|Teva wins 1st round of patent battle against Natco. Afexa Agrees To Support Offer By Valeant''s 1625907 Alberta Ltd.|
|By Staff and Wire Reports|
|Tuesday, 30 August 2011 19:19|
In a setback to Hyderabad-based Natco Pharma (NATCO), the Israeli drug giant Teva Pharma (NASDAQ:TEVA) claims to have won the first round of patent battle over the blockbuster multiple sclerosis drug Copaxone (Glatiramer Aceatte) in the United States. Teva Pharma said the US District Court for the Southern District of New York has issued a favourable set of claim construction rulings in the company’s patent infringement lawsuit against Natco and US generic giant Mylan along with Novartis’s generic arm Sandoz and Momenta Pharma. The drug clocked annual sales of $2.2 billion in the US and worldwide revenue from the product exceeded $3 billion in 2010.
The drug is equally important for Teva, as the brand accounts for over 20% of its annual revenue (in 2010). However, the final rulings of the court would become clear only once the trial starts early September.
Afexa Life Sciences Inc. (OTC:AFXSF) announced it has entered into a definitive acquisition support agreement with 1625907 Alberta Ltd. (Acquireco), a subsidiary of Valeant Pharmaceuticals International, Inc. (NYSE:VRX) pursuant to which Acquireco has agreed to acquire all of the outstanding common shares of Afexa for $0.71 per share in cash (Valeant Offer).
The Valeant Offer represents a premium of approximately 30% to the 30 trading day volume weighted average closing price on the Toronto Stock Exchange, a 49% premium over the closing price the day before the hostile bid (Paladin Bid) from Paladin Labs Inc. (Paladin) and a 29% premium to the $0.55 cash consideration under the Paladin Bid or a 49% premium to the share consideration alternative of 0.013 of a Paladin common share, based on the last trading day's closing price.
The transaction, which values Afexa at approximately $76 million, will be structured by way of take-over bid. As part of the Agreement, Afexa has a 30 day go shop period during which the Company and its advisors are permitted, subject to certain conditions, to solicit and engage in discussions and negotiations with respect to potential competing acquisition proposals that may lead to a superior proposal. The go-shop period ends on September 29, 2011.
Abbott (NYSE: ABT) has awarded CFCareForward Scholarships totaling $100,000 to 40 undergraduate and graduate students living with cystic fibrosis (CF) for use during the 2011-2012 academic year.
Adamis Pharmaceuticals Corporation (OTCBB: ADMP) announced today that it enrolled the first patient in its Phase 1/2a clinical prostate study.
ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) today provided an update on its planned meetings with the U.S. Food and Drug Administration (FDA) regarding its three late-stage programs: Exelbine (vinorelbine injectable emulsion).
Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZ) (the "Company") today announced that a poster on its novel orally active anticancer Erk inhibitor, which includes AEZS-131, was presented at the 242nd American Chemical Society National Meeting held at the Colorado Convention Center in Denver, Colorado.
Ampio Pharmaceuticals, Inc. (NASDAQ: AMPE) ("Ampio" or the "Company"), a company that discovers and develops new uses for previously approved drugs and new molecular entities ("NMEs"), today announced that the manuscript reporting the results of its phase III clinical trials of Zertane™ for the treatment of the sexual dysfunction, premature ejaculation (PE), was accepted for publication in European Urology.
Baxter International Inc. (NYSE: BAX) announced today that it will present at the UBS Global Life Sciences Conference on Wednesday, September 21, at 7:30 a.m. (CT) or 8:30 a.m. (ET).
Biomerica, Inc. (OTCBB: BMRA), a global provider of advanced diagnostic products for the early detection of medical conditions, today reported net income of $157,447, or $0.02 per share, for the fiscal year ended May 31, 2011, compared to net loss of $331,455, or $0.05 per share, in fiscal 2011.
Biogen Idec Inc. (NASDAQ: BIIB) announced today that its presentation at the Stifel Nicolaus 2011 Healthcare Conference will be webcast live on Wednesday, September 7, 2011 at 11:30 a.m. ET.
BIOLASE Technology, Inc. (NASDAQ: BLTI), the World's leading dental laser manufacturer and distributor, announced today that management is scheduled to make an investor presentation at the Rodman & Renshaw Annual Global Investment Conference on Monday, September 12, at 10:50 am Eastern Time.
BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced that Jeffrey Cooper, Chief Financial Officer of BioMarin, will present a company update at the Baird Health Care Conference in New York on Wednesday, September 7, 2011 at 9:30 a.m. ET.
Deltagen, Inc. (Pink Sheets: DGEN), a leading provider of drug discovery tools to the biopharmaceutical industry, today reported unaudited consolidated financial results for the three months ended June 30, 2011.
Dr. Reddy’s Laboratories (NYSE: RDY) announced today that it has launched its over-the-counter (OTC) Fexofenadine HCl and Pseudoephedrine HCl extended release tablets 180 /240 mg.
