News

Crucell NV has reaffirmed its 20% growth target for revenue and other operating income in 2008 following a strong financial performance in the first quarter.

Shares of Allergy Therapeutics Plc rose by more than 24% following the company’s announcement on 14 May 2008 that a Phase 3 trial of its hayfever vaccine, Pollinex Quattro, had met its primary efficacy endpoints. Allergy Therapeutics said it would apply for marketing approval in the European Union during first quarter of 2009.

MorphoSys AG, the German biotechnology company, achieved a net profit of €3.3 million in the 2008 first quarter after €0.6 million a year earlier. The operating profit trebled to €4.1 million from €1.3 million on revenue of €16.3 million, against €14.1 million.

MediGene AG expects to see a significant increase in revenue in 2008 on sales of   speciality products for the treatment of prostate cancer (Eligard), genital warts (Veregen), and rosacea (Oracea).

Evotec AG is refocusing its business on drug discovery and development following its acquisition of Renovis, Inc, of South San Francisco, California.

Solvay Pharmaceuticals SA has made a friendly offer to acquire all of the shares of Innogenetics NV that it doesn’t already own in a cash transaction initially valued at €177.6 million.

The Innovative Medicines Initiative (IMI) has launched its first call to researchers to submit proposals to work with the pharmaceutical industry to investigate ways of speeding up the drug development process.

Apogenix GmbH, a German company that is developing treatments that alter the programmed death of cells, has obtained second round financing of €27.5 million.

A life-science venture-capital firm spun out of Elan Corporation Plc, the Dublin-headquartered, neuroscience-based biotechnology company, is launching its first fund, which will invest mostly in European medical discovery companies with products that have defined exit plans.

The European Medicines Agency has recommended that five new medicines be given marketing authorisations.