Abbott Announces 2014 Q1 Results

Abbott yesterday revealed financial results for the first quarter of 2014.  The company announced worldwide sales of $5.2 billion. Excluding foreign exchange, the company-wide results included an increase of 0.5% on an operational basis and a decrease of 2.5% on a reported basis. International sales, which make up over 70% of Abbott’s total sales, increased

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Meda Rejects Mylan Takeover Bid

Swedish drugmaker, Meda, have confirmed that they have rejected a takeover bid from US generics major, Mylan. Shares in Meda, which markets specialty treatments, over-the-counter products and branded generics, were frozen after a report from the Financial Times noted that Mylan was planning to submit an offer that would create a $23 billion company.  The Financial Times cited someone

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Celgene Partners with Abide Therapeutics

Abide Therapeutics and Celgene have announced that they will be collaborating to discover and develop drugs in inflammation and immunology. As part of the terms of the partnership, Celgene has paid an upfront fee, reported to be $50 million, and will obtain a small equity stake in Abide Therapeutics.  The deal also provides Celgene with

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Novartis Announces Closure of Horsham Site

Novartis yesterday confirmed that they will be closing all operations at their Horsham site later this year, putting nearly 400 jobs at risk. The Swiss pharmaceutical organisation initially announced in November that they were considering the site’s closure as part of their global review of R&D locations.  Following from the announcement, Novartis has now confirmed

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AbbVie Reports Drop in Sales

Generic competition and foreign exchange rate has resulted in AbbVie reporting a drop in fourth-quarter sales, however their anti-inflammatory blockbuster Humira continues to soar. The company announced a net income of $1.13 billion, down 27%, while fourth quarter revenues dropped slightly to $5.11 billion. The majority of AbbVie’s revenue was gained from Humira (adalimumab), which

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Pfizer Announce Solid Q4 Results

Pfizer yesterday revealed a solid set of fourth-quarter results for 2013, with sales driven by their oncology unit, Lyrica and Enbrel. Net income for the quarter was $2.57 billion, a decrease of 59% on Q4 2012 (which included profits from the sale of their nutritional products business).  Group turnover also slipped slightly to $13.56 billion,

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AstraZeneca Partners with Immunocore

The day after announcing a partnership with UK’s Horizon Discovery, AstraZeneca have announced another oncology partnership with Immunocore, a UK biotechnology company. The agreement with Immunocore focuses around Immunocore’s ImmTAC technology.  The technology has created a platform of biological medicines which direct a patient’s T cells to specifically destroy only cancerous cells, avoiding damage to

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