Biogen’s lack of buyer interest triggers stock price dive
CAMBRIDGE, Mass. Biogen has reported that after two months of looking for a potential buyer, it has turned up no serious offers, which led to a 27 percent drop in the company’s shares, according to the Wall Street Journal.
Biogen said in a statement that it “did not receive any definitive offers to purchase the company” and would abandon exploration of a sale. Within a few minutes of the announcement, Biogen lost nine months of increasing business by buyout rumors.
Pharmaceutical firms may have been discouraged by Biogen’s high price—its market value had grown to $25 billion after the company announced its intention to sell. Last month, Sanofi-Aventis’ chief executive called Biogen’s price “a little high.”
Biogen has three main drugs on the market—Avonex and Tysabri for multiple sclerosis and Rituxan for cancer and rheumatoid arthritis. Some analysts said uncertainties about the future of the drugs were too great for buyers. Tysabri has been linked to a rare brain disorder, prompting close regulatory scrutiny.
The stock price fell from $75.88 to $55.50 on the Nasdaq Stock Market.
FDA grants Mylan tentative approval for generic Lamictal
PITTSBURGH, Pa. Mylan Pharmaceuticals has received tentative approval from the Food and Drug Administration for a generic version of Lamictal.
Lamictal, by GlaxoSmithKline is used to treat epilepsy and bipolar I disorder. The generic version, lamotrigine, will be available in 25 mg, 100 mg, 150 mg and 200 mg tablet strengths.
The drug had sales of about $1.97 billion for the 12 months ended Sept. 30, 2007.
NoMoreClipboard.com, ReliefInsite.com partner to offer online pain management module
FORT WAYNE, Ind. NoMoreClipboard.com and ReliefInsite.com have teamed up to ease pain management for patients, practitioners and caregivers. The two have incorporated a free pain management module into the NoMoreClipBoard.com interface.
NoMoreClipboard.com, an online personal health record company, works with health care providers and industry groups to simplify transactions between patients, providers and payors, saving each party significant time and effort. Within NoMoreClipboard.com, patients or caregivers can store information such as allergies, medications and medical conditions in a secure environment. The patient can then choose to share their records with selected health care providers, and NoMoreClipboard.com takes care of securely transferring the record to physicians on behalf of the patient. ReliefInsite.com is a health care information technology company that provides secure online pain management services.
The ReliefInsite.com pain management module within NoMoreClipboard.com allows patients to share their daily pain diary with doctors, nurses, therapists, family members and friends. In addition, ReliefInsite.com offers dynamic, real-time graphical reports to help improve patient compliance, and assists case managers by monitoring therapy effectiveness with time-stamped records, revealing the interaction between pain levels and the patient’s personal and professional lifestyle.
“NoMoreClipboard.com allows patients to store and manage health information and share it with their health care providers, easily and seamlessly,” said Jeff Donnell, NoMoreClipboard.com vice president of marketing. “The ReliefInsite pain management module makes our personal health record even more valuable for the 50 million Americans who currently suffer from chronic pain.”