Ligand completes acquisition of Pharmacopeia
SAN DIEGO Ligand Pharmaceuticals has completed its acquisition of Pharmacopeia, Ligand announced Tuesday.
The San Diego-based Ligand announced its intention to acquire Cranbury, N.J.-based Pharmacopeia on Sept. 24. Ligand paid $9.3 million in cash and issued 18 million shares of its common stock to Pharmacopeia shareholders for the acquisition.
“We are excited about Ligand?s future and are encouraged by the positive reaction we have received to this transaction from investors in both companies,” Ligand chief executive officer John Higgins said in a statement.
As part of the acquisition, Ligand laid off 28 percent of Pharmacopeia’s work force, effective Jan. 2.
European Commission approves marketing of Celgene drug
BOUDRY, Switzerland The European Commission has approved the marketing of a cancer drug by Celgene International Sarl, the Swiss biotech company announced Tuesday.
The company described Vidaza (azacitidine) as the first epigenetic cancer therapy to significantly extend survival for patients with intermediate-2 and higher-risk myelodysplastic syndromes and acute myeloid leukemia.
“The European Commission approval of Vidaza is recognition of the significant survival benefited afforded by this therapy for critical hematological malignancies,” Celgene Europe president Philippe Van Holle.
“We will now begin working with local regulatory authorities on a country-by-country basis for reimbursement and distribution for all European Union member states.”
Teva chief confident bill on follow-on biologics to appear in Congress
NEW YORK The chief executive officer of Teva North America is confident that a bill to create a regulatory pathway for follow-on biologics will appear in Congress next year, according to published reports.
Bill Marth, chief executive of Teva Pharmaceutical Industries? North America division, told Reuters Tuesday that there was a “very good chance” that Congress would introduce a bill to allow follow-on biologics, also known as biosimilars, in 2009.
Several large drug makers have already announced plans to create biosimilar divisions, including Merck & Co., Eli Lilly & Co. and AstraZeneca, which announced its own plan earlier this week.