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Wednesday evening, billionaire investor Carl Icahn said he believed that Imclone Systems Inc., a biopharmaceutical company in which Icahn has 11% stake, was worth more than $36 a share if it was run by competent people, including competent high-level management supervised by a competent Board of Directors.
A Philadelphia jury found Wednesday that Wyeth's Prempro hormone-therapy drug was a significant cause of breast cancer in a 66-year-old woman and awarded $1.5 million in compensatory damages.
It looks like Millennium Pharmaceuticals Inc. remains the favored bidder of a Canadian biotech, despite signs from Genzyme Corp. that it is poised to raise its bid. AnorMed Inc. of Vancouver, BC announced on Thursday that Cambridge, Mass.-based Genzyme has proposed raising its offer for the company from $8.55 per share to more than $12 per share, surpassing Millennium's $515 million bid.
The Supreme Court Wednesday tackled the first of two patent cases it will hear this term that could make it easier for companies to challenge patents in court.
GlaxoSmithKline PLC, the world's second-biggest drugmaker, recalled Paxil CR antidepressants last month because the pills may have lacked an active ingredient, and didn't warn patients.
A federal jury in Louisiana has ruled that Merck "properly disclosed data" about its painkiller Vioxx and was not liable for the heart attack a Kentucky man suffered in 2003 after taking the drug for four months, Merck said.
The FDA in the past 18 months has approved most new active drug ingredients after only one review, but those under standard review require a second go-around far more often than those under priority review, according to a report by Barnett International on U.S. drug approval trends.
President Bush signed legislation Oct. 4 legalizing limited importation of prescription drugs from Canada, but a policy reversal by a federal agency could lead to even broader use of the practice.
Millipore Corporation, a leading provider of products and services that improve productivity in the laboratory and in biopharmaceutical manufacturing, announced the opening of a new $50 million research and development center in Bedford, Massachusetts.