Abbott purchases healthcare solutions provider
ABBOTT PARK, Ill. Abbott aims to become the top drug maker in India with the purchase of the healthcare solutions business of the Piramal Group, Abbott said Friday.
Abbott will pay $2.12 billion upfront, plus $1.6 billion over the next four years, spaced out in annual $400 million installments. The drug maker, based near Chicago, said it expected the acquisition of Piramal’s portfolio of branded generics to push up its sales in that country to more than $2.5 billion a year by 2020.
“This strategic action will advance Abbott into the leading market position in India, one of the world’s most attractive and rapidly growing markets,” Abbott CEO Miles White said. “Our strong position in branded generics and growing presence in emerging markets is part of our ongoing diversified pharmaceutical strategy, complementing our market-leading proprietary pharmaceutical offerings and pipeline in developed markets.”
Asda to sell cancer drugs on ‘not-for-profit’ basis
LEEDS, U.K. A retailer in the United Kingdom said Thursday it would become the first to sell cancer drugs to customers at cost.
Asda, one of the country’s largest retailers and a division of Walmart, said it would sell the drugs on a “not-for-profit” basis. For example, AstraZeneca’s lung cancer drug Iressa (gefitinib) will sell for $3,112.73, compared with prices ranging from more than $3,734.92 to $4,671.97 at other retailers, based on present currency exchange rates.
“The crippling cost of paying privately for cancer treatments has forced many people to spend their savings or even re-mortgage their house to pay for these essential drugs,” Asda superintendent pharmacist John Evans said. “We are the first retailer to recognize this injustice and to do something about it, and we are calling on other retailers to follow our lead.”
Salix receives patent for IBS treatment
RALEIGH, N.C. The U.S. Patent and Trademark Office has issued a patent to Salix Pharmaceuticals for a drug to treat irritable bowel syndrome, Salix said Thursday.
The patent, 7,718,608, will protect the drug Xifaxan (rifaximin) until August 2019. Salix is producing and marketing the drug under license from Cedars-Sinai Medical Center.
“The issuance of the ‘608 patent is yet another example of how we have strengthened the intellectual property protection for rifaximin over the past 18 months,” Salix CEO Carolyn Logan said. “We view patent protection as an essential component of our product life-cycle management strategy to protect the indications in development as well as the products in our portfolio.”
Salix’s announcement comes the day after Soligenix received a patent for beclomethasone dipropionate, also for IBS.