The pharmaceutical and biotech industries have experienced a surge of high-profile acquisitions and mergers in the first few months of the year, marking a notable trend in pharma M&A 2023. From Merck’s $11 billion acquisition of Prometheus Biosciences to Pfizer’s $43 billion purchase of Seagen, these deals highlight a focus on strengthening core assets and…
Senate Finance Committee chair says Abbott, Merck aren’t complying
Senate Finance Committee Chair Ron Wyden (D-Oregon) wrote a letter demanding compliance from Merck and Abbott. The letter demands that Merck and Abbott comply with the Senate Finance Committee’s investigation into the tax practices of Big Pharma. According to a news release from the Senate Finance Committee, the two companies have, to this point, “stonewalled”…
Merck moves forward with Seagen acquisition plans
Executives from Merck & Co. (NYSE:MRK) and Seagen (Nasdaq:SGEN) are reportedly considering a $40 billion acquisition deal. Readington, New Jersey–based Merck has offered to spend about $200 per share for Seagen, according to The Wall Street Journal. Executives from the company aim to finalize the deal before Merck announces its Q2 earnings on July 28, according…
Merck reportedly mulling Seagen acquisition
Approximately one month after Seagen (Nasdaq:SGEN) CEO Clay Siegall resigned following a domestic abuse arrest, Merck & Co. (NYSE:MRK) is considering purchasing the company, according to WSJ. One potential hurdle is the possibility of increased antitrust enforcement from the DOJ and FTC focused on the pharmaceutical sector. To sidestep such risks, the two companies could enter a…
Propecia label gets new warning related to possible suicidal risk
A number of patient advocates, including the Post-Finasteride Syndrome Foundation (PFSF), had petitioned the FDA to remove the anti-baldness drug Propecia (finasteride) from the market. The FDA recently announced that the drug would remain on the market but agreed to revise the label for finasteride to include a notice about reports of suicidal behavior. Merck…
Merck senior exec Frank Clyburn to depart
Merck & Co. (NYSE:MRK) has revealed that Frank Clyburn, executive vice president and president, Human Health, will depart the company on Feb. 1, 2022. At Merck, Clyburn had P&L responsibility for almost 90% of Merck’s business. Clyburn will assume the CEO role at International Flavors & Fragrances (IFF/NYSE:IFF) on Feb. 14. “I’m excited to join…
Generic manufacturers to make cheaper version of Merck’s COVID-19 pill for developing countries
The Medicines Patent Pool (MPP) announced today that it signed agreements with 27 manufacturers to produce Merck’s COVID-19 pill. MPP’s agreements with the generic manufacturing companies cover the manufacturing of the oral COVID-19 antiviral medication molnupiravir, with supply set for 105 low- and middle-income countries (LMICs). The agreements come as a result of the voluntary…
Pfizer bolsters COVID-19 antiviral manufacturing capacity
Although Pfizer (NYSE:PFE) has yet to receive emergency use authorization for its Paxlovid COVID-19 therapy, it plans to manufacture 80 million courses of the drug by the end of 2022. Pfizer had initially planned on making 50 million courses of Paxlovid (PF-07321332/ritonavir) in the same time frame. An interim analysis of the Phase 2/3 EPIC-HR…
Merck KGaA joins SaudiVax to develop halal vaccines and biotherapeutics
Merck KGaA, Darmstadt, Germany, will collaborate with Riyadh, Saudi Arabia-headquartered SaudiVax to design a manufacturing plant to produce biologics and vaccines for the Middle East and North Africa. Merck KGaA will also provide its integrated Contract Development Manufacturing Services as part of the partnership. SaudiVax intends to be the first Saudi company to manufacture halal…
Merck rises on Street-beating Q3
Merck (NYSE:MRK) shares ticked up today on third-quarter results that beat the consensus forecast. The company also announced that it projects its oral COVID-19 antiviral molnupiravir to bring in between $5 billion and $7 billion in revenue next year. MRK shares were up 4.9% at $85.55 per share in early-morning trading today. MassDevice’s MedTech 100…