Dr. Reddy’s completes acquisition of U.S. penicillin facility, products from GSK
HYDERABAD, India — Dr. Reddy’s Labs will assume ownership of a penicillin manufacturing site in Bristol, Tenn., from GlaxoSmithKline.
The generic drug maker said it completed the acquisition of the facility and related product portfolio, including Augmentin and Amoxil brands. GSK will retain the existing rights for the aforementioned brands outside the United States.
Further financial terms and conditions of the transaction are not being disclosed.
Biodel elects new board chairman
DANBURY, Conn. — A biopharmaceutical company that specializes in diabetes treatments has appointed a new board chairman.
Biodel said that effective immediately, Brian Pereira, who has served on the drug maker’s board since 2007, will become chairman. Current chairman Charles Sanders, who served as chairman since March 2010 after joining the board in August 2006, will continue to serve as a board member, Biodel said.
"I thank the board for their confidence in me as Biodel makes important steps forward in its development program," Pereira said. "I join the board in thanking Sanders for his guidance and leadership."
Report: FDA scientist charged with insider trading
WASHINGTON — One could say that a job with the Food and Drug Administration would be the perfect way to get information about upcoming drug approvals and use it to profit handsomely from buying stock in the companies that manufacture the drugs before the information reaches the public.
Of course, the Securities and Exchange Commission would consider that illegal insider trading, as one FDA scientist recently discovered.
According to The Wall Street Journal, the SEC charged FDA chemist Liang Chengyi with insider trading on 19 publicly traded companies. The SEC alleged that Liang, an FDA employee since 1996, used confidential information about drug approvals to trade on stocks before it was officially announced, making more than $3.6 million in profits.