Ventana gives Roche access to its non-public financial information
TUCSON, Ariz. Ventana and Roche have signed a confidentiality agreement that gives Roche access to Ventana’s non-public information and allows it to begin the due diligence process, in which all of Ventana’s financial information can be reviewed in detail.
For months, Roche has been making offers to acquire Ventana, in hopes of expanding its oncology division with Ventana products so that it will have a leg up on its competition. Ventana has repeatedly rebuffed Roche’s offer of $75 per share, considering it at best woefully insufficient, especially since shares of Ventana for months have been worth over $80.
Ventana went on to say that the offer was “grossly inadequate and not an appropriate starting point for negotiations,” but hopes that access to its books will enable Roche to “better understand the company’s business prospects and the inherent value in companion diagnostics.”
Cephalon submits application to FDA for supplemental uses of Fentora
FRAZER, Pa. Cephalon has submitted a supplemental application to the Food and Drug Administration to market its cancer drug Fentora as a “breakthrough pain” drug that would treat chronic pain conditions that could include lower back and neuropathic pain, according to the Philadelphia Business Journal.
Breakthrough pain is characterized as pain that is rapid on its onset and moderate-to-severe in intensity and relatively short in duration. If the application is approved, Fentora would also be indicated for breakthrough pain in chronic pain conditions experienced by opiod-tolerant patients.
In September, the FDA and Cephalon issued warnings to patients and doctors alerting them of the potential fatal risk factors associated with improper use of Fentora in such cases as patients using them to treat migraines or other types of short-term pain. Cephalon is also working with the FDA to update the package insert of the drug to include revised patient selection criteria and dosing instructions.
Reverse-payment bill held up in Congress by pharmaceutical lobbying
WASHINGTON Legislation aimed at speeding up the availability of cheaper generic drugs has stalled in Congress due to major lobbying by the drug industry, according to the Associated Press.
The Senate bill would ban most reverse payments, which occur when a brand-name company pays a generic manufacturer to delay the introduction of a drug.
An Associated Press review of lobbying reports, from July 1, 2006, through June 30, 2007, found that $38.8 million was spent by at least a dozen generic and brand-name companies and their trade associations on issues including the Senate legislation.
More than half of those expenses were piled up by the Pharmaceutical Research & Manufacturers of America, which represents brand-name drug companies. PhRMA spent $19.5 million in the 12-month period ended June 30 on in-house lobbying expenses, an increase of about $3 million over the previous 12-month period.
And the Generic Pharmaceutical Association reported lobbying expenses of around $420,000 for the first six months of this year. The remaining $19 million was spent by a variety of drug companies, including Bayer, Schering-Plough, Pfizer and Teva Pharmaceuticals.
“Lobbyists have a lot of influence in Washington,” said the bill’s sponsor, Sen. Herb Kohl, D-Wis., who chairs the Senate Judiciary subcommittee on antitrust, competition policy and consumer rights. “If we can just get this to a vote, it will be pretty hard for people to vote against it. A vote against this is a vote against consumers.”