Pharm Exec's 2012 Pipeline Report

It's a neck and neck race toward safer, faster, and medically superior treatments. Which organizations have what it takes to jockey their products into the winner's circle?

30 Years of Pharma: Perspective in Numbers, Part 3

Top 10 Companies by Market Share

30 Years of Pharma: Perspective in Numbers, Part 1

Top 10 Products Worldwide

30 Years of Pharma: Perspective in Numbers, Part 2

30 Years of Pharma: Perspective in Numbers

Pharm Exec's 10th Annual Industry Audit

Bill Trombetta surveys the landscape of pharma financials over the past year, and shows which companies rode the wave to the top of the industry in delivering value to shareholders.

Seeing the Fire Behind the Smoke

Structuring a good deal depends on understanding your partner—and a high degree of specificity

Filling in the Bigger Picture

Part II of The Avoca Group's 2011 CRO survey on clinical development outsourcing relationships

2011 Dealmakers Outlook

With Yankee stadium as the backdrop, Pharm Exec convened its annual panel of eight business development experts to crack the bat on best practice in licensing and M&A for the year ahead.

Teva Snatches Cephalon from Valeant

Israel-based Teva Industries seals deal to acquire Cephalon for $6.8 billion.

Keeping Your Place on the Nifty 50

What do the Pharm Exec 50 numbers tell us? The dominant theme seems to be one of gradual restructuring toward a post-patent-cliff era.

12th Annual Pharm Exec 50

Who's taken this year's top spot? Find out in Pharm Exec's annual run-down of the world's Top 50 pharma companies.

White Coats & Suit Jackets: A Coming-of-Age Story

The parnership between academia and industry is evolving. Will it keep innovation at a premium?

Tracking the US Market: A Statistical Self-Portrait

What are some of the essential characteristics of the US market? Statistics drawn from the 2011 Statistical Abstract of the US shed some light

Integrating R&D Within M&As

The CEO should be able to communicate the vision of a merger—strategically, financially, operationally, and with the entire organization in mind

5 Years Later: Conatus Acquires Idun

Former Idun Pharma team buys back company from Pfizer.

Dealmaking Roundtable

A panel of bankers and industry executives discuss what's ahead in deals for 2010.

GSK Inks $1.5 Billion Collaboration Deal with Isis

Glaxo and Isis formed a billion-dollar alliance to create new RNA therapies for the rare and infectious disease segment. The key ingredient in the deal is Isis' drug discovery platform. Could it be a game changer? GSK thinks so.

Astellas' Hostile Takeover Turns Even More Hostile

The Japan-based company filed a lawsuit against OSI Pharmaceuticals for rejecting its tender offer, but will this strategy work?

Novartis Bids Big on Alcon

It's just a few days into the new year and already a potential megamerger has been announced: Novartis offered $39 billion for complete control of ocular drug manufacturer Alcon.

Glaxo Vies for a Second Act in HIV

A novel joint venture between Glaxo and Pfizer is big on promise. But the combined portfolio and pipeline of HIV drugs? Not so much.

J&J Slims Down Elan Offer sans Tysabri

Elan was forced to trim $100 million off its billion-dollar deal with J&J due to a 50/50 agreement with Biogen Idec involving co-ownership of MS drug Tysabri. Now J&J is out a major drug, Elan is out a good chunk of cash, and Biogen Idec is pondering its next move.

GSK Signs $120M Deal to Market DMab Overseas

Amgen's and GSK will partner to market Amgen's blockbuster osteoporosis treatment DMab in Europe, China, and other overseas countries once it is approved.

GSK Teams with Shenzhen Neptunus for Chinese Vaccines

GlaxoSmithKline is expanding its influenza vaccine efforts through a joint R&D alliance with Shenzhen Neptunus. The goal: to tap the world’s biggest market and attempt to deliver flu shots to more than a billion people.

GSK Signs Deal with Concert Pharma to the Tune of $1 Billion

GlaxoSmithKline has entered into a collaboration deal with Concert to create drugs using deuterium—“heavy hydrogen”—that can be gathered from seawater and used to alter the way molecules perform in the body.

