News

Genzyme’s Campath gets fast-track designation from FDA

BY Allison Cerra

CAMBRIDGE, Mass. The Food and Drug Administration has agreed to speed up the review of a Genzyme drug in late-stage development as a treatment for multiple sclerosis, the drug maker said Monday.

The FDA gave fast-track designation to Campath (alemtuzumab), in phase 3 clinical trials as a treatment for patients with relapsing-remitting MS who have not taken therapies before and for those who have had active MS while taking other therapies. The FDA’s fast-track program is designed to expedite review of drugs for serious illnesses that the agency views as having potential to address unmet medical needs. The drug already has FDA approval as a treatment for leukemia.

“We are extremely pleased that our alemtuzumab development program has been assigned fast-track status and look forward to working closely with the FDA to expedite the program’s review process,” Genzyme CEO Henri Termeer said. “Alemtuzumab is a potentially transformative therapy for the treatment of multiple sclerosis and an important part of our future.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?
News

Stock repurchase program at CVS Caremark approved

BY Allison Cerra

WOONSOCKET, R.I. CVS Caremark has announced that its board of directors has approved a new share repurchase program for up to $2 billion of its outstanding common stock.

The share repurchase authorization expires at the end of 2011 and permits the company to effect the repurchases from time to time through a combination of open market repurchases, privately negotiated transactions, accelerated share repurchase transactions and/or other derivative transactions.

The company also stated that during second quarter 2010 it repurchased approximately 16.7 million shares of common stock for approximately $613 million, completing the $2 billion repurchase program authorized in November 2009.

Dave Denton, EVP and CFO of CVS Caremark, stated, “We’re very pleased with the board’s approval of this new share repurchase program and believe it reflects well-placed confidence in the future growth of CVS Caremark’s business and an ongoing commitment to increase shareholder value. We’re very focused on the efficient allocation of capital and we will continue to invest in internal projects that meet our return hurdles and use the rest of our remaining free cash flow to increase shareholder value.”

Denton continued, “Over the next five years, we expect to generate significantly more free cash flow than what we’ve generated in the past five years, and we expect to use the majority of that free cash flow in the near-term to enhance shareholder returns through dividends and share repurchases. We intend to continue to review our dividend annually and do share repurchases that are value enhancing.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?
News

Bartell launches contest in line with anniversary celebration

BY Alaric DeArment

SEATTLE As it gears up to celebrate its 120th anniversary this year, Bartell Drugs is launching a “Magical History Tour” contest at its stores, the regional retail pharmacy chain said Monday.

Bartell, the oldest operating retail pharmacy chain in the country, is collaborating with HistoryLink.org and The Seattle Times’ “Newspapers in Education” program. The contest will focus on facts about the history of the Puget Sound area, the section of Washington state that includes the area around Seattle and King, Snohomish and Pierce counties.

Through Aug. 23, a new clue will be released each Monday at HistoryLink.org/Bart and in the Monday edition of The Seattle Times. “Bart,” Bartell’s historic delivery truck character, will provide clues to historical sites in the Puget Sound area where answers can be found. Contestants submitting weekly answers will be entered into drawings for prizes, which will include a family pass to Seattle’s Woodland Park Zoo.

“This fun activity is both an opportunity to learn something about our area and a way of getting the family out and about this summer in an enjoyable way,” Bartell chairman and CEO George Bartell said.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?