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September 5, 2008
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CEO of CVS confident in prospects of takeover bid for Longs CVS Caremark CEO Tom Ryan said the company is optimistic that it will get two-thirds of Longs Drug Stores' shareholders to vote in favor of CVS' $2.9 billion acquisition offer despite pressure from some stockholders to ask for a higher bid. The statement came when hedge funds and union-sponsored pension funds are concerned that the offer does not reflect the value of Longs' real-estate assets in Hawaii, Nevada and California. MarketWatch (9/4) Roche to shut down California research lab Roche Holding announced plans to close its 1,000-worker research laboratory in Palo Alto, Calif., as it seeks to take over Genentech. The facility's inflammation-research division will be relocated to Roche's U.S. headquarters in Nutley, N.J. The virology unit is expected to move to Genentech's campus in South San Francisco, Calif., but it would operate independently from the biotech firm. International Herald Tribune/Associated Press (9/5)
FDA orders new warnings on four drugs tied to fungal infection The FDA called for stronger warnings on the labels of Johnson & Johnson's Remicade, Abbott Laboratories' Humira, Amgen and Wyeth's Enbrel and UCB's Cimzia to inform patients about the risk of developing histoplasmosis, a harmful fungal infection. The drugs, also known as tumor necrosis factor blockers, are approved in the U.S. for treating rheumatoid arthritis and Crohn's disease. The drugmakers are cooperating with the FDA for compliance, an agency official said. The Wall Street Journal (subscription required) (9/5) , The New York Times/Associated Press (9/4) Pfizer's bone drug may cause deaths, FDA analysis reports Women who got low doses of Pfizer's Fablyn -- a drug candidate for osteoporosis -- were more likely to die within five years compared with those who received placebo, according to an analysis from FDA staff. Reviewers said the once-daily pill is effective for averting fractures in postmenopausal women with osteoporosis, but they are concerned that patients on Fablyn had more than twice the risk of developing blood clots. A panel independent advisers is scheduled Monday to review the drug's safety. The Washington Post/Reuters (9/4) Report: Most drug-plan marketing tools violate Medicare rules Federal auditors found that approximately 85% of marketing products used by private insurers to promote their prescription-drug plans fail to meet Medicare requirements. The CMS started implementing measures to ensure that marketing materials are consistently evaluated to prevent these violations, Acting Administrator Kerry Weems said. The Wall Street Journal/Associated Press (subscription required) (9/5) Celgene's Amrubican obtains fast-track status from FDA The FDA granted fast-track designation to Celgene's Amrubican, an experimental treatment for small-cell lung cancer after chemotherapy. The expedited review "further validates the considerable scientific data being presented at major medical meetings for this critical disease," a Celgene official said. NJBIZ (New Jersey) (9/4) , RTT News (9/4) CDC reports majority of children are vaccinated A CDC report for 2007 states that 77.4% of children were fully inoculated with recommended vaccines, indicating that vaccination rates have stayed at or are close to record levels. Such data from the agency's annual survey is good news because "this is the age group that historically over the past two decades has been hard to raise immunization levels," a public health expert said. HealthDay News (9/4) BioMS' multiple sclerosis drug gets on FDA's fast track Dirucotide, an experimental treatment for multiple sclerosis from BioMS Medical, received fast-track status from the FDA. The Canadian firm's drug is being tested in late-stage studies for use in secondary progressive MS patients. The Edmonton Journal (Canada) (9/4)
Philanthropists to give $400M more to gene-research institute The Broad Institute of Harvard University and the Massachusetts Institute of Technology, a gene-research center, secured a $400 million endowment from founding donors Eli and Edythe Broad. The permanent endowment allows the center to sustain operations, giving it "the ability to think for the long term," the institute's director said. The Wall Street Journal (subscription required) (9/5) , American City Business Journals/Boston (9/4) Studies: Cancer scientists should explore beyond mutations Studies aimed at discovering cancer drugs should not focus only on specific genetic mutations but also actions of tumor genes linked to cancer growth, researchers said. The recommendation came at a time when drugmakers, particularly biotech firms, concentrate on developing single-target therapies for diseases such as brain and pancreatic cancers. Three studies published this week demonstrate the use of gene-sequencing machines that could help link genetic mutations to specific types of cancers. Bloomberg (9/4) , The Wall Street Journal (subscription required) (9/5) BioCryst unveils data from clinical trial of autoimmune drug BioCryst Pharmaceuticals said BCX-4208, an experimental autoimmune drug, failed to show efficacy in treating patients with moderate to severe psoriasis during a midstage clinical trial. The drug was able to meet its primary safety and tolerability objectives and warrants further development, BioCryst's chief medical officer said. American City Business Journals/Birmingham, Ala. (9/4) , The Birmingham News (Ala.) (9/4) Researchers find earliest cell changes in Down syndrome An extra copy of chromosome 21 triggers the earliest developmental changes that lead to Down syndrome, an international team of scientists reported. They found that the presence of trisomy 21 in genetically engineered mice disrupts the function of a gene called REST, which in turn disturbs other genes that regulate normal growth at the embryonic stem cell stage. The findings could be used to develop molecule-based treatments that could mitigate effects of the condition, a molecular biology professor said. BBC (9/5) |
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