The board of directors of Genzyme Corp has rejected Sanofi-Aventis’s unsolicited bid for the company at $69 per share saying that it undervalues the company and its late-stage pipeline which includes a promising new product for multiple sclerosis.
Novartis International AG is teaming up with a newly-created US company to investigate a method for producing influenza vaccines using synthetic biology and genome sequencing. The technology is being called ‘synthetic genomics.’
The Netherlands-based gene therapy company, Amsterdam Molecular Therapeutics Holding NV (AMT), has raised a gross €14.3 million from a private placement of its shares with investors in order to support its gene therapy portfolio.
DiaGenic ASA of Norway has raised NOK 70 million (€8.7 million) in a private placement of its shares to existing and new investors in order to advance its portfolio of diagnostics. The placement was subscribed approximately 1.4 times.
The Roche Group has paid $175 million for full rights to danoprevir, a candidate protease inhibitor against hepatitis C, which it has been co-developing with InterMune Inc of Brisbane, California since 2006.
IS Pharma Plc, a UK a speciality pharmaceutical company with a turnover £14.2 million in the latest fiscal year, has raised £3.6 million through the issue of new shares to Abingworth LLP. Following the issue, Abingworth will own 13% of the company, The deal was announced on 6 October 2010.
Johnson & Johnson Inc and Crucell NV have reached agreement whereby the US multinational, through an affiliate, will acquire all of the outstanding shares of Crucell that it does not already own for about €1.75 billion.
The US Food and Drug Administration has awarded $2.9 million to support six research projects aimed at helping with the diagnosis, treatment and prevention of tuberculosis. The awards were issued under the agency’s Critical Path Initiative.
To the oldest corporate venture groups such as the Novartis Venture Fund, the idea of sitting alongside conventional venture capitalists to organise funding for a young research-intensive company is nothing new. Novartis has been doing it for more than 14 years and now has dedicated teams in Basel, Switzerland and Cambridge Massachusetts to vet life science assets, as well as a three-year old options fund to invest in some very early stage companies.
Novartis International AG said it is stopping work on albinterferon alfa-2b for hepatitis C and Mycograb (efungumab) for fungal infections in order to focus on more promising products. It will take a charge of $590 million in the third quarter.