Pfizer and Glaxo Join Forces in HIV Venture

The two pharma giants announced plans to form a new specialty company focused on HIV drug development. The new, independent firm will have a total of 11 drugs on the market, with another six on the horizon, securing its place as a powerhouse in the HIV market.

GSK Grabs Derma Firm for $2.9 Billion

Stiefel Labs is under new management. The dermatology company was purchased by GSK in an effort to bolster its existing skincare line.

A Season in Financial Hell

From the depths of the Great Recession, Pharm Exec called in pros on all sides of the M&A business to help us deal.

Gilead Buys CV Therapeutics (Update 1)

The morning's other big M&A news comes out of the Bay Area biotech industry, where Gilead Sciences announced that will purchase CV Therapeutics for $1.4 billion.

Roche and Genentech Seal the Deal for $46.8 Billion

After months and months of back and forth over the true value of Genentech, Roche finally got the good news it's been looking for: Genentech's board of directors, this morning, approved Roche's latest offer of $46.8 billion ($95 per share) to acquire all shares of the biotech giant.

Merck Takes Unusual Merger Tactic in Schering Deal

The Merck acquisition of Schering-Plough may have surprised few, the approach has raised some eyebrows. Rather than buy the company outright, Merck going through a convoluted reverse merger deal to keep Schering's licensing deals secure. Was it the right move?

Astellas to Nominate Two Directors to CV Therapeutics Board

Astellas's hostile bid takes a new turn as the Japanese company tries to oust remaining CVT board members and replace them with their own.

Genentech and Roche May Be Close to Deal

All signs point to Genentech acquisition.

Specialty Firms Shoot Down Big Money Bids

CV Therapeutics and Genetech rejected offers from big-name suitors. Are they playing hard to get or are they just not that into them?

Stream Power

Convert future revenue into present value with alternative approaches to access capital.

Astellas Takes Another Stab at CV

Astellas bumped its bid for CV Therapeutics to $1 billion, but analysts doubt the offer is high enough to get the biotech's board of directors to sign on the dotted line.

Two Become One: Pfizer Acquires Wyeth

Pfizer hit hard with the surprise purchase of Wyeth. But will the pharma giant strike out in the long run? Analysts ponder the long and short-term ramifications of this monster acquisition.

BMS Tops List of Patent Approvals

Big name patent expirations may be looming, but that's not stopping pharma companies from filing - and getting approved for - dozens of new patents. Pharm Exec looks at which companies are getting the most approvals, and how 2008 compared to previous years.

Alpharma Approves King Purchase

After months of negotiations and veiled threats, Alpharma's board of directors has sealed the deal with King Pharmaceuticals. Alpharma is now $1.6 billion richer, and King gets access to a handful of new pain treatments.

GSK Bolsters Alzheimer's Portfolio with Affiris Deal

Affiris struck a deal with GlaxoSmithKline to develop two Alzheimer's treatments. As part of the agreement, GSK gains a fancy protein technology that could be a boon for future molecules.

Pharma Not as Fazed by Wall Street Turmoil

Analysts report that Big Pharma isn't being hit that hard by the credit crunch due to the large amount of cash many companies have in their coffers for mergers and acquisitions. However, smaller firms looking to be sold may have a hard time holding out for higher offers.

GSK to Work with Valeant on Epilepsy Drug

After a year of layoffs and restructuring, Valeant Pharma scores big with a collaboration deal worth up to $670 million.

Place Your Bets

The industry is a-changing. Here are eight seminal events that describe how.

Genentech Launches Employee Retention Program

Tacked on to Genentech's press statement about its rejection of Roche's offer, the biotech firm announced the formation of a program to address employee concerns.

BMS Bids on ImClone

Whether or not BMS's $4.5 billion offer for ImClone is fair is up in the air, but either way BMS stands to gain chunk of change if its bid is approved.

Roche Makes $44B Offer for Control of Genentech

After years of owning a majority share in Genentech, Roche makes a play to buy out the rest of the biotech firm.