Fibrocell Science, Inc. (OTCBB: FCSC), a biotechnology company focused on the development of autologous (personalized) cell therapies for aesthetic, medical and scientific applications, announced today that David Pernock, the Company’s Chairman and CEO, will be presenting at the Rodman & Renshaw 13th Annual Healthcare Conference to be held on September 11-13, 2011 at The Waldorf=Astoria Hotel in New York.
Genesis Biopharma, Inc. (OTC.BB: GNBP), a biotechnology company developing targeted cancer therapies, today announced that the following Letter to Shareholders will be posted today to the investor relations section of the Company's website at www.genesis-biopharma.com.
ICON plc, (NASDAQ:ICLR) (ISIN:IE0005711209), a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, today announced that it has been chosen by Bristol-Myers Squibb Company (NYSE:BMY) as a preferred provider for full-service clinical pharmacology and exploratory clinical studies.
Incyte Corporation (Nasdaq:INCY) announced today it will present at the investor conferences during the month of September.
Insulet Corporation (NASDAQ: PODD), the leader in tubeless insulin pump technology with its OmniPod® Insulin Management System, today announced the Company will participate in the following investor conferences.
Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX), a biopharmaceutical company focused on discovering breakthrough treatments for human disease, announced today that Arthur T. Sands, M.D., Ph.D., Lexicon's president and chief executive officer, will present at the Stifel Nicolaus Healthcare Conference in Boston on Wednesday, September 7, 2011 at 2:40 p.m. Eastern Time.
Luminex Corporation (Nasdaq: LMNX) announced today that management will present at two upcoming investment conferences, the Morgan Stanley Global Healthcare Conference and the UBS Global Life Sciences Conference, both scheduled to take place in New York City.
Medical Marijuana Inc. (PINKSHEETS: MJNA) is pleased to announce its results for its quarter ended June 30, 2011.
NovaDel Pharma Inc. (OTCBB: NVDL), a specialty pharmaceutical company that develops oral spray formulations of marketed pharmaceutical products, as previously reported, recently initiated its clinical development program for Duromist®, its oral spray formulation of sildenafil citrate, for use in erectile dysfunction (ED).
NuPathe Inc. (NASDAQ: PATH) today announced that it has received a Complete Response Letter (CRL) from the U.S. Food & Drug Administration (FDA) regarding the New Drug Application (NDA) for its migraine patch (NP101 or Zelrix). A CRL is issued by the FDA's Center for Drug Evaluation and Research when the review of an NDA is completed and questions remain that preclude the FDA from approving the NDA at the time.
Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) and Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) today announced that the U.S. Food and Drug Administration (FDA) has accepted for filing a supplemental New Drug Application (sNDA) for RELISTOR (methylnaltrexone bromide) Subcutaneous Injection to treat opioid-induced constipation (OIC) in patients with non-cancer pain.
Provectus Pharmaceuticals, Inc. (OTC BB: PVCT), a development-stage oncology and dermatology biopharmaceutical company, announced today that Craig Eagle, MD, Vice President of Strategic Alliances and Partnerships for the Oncology unit at Pfizer Inc, has joined its Corporate Advisory Board.
Sinovac Biotech Ltd. (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, announced today that Dr. Weidong Yin, President and CEO, Ms. Nan Wang, Interim Chief Financial Officer, and Ms. Helen Yang, Investor Relations Manager, are scheduled to attend four upcoming investor conferences in New York City and Boston.
Star Scientific, Inc. (NASDAQ: CIGX) has announced that the company is pleased to initiate the launch today of Anatabloc™, a dietary supplement that is designed to support the immune system in maintaining healthy levels of inflammation.
Unilife Corporation (NASDAQ: UNIS; ASX: UNS) today announced the development of a unique proprietary range of auto-injectors for the self-administration of injectable drugs by patients outside of healthcare facilities.
Watson Pharmaceuticals, Inc. (NYSE: WPI), a leading specialty pharmaceutical company, announced today that Paul Bisaro, Watson's President and Chief Executive Officer, will provide an overview and update of the Company's business at the 2011 Morgan Stanley Global Healthcare Conference on Tuesday, September 13, 2011 at 1:35 pm Eastern Time at the Grand Hyatt New York in New York City.
Zalicus Inc. (NASDAQ: ZLCS) a biopharmaceutical company that discovers and develops novel treatments for patients suffering from pain and immuno-inflammatory diseases today announced that Mark H.N. Corrigan, MD, President and CEO is scheduled to present at the Stifel Nicolaus 2011 Healthcare Conference at 3:50 p.m. ET on Wednesday, September 7, 2011, at the Four Seasons Hotel, Boston.
ZIOPHARM Oncology, Inc. (Nasdaq: ZIOP) today announced that the first patient has been dosed in a Phase 1 clinical study of ZIN ATI-001, a novel DNA-based therapeutic candidate, in patients with advanced melanoma.
Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZ) (the "Company") today announced favorable top-line results of its completed Phase 3 study with AEZS-130 as the first oral diagnostic test for Adult Growth Hormone Deficiency (AGHD).