FDA approves new form of Lamisil
WASHINGTON Novartis has received approval from the Food and Drug Administration to market a new oral form of Lamisil, which is used to treat people age 4 years and older with ringworm of the scalp.
Three to four million people in the U.S. who suffer the condition are under the age of 10, according to Novartis. The new Lamisil Oral Granules are meant to be taken once daily for six weeks.
The granules are expected to hit the markets starting in January.
McKesson announces plans to acquire Oncology Therapeutics for $575 million
SAN FRANCISCO McKesson Corp. announced plans Thursday to buy fellow cancer drug distributor Oncology Therapeutics network for $575 million, according to the Associated Press.
Based on IMS health data, McKesson expects annual sales of oncology drugs to double in the next four years to $60 billion. Oncology Therapeutics also distributes drugs for rheumatoid arthritis and hepatitis C, seeing about $3 billion in annual sales.
The acquisition would be McKesson’s second major purchase this year, the first being a $1.1 billion takeover of Per-Se Technologies, a health care administrator. Both purchases indicate an upswing for the company, which in January 2005 had to set aside more than $1 billion to resolve shareholder lawsuits revolving around a $12 billion acquisition of health-services software maker HBO & Co., which revealed only after the sale that it had been highly overvalued.
To help boost its stock price, the Associated Press reported, McKesson unveiled plans to spend an additional $1 billion in buying back its own shares. The company has already burned through $684 million of the $1 billion authorized in an earlier stock repurchase program announced in May.
Pfizer hires two scientists to boost research operations
NEW YORK Pfizer has hired two senior scientists and promoted a third to help rejuvenate its lackluster research operations.
Briggs Morrison, M.D., a senior vice president of research at Merck, Pfizer’s rival, will become chief of clinical development. Corey S. Goodman, M.D., who recently stepped down as chief executive of Renovis, a biotech company, will become the head of a new biotech center based in San Francisco. Martin Mackay, M.D., the former deputy head of research at Pfizer will become chief of global research and development.
The company is trying to establish a new drug pipeline after having a disappointing couple of years in its research and development departments, which saw very few products, hit the market, while Merck saw a boom in product development.