Sun sets on company’s acquisition of Taro
MUMBAI, India Indian generic drug maker Sun Pharmaceutical Industries’ tender offer to acquire Israeli drug maker Taro Pharmaceutical Industries has expired, Sun announced Thursday.
Sun said it plans to renew its offer to buy the company through subsidiary Alkaloida Chemical Co. Exclusive Group, but the offer is subject to an order issued by the Supreme Court of Israel prohibiting its closing until the court resolves litigation against Alkaloida by Taro concerning the application of Israeli laws regulating mergers and acquisitions.
Sun has sought to acquire Taro since June 2008. As of Wednesday, more than 32,000 shares of Taro had been tendered.
Endo’s COO resigns
CHADDS FORD, Pa. The COO of generic drug company Endo Pharmaceuticals has announced her resignation, the company announced Wednesday.
Endo said COO Nancy Wysenski will resign effective Sept. 1 to attend to family matters.
“I thank Nancy Wysenski for her contributions to the successful transition of Endo over the past two years,” CEO David Holveck said in a statement. “She has been instrumental in supporting our strong revenue growth, the diversification of the business and in strengthening our commercial capabilities.”
AstraZeneca, Forest Labs to develop ceftaroline
NEW YORK Two drug companies have announced an agreement to develop a drug for treating drug-resistant bacterial infections.
New York-based Forest Labs and Anglo-Swedish drug maker AstraZeneca said Wednesday that they would work together to develop and commercialize ceftaroline in markets outside the United States, Canada and Japan.
The drug, currently in late-stage clinical trials, is designed to treat complicated skin structure infections and community-acquired bacterial pneumonia caused by bacteria such as methicillin-resistant Staphylococcus aureus and multi-drug resistant Streptococcus pneumoniae. Forest hopes to file an approval application with the Food and Drug Administration by the end of the year, while AstraZeneca hopes to file one for Europe by the end of next year.
Under the terms of the agreement, AstraZeneca will pay Forest a signing fee, royalties from sales and milestone payments and assume responsibility for development, approval and commercialization of ceftaroline in the areas covered by the agreement. Financial terms of the deal were not disclosed.