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Sanofi shares plunge after diabetes drug warning
2014-10-28 13:48:29| Biotech - Topix.net
French drug maker Sanofi saw its stock price plunge Tuesday after it reported a slide in quarterly earnings and warned of pricing pressure on its blockbuster diabetes treatment in the U.S. Net profit slipped 2.4 percent in the third quarter as the maker of the Lantus diabetes treatment booked a higher charge for restructuring at its French operations. The drugmaker reported net profit of 1.9 billion euros in the third quarter, down from 1.22 billion euros a year earlier.
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Swiss drug maker Novartis posts strong 3Q profit
2014-10-28 09:58:20| Biotech - Topix.net
Swiss pharmaceutical giant Novartis AG has posted a 45 percent rise in net profit in the third quarter, boosted by strong sales of new products such as Gilenya for multiple sclerosis and the leukemia drug Tasigna. The Basel, Switzerland-based company's reported quarterly net profit was $3.24 billion, up from last year's equivalent of $2.23 billion, which was downwardly adjusted to conform to reporting requirements.
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Medivation lines up cancer drug deal - with an escape
2014-10-25 02:34:46| Biotech - Topix.net
Medivation Inc. broadened its cancer drug portfolio in a low-risk deal with a $5 million upfront payment and an escape hatch. The San Francisco company , which developed the prostate cancer drug Xtandi with Astellas Pharma Inc., said Friday that it licensed exclusive worldwide rights to an immune system-modulating drug from CureTech Ltd. So-called immuno-oncology drugs, including "checkpoint inhibitors" that rev up patients' own immune systems to attack cancer, are a white-hot area of cancer drug development.
UPDATE 1-FDA panel votes to expand use of Vertex cystic fibrosis drug
2014-10-22 07:30:16| Biotech - Topix.net
A U.S. Food and Drug Administration advisory panel on Tuesday voted 13-2 to recommend expanding approval of Vertex Pharmaceuticals Inc's cystic fibrosis drug Kalydeco to include a wider range of patients with the rare lung disease, the company said. The panel of experts said Kalydeco should be approved for patients ages 6 and older with a specific mutation of the R117H gene, of which there are about 500 people in the United States.
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Gilead's $1,000-a-pill hepatitis C drug may make financial sense for prisons
2014-10-21 15:36:50| Biotech - Topix.net
Sovaldi's $1,000-a-pill price has grabbed headlines, but a new study suggests it may actually be cost effective for prison systems. Pricey new hepatitis C drugs, such as Gilead Sciences Inc.'s Sovaldi, may make financial sense to give to give to prisoners, one of the main groups infected with the liver-damaging virus, according to a team of Stanford University researchers.
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