All articles tagged with #business pharmaceuticals
Originally Published 1 year ago — by Bloomberg
Zoetis Inc. experienced a significant drop in its stock value following a news report raising safety concerns about the company's arthritis drugs for animals, leading to the biggest intraday decline in 17 months and positioning it as one of the worst performers in the S&P 500 Index on Friday.
Originally Published 1 year ago — by CNBC
Novo Nordisk's shares surged 8% to a record high after reporting positive early trial data for its experimental weight loss drug amycretin, showing a 13.1% weight loss in participants after 12 weeks, surpassing the results of its popular obesity drug Wegovy. The company's stock has risen over 27% this year due to high demand for its anti-obesity drugs. Additionally, late-stage trial results for Ozempic demonstrated its potential to reduce the risk of kidney disease progression and death, further strengthening Novo's position in the pharmaceutical market. Meanwhile, American rival Eli Lilly's shares dipped 0.6% in premarket trading in response to the news.
Originally Published 1 year ago — by CNBC
Gilead Sciences has agreed to acquire CymaBay Therapeutics for $4.3 billion, gaining access to an experimental liver disease treatment, seladelpar, with potential blockbuster sales. The deal comes as Gilead seeks growth beyond its core HIV business and follows setbacks in clinical trials for other drugs. The acquisition is expected to complement Gilead's portfolio of liver disease treatments and is anticipated to be neutral to Gilead's earnings in 2025.
Originally Published 1 year ago — by CNBC
Bristol Myers Squibb reported fourth-quarter earnings and revenue that exceeded expectations, driven by strong sales growth of new drugs such as Reblozyl and Opdualag. The company's revenue increased by 1% to $11.48 billion, with higher sales of Eliquis and Opdivo contributing to the growth. While its profit shrank from the prior year, Bristol Myers issued a positive full-year 2024 forecast, expecting higher than anticipated earnings and low single-digit revenue growth. The company's blockbuster drug Revlimid saw a decline in sales, but overall, the performance of new and existing drugs helped offset this decrease.
Originally Published 1 year ago — by CNBC
Merck reported fourth-quarter revenue and adjusted earnings that beat expectations, driven by strong sales of its cancer drug Keytruda and HPV vaccine Gardasil. The company posted a net loss due to charges related to a deal with Daiichi Sankyo. Merck also issued its full-year 2024 guidance, which was generally in line with expectations, and announced a new restructuring program. Sales of Keytruda and Gardasil saw significant growth, while sales of its Covid antiviral pill Lagevrio and Type 2 diabetes treatment Januvia declined.
Originally Published 2 years ago — by The Wall Street Journal
Novartis has decided to step back from its pursuit of Cytokinetics, a South San Francisco-based heart-drug developer, after reportedly being close to a purchase agreement. The Swiss drug giant had been pursuing the biotech for several months, but backed away in the past day or two, casting doubt on the prospects of a deal.
Originally Published 2 years ago — by Endpoints News
Novartis is reportedly in talks to acquire Cytokinetics, with the potential deal expected to be finalized by the end of the week, following Cytokinetics' release of positive Phase III data for its heart disease program, aficamten, which has sparked M&A speculation and caused Cytokinetics' stock to surge nearly 15%.
Originally Published 2 years ago — by The Wall Street Journal
Novartis is in advanced talks to acquire Cytokinetics, a South San Francisco-based biotech company known for its promising heart drug, in a deal that could be completed as soon as this week. The acquisition reflects the trend of big pharmaceutical companies acquiring fast-growing biotechs to bolster their pipelines, and Cytokinetics, with a market value of over $10 billion, has been running a sale process. However, it's possible that another suitor could emerge or that no deal will materialize.