A special committee of the Board of Directors of Genentech Inc. has turned down a bid from its controlling shareholder, Roche of Switzerland, to buy the shares that it does not already own in the company for $43.7 billion.
GPC Biotech AG is in merger and acquisition talks with a number of public and private oncology-focused companies following the failure of its cancer drug, satraplatin, to win regulatory support in Europe and the US.
Sygnis Pharma AG reported revenue of €0.1 million in its first fiscal quarter ended June 2008, unchanged from a year earlier, while its net loss for the quarter widened to €1.7 million from €1.4 million.
Nearly a year ago, Paion AG of Germany was struggling to overcome disappointing Phase 3 trial results for its lead compound for stroke, desmoteplase. The compound is a genetically engineered version of a clot-dissolving enzyme found in the saliva of the vampire bat. In preclinical and early human studies, the compound had shown considerable therapeutic promise. But hopes for the drug were dashed in the spring of 2007 when the Phase 3 study failed to show efficacy compared with placebo. As desmoteplase was Paion’s main product, the trial failure left the company dangerously exposed. In less than 12 months, however, Paion negotiated a new licensing deal for desmoteplase, and acquired a small UK company that specialises in treatments for central nervous system disorders. As a result, it has both strengthened its cash position and broadened its drug portfolio.
Genmab A/S, a specialist in creating and developing fully human, monoclonal antibodies for treating serious diseases, is nearing its goal of getting its first antibody product onto the market since the company was founded in February 1999.
The recently restructured Medical Marketing International Group Plc (MMI) has raised gross proceeds of £0.95 million in an institutional share placement designed to fund its oncology programmes.
The Italian speciality pharmaceutical company, Cosmo Pharmaceuticals S.p.A., said that increased revenues and efficiencies from its contract manufacturing business should make it possible to break even in 2008.
MediGene AG said that sales of its prostate-cancer treatment, Eligard (leuprolide acetate), and proceeds from the sale of the European rights to its dermatology treatment, Oracea (doxycycline), will help the company significantly increase revenues in 2008. While operating costs will increase, the operating loss will narrow this year compared with 2007. Figures were not given.
Belgium’s UCB SA said it that intends to streamline its medical research over the next three years in order to enhance its profitability and competitiveness. Details are to be announced by the end of the summer 2008.
York Pharma Plc, a specialist dermatology company, has completed its previously- announced £3.9 million share placement which is part of a larger fundraising to finance the purchase of two wound-care products from Belgium‘s Solvay Pharmaceuticals BV.