News in brief
Dr. Reddy’s Laboratories site in Visakhapatnam, India, was issued a Form 483 last month, yet shares rose after a more recent audit where zero observations were noted.
IMS Health has completed its merger with Quintiles, forming QuintilesIMS – one of the world’s largest healthcare information portfolios.
With the on-boarding of the global private equity investor, Advent International, inVentiv has canceled its previously planned IPO.
Quintiles and IMS Health have merged to form Quintiles IMS Holdings, effectively creating one of the world’s largest healthcare information portfolios.
Parexel could repurchase up to $200m (€175m) of its stock in FY 2016, but one analyst says the firm remains committed to it M&A strategy.
A group of investors, shareholders and executives of China-based CDMO WuXi are taking the company private in a deal worth about $3.3bn.
Nine months since its IPO, a group of shareholders of CRO (contract research organization) INC Research common stock are looking to sell off 8m shares, according to an SEC filing.
CRO Quintiles on Friday announced the pricing of a secondary public offering of 7,000,000 shares of its common stock at a price to the public of $77.85 per share, which is about $1 more per share than what the stock was selling for on Friday.
Indian CRO Syngene has received approval for its IPO prospectus paving the way to spin out from its parent company Biocon.
China-based CDMO (contract development and manufacturing organization) WuXi PharmaTech has raised about $80m for subsidiary SynTheAll Pharmaceutical Co. (STA) via the private placement of 7.16m common shares of STA stock.
Ex-Allergan CEO David Pyott has spoken of his “total war” battling Valeant’s failed hostile takeover, and given advice to other pharmaceutical companies on how to deal with activist shareholders.
Quintiles has completed its previously announced refinancing in which it entered into new senior secured credit facilities totaling $1.95bn, consisting of a $500m revolving credit facility and $1.45bn of term loans.
With WuXi pushing full steam ahead in its bid to go private, one expert says that the company may be envious of a competing CRO -- Hangzhou Tigermed, which is smaller than WuXi but valued at a higher price on the Shenzhen stock exchange.
Between May 2013, when Quintiles went public, and this week, newly public companies’ stocks in the biopharma outsourcing space have all seen their prices rise by more than 35%.
CRO Covance's stockholders voted Wednesday to adopt the previously announced $6.1bn merger agreement providing for the acquisition of Covance by LabCorp at the special meeting of Covance stockholders.
With PRA and INC Research joining Parexel, Quintiles, Covance and Icon in the land of public companies, 2014 was a year in which the top shelf of CROs filled out.
Quintiles has been upgraded to stable by ratings agency Standard & Poor after a second stock offering and the consolidation of debt through a $300m securitisation facility.
AbbVie’s proposed £31bn ($50bn) takeover of Shire is very likely “dead” after the US biopharma's board changed its recommendation and advised shareholders not to back the bid.
People on the Move
It has been a hectic few days for the chief executives of AbbVie and Shire since their companies agreed a £32bn ($53bn) merger on Friday.
Abbott has sold its generics business to Mylan in a deal worth approximately $5.3bn (€3.9bn).
European drugmaker Nicox has agreed to acquire all of the outstanding equity of US-based Aciex Therapeutics, an ophthalmic development company, which will also be a boon for ophthalmic CRO Ora.
Parexel has predicted ten per cent year-on-year revenue growth for FY2015 but has been more modest about its operating margins ahead of its Investor Day tomorrow.
With Pfizer rumoured to be on the brink of a mega-merger with AstraZeneca, in-Pharmatechnologist.com brings you an interactive view of what £60bn ($101bn) could get.
breaking news - update 1
Recipharm has confirmed that it is making plans to go public this year, citing a desire to finance “rapid growth” and acqusitions as the motivation.
Analysts from rating agency Moody's have upgraded their view of Quintiles, the world’s “largest pharmaceutical service provider,” from stable to positive.
Operations have restarted at one of Shasun’s API facilities in India following a strike last month.
Exclusive - update
German chemicals giant BASF expects its revised takeover bid for Norwegian omega-3 API manufacturer Pronova Biopharma ASA to be accepted by resistant shareholders.
BASF says revised offer for omega-3 API maker Pronova Biopharma is fair value given recent Greek Government decision to stop reimbursing two key drugs.
