|Elan Looks To Gain on Rumors of Possible Takeover Bid From Johnson & Johnson; Affitech Partner IBC Submits Clinical Trial Application in Russia for AT001/r84|
|By Staff and Wire Reports|
|Friday, 30 December 2011 19:36|
Elan (NYSE:ELN) looks to add to recent gains on rumors of a possible takeover bid from Johnson & Johnson (NYSE:JNJ), as the stock hit 52-week highs yesterday despite a bearish safety update on its Tysabri treatment for multiple sclerosis. JNJ already holds an 18% stake in ELN and pays out 49.9% of its income on its Alzheimer's drug to ELN. 1 Comment
Elan has gained prominence over the past few years because of its breakthrough discoveries in Alzheimer’s (Bapineuzumab) and a blockbuster drug for treating multiple sclerosis (Tysabri). Johnson & Johnson holds an 18 per cent stake in Elan after forking out $885m in July 2009 in order to jointly explore the treatment of Alzheimer’s.
Matters could now soon come to a head. Analysts believe J&J is a logical buyer. It already owns a sizeable stake in Elan and is said to be interested in entering the multiple sclerosis field.
The original terms of J&J’s purchase of an 18 per cent stake gave J&J an option to help Elan finance a buyout of Biogen’s stake in Tysabri if Biogen was taken over.
Affitech A/S (PINK:AFFTY) announced that its Russian collaboration partner, IBC Generium, has submitted a Clinical Trial Application (CTA) to the Russian Health Authority to commence a phase 1 clinical trial with Affitech's antibody drug candidate AT001/r84. The product candidate is a new patented human monoclonal antibody to human vascular endothelial growth factor (VEGF), and is being developed as a potential treatment for cancer.
The anti-VEGF antibody will be evaluated in patients with various cancers and is a possible competitor to bevacizumab (Avastin – Roche). The Phase 1 clinical trial will start as soon as the Russian CTA has been approved.
Amgen (NASDAQ: AMGN) today announced the U.S. Food and Drug Administration (FDA) has invited the Company to participate in a meeting of the Oncologic Drugs Advisory Committee (ODAC) on Feb. 8, 2012 to discuss the supplemental Biologics License Application (sBLA) for XGEVA® (denosumab) to treat men with castration-resistant prostate cancer (CRPC) at high risk of developing bone metastases.
ARCA biopharma, Inc. (Nasdaq: ABIO), a biopharmaceutical company developing genetically targeted therapies for cardiovascular diseases, today announced that the U.S. Patent and Trademark Office (USPTO) has issued a patent on methods for treating patients with bucindolol based on genetic targeting and focused on a specific genotype – homozygous wildtype for Deletion 322-325 in the alpha-2C adrenergic receptor.
Astex Pharmaceuticals, Inc. (NASDAQ: ASTX), today announced the pre-publication notice of the Food and Drug Administration (FDA), Oncologic Drugs Advisory Committee (ODAC) Meeting to discuss the supplemental new drug application (sNDA) for Dacogen® (decitabine) for Injection, an application submitted by Eisai, Inc.
IVAX Diagnostics, Inc. (NYSE Amex:IVD), a fully integrated in vitro diagnostics company, announced today that it has entered into an Amendment to that certain Stock Purchase Agreement, dated April 8, 2011, between IVAX Diagnostics and ERBA Diagnostics Mannheim GmbH.
Pfizer Inc. (NYSE:PFE) announced today that the U.S. Food and Drug Administration (FDA) has granted approval of the Company’s pneumococcal conjugate vaccine Prevnar 13®* (Pneumococcal 13-valent Conjugate Vaccine [Diphtheria CRM197 Protein]) as a single dose for use in adults.
With strong growth predicted for the biotech and pharmaceuticals industry in 2012, emerging biotech firm Rainbow Coral Corp. (OTCBB:RBCC) anticipates a prosperous new year ahead.
Tianyin Pharmaceutical Co., Inc. (NYSE Amex: TPI), a pharmaceutical company that specializes in patented biopharmaceutical medicine, modernized traditional Chinese medicine, branded generics and active pharmaceutical ingredients (API) today announced the approval of the Company's operating subsidiary, Chengdu Tianyin Pharmaceutical Co., Ltd's ("Chengdu Tianyin") application for the renewal of its High Tech Enterprise Status in Chengdu, Sichuan Province of China.