Pfizer Inc said that it has reached an agreement with Wyeth on a takeover valued at approximately $68 billion. The cash and stock transaction has been approved by the boards of directors of both companies. It will significantly enhance Pfizer’s pipeline in the areas of vaccines and biologics.
Crucell NV of the Netherlands said that Wyeth has withdrawn from discussions about a possible merger between the two companies. The announcement follows reports that Wyeth is the subject of a takeover bid by Pfizer Inc. The Dutch company did not comment further.
The Intercytex Group Plc, which specialises in regenerative medicine, announced on 26 January 2008 that it is cutting its staff of 76 in half to preserve cash.
About one third of the marketing authorisation applications from small and medium-sized companies (SMEs) in Europe are failing to get approved, despite opportunities for assistance from the European regulator in the registration process.
Geron Corporation of Menlo Park, California, has announced that its application to test an embryonic stem cell therapy for spinal cord injury in humans has been approved by the US Food and Drug Administration. It is the first regulatory approval of a human trial involving embryonic stem cells, which have the ability to differentiate into any of the more than 200 specialised cells in the human body.
In a further streamlining move, UCB SA of Belgium said it has agreed to sell some 50 of its businesses and affiliates in the Far East, Middle East, Latin America and Africa to GlaxoSmithKline PLC of Britain for €515 million in cash.
Novozymes A/S, the Danish enzyme company, said its 2008 sales rose 10% from a year earlier to DKK 8.15 billion and it forecast growth of 8-13% in 2009.
Geneart receives European protein patent
Geneart AG has been granted a European patent describing a method for carrying out the selective identification of proteins in vitro. The patent, EP 1913140, underpins the company’s proprietary technology platform relating to the generation and screening of proteins. According to the company, these proteins could become the basis for new therapeutics, vaccines and industrial enzymes. Geneart said its procedure makes it possible to identify optimal variants of a protein from a considerably larger pool more quickly than with conventional methods. This increases the probability of identifying an ideal protein variant such as a strong-binding antibody for a cancer therapy. The European Patent Office granted the patent on 24 December 2008.
BioMedPartners, a Basel-based venture capital firm, has launched a new fund to invest in private, early to mid-stage medical companies called BioMedInvest II LP.
ReNeuron Group Plc has received approval from the UK Medicines and Healthcare products Regulatory Agency (MHRA) to conduct a first-in-man trial of a stem cell therapy to treat stroke.