Contract services firm Warnex says its analytical and bioanalytical divisions have attracted ‘interest’ from buyers that would exceed its current market cap.
Analysts have raised their targets for Parexel in light of progress with Pfizer and other growth drivers for 2012.
Warnex will be forced to leave Toronto exchange next month
Contract services firm Warnex will leave the Toronto Stock Exchange (TSX) after failing to meet the requirements for continued listing.
BASi is optimistic Gilead Sciences’ $11bn acquisition of Pharmasset, the CRO’s biggest client, will be positive for the business.
ScinoPharm goes public in preparation for expansion opportunities
Active pharmaceutical ingredient (API) manufacturer ScinoPharm has gone public in a bid to raise funds for its upcoming expansions.
Brooks Labs has roller coaster IPO; targets export growth
Brooks Laboratories had a torrid first day on the Bombay Stock Exchange (BSE) with high volume trading taking the firm’s share price on a rollercoaster ride of highs and lows.
AmerisourceBergen eyes M&A as takeover war chest grows
AmerisourceBergen is looking to buy pharmaceutical packaging and distribution assets using some of the $2bn (€1.4bn) it has accumulated.
BASF posts Q2 gains, but share price falls on lacklustre guidance
BASF posts Q2 results and says economic uncertainties mean industrial customers are still cautious about placing orders.
Kyowa inks buyout deal for ProStrakan
Japanese drugmaker, Kyowa Hakko Kirin, has further expanded its presence in foreign markets after agreeing a deal to buy Scottish drug firm, ProStrakan.
Minimal flooding at Sigma sites but deliveries disrupted
Sigma has experienced minimal damage from Australian floods but road closures have impacted on deliveries to customers.
ShangPharma eyes biologics, cGMP to build on ’10 growth
ShangPharma expects its cGMP production site, due to open in 2011, and biologics services to drive growth as it builds on a 17 per cent increase in revenues in the third quarter.
Spencer’s board happy with buyout
Spencer Pharmaceutical’s board of directors in favour of $0.97 per share buyout offer from anonymous buyer.
Lupin hold majority stake in Generic Health
Lupin has notified the Bombay Stock Exchange (BSE) that is has acquired a majority stake in Australian pharmaceutical company, Generic Health.
CRL abandons Wuxi takeover after shareholder opposition
Charles River Laboratories (CRL) has abandoned plans to buy Wuxi Pharmatech after the $1.6bn (€1.2bn) takeover failed to gain sufficient shareholder support.
EU majors reported to be looking at Genzyme
European drugmakers Sanofi-Aventis and GlaxoSmithKline (GSK) are rumoured to be looking at a possible acquisition of US biotechnology group Genzyme.
PPD sells biomarkers biz to Caprion
US CRO PPD has sold its biomarker discovery sciences unit to Caprion Proteomics, bucking the trend that has seen many of its sector rivals invest in this part of the contract research market.
LSR goes private in Lion Holdings takeover
US CRO Life Science Research has become a private company with the completion of its acquisition by Lion Holdings, an investment vehicle owner by CEO Andrew Baker.
IMS Health looking at buyout bids
IMS Health has confirmed it is “exploring strategic alternatives” after speculation this week suggested that the market analysis group had received a number of takeover bids.
Genzyme hit with $8bn lawsuit
Shareholders have filed an $8bn (€5.7bn) lawsuit against Genzyme alleging that the company’s CEO “issued a series of materially false and misleading statements” about its manufacturing problems.
JLL bid “irrelevant”, says Patheon after win in Canadian Courts
In the latest twist in an increasing bitter takeover battle, the Ontario Superior Court of Justice has rejected JLL’s bid to oust directors elected to the board of Canadian CMO Patheon in April.
LSR takeover by CEO gets board OK
Andrew Baker, the chairman and CEO of Life Sciences Research, an East Millstone, New Jersey, contract research organization, has obtained "a definitive agreement" to acquire the firm for $8.50 per share in cash.
Patheon starts legal action against JLL
Contracting giant Patheon has started legal action to restrict the voting rights of private equity group JLL Holdings, in the latest move of an increasingly acrimonious takeover battle.