Heparin Maker Acquired by German Firm

Fresenius snagged injectible manufacturer APP Pharmaceuticals in a $3.7 billion cash deal. Along with entry into the US market, Fresenius also gets access to one of the largest suppliers of heparin.

Merck Signs $100M Development Deal with Ranbaxy

In a win-win situation for both companies, Merck gets access to one of the hottest generics firms in the world while Ranbaxy gets a chance to hang with the big boys.

GSK Snags Sirtris for $720M

Small biotech company is creating a buzz with a diabetes drug that incorporates a component found in red wine. Pharm Exec talks to Sirtris CEO Christoph Westphal about the merger and the battle against diseases of aging.

Takeda Picks Up Millennium

Japanese drugmaker buys the cancer-specialist biotech for a whopping $8.8 billion.

Big Deals

Many say licensing is the new R&D. We've rounded up the unions to watch from the third quarter of 2007.

GSK to Pay $1 Billion for Synta Melanoma Drug

In a blockbuster codevelopment deal, GlaxoSmithKline gains rights to an innovative Phase III melanoma drug.

M&A: Panning for Gold

here's a solid case to be made for choosing A. The market for deals has been robust through the first half of 2007. A Cowen research report counted 10 public deals done by July 2007, compared with 14 for all of 2006. Another data source, Irving Levin Associates, cites 455 public and private healthcare deals in the first six months of 2007, a 12 percent decrease from the same period last year—but an 18 percent rise in deal value.

Novartis to Intercell: "Gimme All Your Vax."

But is the pharma-biotech vaccine deal a prelude to a takeover?

Roche to Ventana: "Let's Make A Deal"

...And the spurned suitor won't take "No" for an answer

Actavis Going Private?

The month in deals: Merck KGaA's generics unit goes to Mylan; Genzyme acquires its partner in a key oncology drug; and Amgen makes significant acquisitions in kidney disease and diabetes/inflammatory diseases

A Very Specialty Moment

While the most sought-after opinion leaders are often older, well-established physicians, companies should also be aware of the rising stars. Younger, up-and-coming specialists who are beginning to publish are often more cutting-edge and open to experimental approaches.

Biotech, The Incredible Swelling Industry

New report names 2006 'year of the deal.'

AstraZeneca Serious, 'Not Desperate,' in MedImmune Deal

Pricey merger adds expertise in vaccines, biologics.

Spend Trends 2007: Hang 10

Direct-to-consumer advertising officially becomes a "tweenager" this August—and, oh my, how it has grown. DTC was officially born in 1997 when FDA gave the green light to companies to advertise their drugs to consumers. In the first year, pharmaceutical marketers bounded onto the scene and spent more than $1 billion. Years passed. Debates ensued. Patients learned more about drugs. And, yes, spending grew. The latest available figures for 2006 show that the industry spent $4.8 billion on DTC advertising, a 13 percent increase over 2005 and the second year of double-digit growth.

Deals: Roche Goes Shopping

Back in 2003, Roche resolved a long-standing lawsuit with Igen International by acquiring the company. As part of the deal, Roche acquired a perpetual license to use the Igen technology that gave rise to the lawsuit—electrochemiluminescence (ECL)—in certain applications. Igen's ECL patents, meanwhile, were assigned to a new publicly held spin-off company focusing on biosecurity testing, clinical point-of-care products, and vaccines. In March, Roche announced that it was acquiring the spin-off, Maryland-based BioVeris, for $21.50 per share, or a total of about $600 million.

Finance: Q&A with Annette Grimaldi

The latest dealmaking trends: Early-stage is back in favor. There's more money to be made in being acquired than in going public. And license deals are putting more on the back end.

Pharm Exec Q&A: Japanese Wedding

Just how traditional marriages join a couple together from a common culture, Daiichi and Sankyo are merging based on a sense of having come from the same place, and facing the same future. But the art of integration lies in creating new ways of working that make the marriage bigger than the sum of its parts. Officiating the marriage is John Alexander, MD, head of pharma development for Daiichi Sankyo.

