 million to $975 million.
NEWS
October 19, 2012
Anne W. Banse, 79, an active philanthropist who once operated a horse-breeding farm, died Monday, Oct. 15, of respiratory failure at her home in Wyndmoor. Mrs. Banse was a supporter of the Philadelphia Opera Company, the Morris Arboretum, Springside School, and many other institutions. For 20 years she ran a horse-breeding farm, Meadowgate Farm, in Lawrenceville, N.J., which included a riding program for autistic children. Mrs. Banse was the widow of Robert L. Banse, former general counsel and executive vice president of Merck & Co. Inc., who died in 1995.
BUSINESS
October 11, 2012 | By David Sell, Inquirer Staff Writer
Merck & Co. said Tuesday that its cost-cutting efforts will now include closing its global headquarters building in Whitehouse Station, N.J., and moving most of those functions and people about 30 miles east to Summit. The move would mean a longer commute for some of the employees who live in Pennsylvania, many of them in Bucks County. Merck is among the large pharmaceutical companies wrestling with pressure from several fronts: Insurers, public and private, want to reduce the cost of drugs.
NEWS
July 9, 2012 | By Kristen A. Graham, Inquirer Staff Writer
George F. Di Domizio, 77, of Green Lane, a longtime Merck employee and friend of Elvis Presley, died Friday of esophageal cancer at Rockhill Mennonite Community. He was 77. Mr. Di Domizio was the first quarterback of the Lansdale Catholic High School football team and a member of the school's first graduating class, in 1953.He earned a bachelor's degree from Ursinus College. Mr. Di Domizio worked for Merck for 35 years, starting as a mail boy and eventually rising to become director of creative services before retiring in 1992.
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