Deal Making: Who's Coming to the Table

Acquired: Intellectual property and technologies related to RNAi, therapeutics for respiratory diseases From: Galenea, Cambridge, MA By: Nastech Pharmaceutical Company, Bothell, WA Terms: Not disclosed

Finance: Promotional Productivity

Lovenox still needs a defense strategy to hold share, but it requires less investment as a specialty product. Instead, Lovenox should throw cash over to Acomplia, the putative future star of the Sanofi-Aventis portfolio.

Seven Principles for Fostering Partnerships

The backbone of the business development process is a series of decision gates with agreed upon decision criteria, and clear expectations for the appropriate levels of research and analysis for each stage in the process.

It's All Academic: Biotechs Looking to Universities

Academic institutions look for a strong committment from the company's senior management, favorable deal terms, market depth in a specific therapeutic area, and alignment with the partner's core strategy.

Successful Alliances: Novartis and Idenix Share the Secrets of Success

When it comes to infectious diseases, biotech start-up Idenix is on a mission: to provide patients with treatments that are more effective, more tolerable, and safer than current standards of care. Though small, the Cambridge, Massachusetts-based company is well poised to become a leader in the global antiretroviral market: It has experienced top management, a strong background in medicinal chemistry and drug discovery, and a pipeline of novel treatments for hepatitis B and C and HIV. Until a couple years ago, all Idenix lacked was a financial backer to help pay the way.

Introduction: Learning Lessons and Looking Ahead

There's more than one way to slice and dice a deal to understand how value is distributed. In doing so, companies may be better able to construct biopartnerships that not only capitalize on the promise offered by a compound today, but minimize them against losses if a drug doesn't succeed through the pipeline.

Considering Intangibles

In order to make the deal work, Argos had to spend a lot of time building the relationship. Taking the time to get to know and trust one another was a key component of Kirin's due diligence process.

An 11-Step Program to Navigating Partnerships

In some cases simply contemplating a potential partnership will lead a company to reconsider some of its basic business strategies. That's fine, as long as everyone is clear on one thing: The important goal isn't to make a partnership. The important goal is to advance the business.

Risks and Rewards: How to Protect the Hand You're Dealt

Poker has become one on the most popular attractions on television and the Internet, right up there with online auctions. And if the two were ever combined—so that players could auction off their hand early in a game, with several rounds of cards remaining to be dealt—bidders might seek advice from folks in pharmaceutical business development. Because that's what we do. When we buy or sell the rights to a compound in development, we are putting a price on a gamble.

Weathering the Storm

BMS' use of investigational toxicology puts it in good stead with FDA, which, under its Critical Path initiative, is pushing for more complete toxicology packages.

Sales Management: Pay-for-Performance

After the merger, Wyeth had dozens of incentive plans for several thousand employees.

Legal Forum: Loss Causation

Plantiffs did not try to establish a link between the purported misconduct and the decline in share price. Rather, their sole allegation was that they had paid artificially inflated prices for Dura securities.

Eisai's New Leadership

I realized that, as president of a pharmaceutical company, I am now a representative of the entire industry. As such, my toughest challenge is listening to and seeing the kind of scrutiny our industry is taking.

Thought Leaders: Playing field in biotech/pharma partnerships levels

In the last four or five years—starting in 2000—biotech companies have been able to fund themselves better and are able to do more late-stage development. As biotech companies look toward the future, they do not just want to be research boutiques for the pharmaceutical industry. As a result, pharma companies are accepting the trend towards co-development partnerships for new drugs.

Patent Attack

Contrary to myth, Paragraph IV certifications are not reserved only for blockbusters or high-volume primary care products. Three products under recent Paragraph IV challenges had sales of less than $50 million.

Bridging the Gap

An effective, high-performing alliance can generate a stronger bottom line outcome.

Small Pharma's big Win

The High Court ruled that Abbott should pay the agreed-on royalty of 5 percent rather than the 2 percent it's been paying. The difference may be worth $392 million

In Sales We Trust

The average salary for all levels of pharmaceutical reps is $62,400 with another $19,300 in cash bonuses, up from a base salary of $53,800 in 2001.