All articles tagged with #sandoz
Sandoz has expanded a nationwide recall of one lot of Cefazolin for Injection after discovering some vials were mislabeled as Penicillin G Potassium, which could pose serious health risks if administered. No adverse events have been reported, but the company is urging healthcare providers and customers to stop using the affected product and return it.
Coherus BioSciences, Inc. has agreed to sell its ophthalmology franchise, including CIMERLI, to Sandoz for $170 million in cash, aligning with its strategic focus on oncology. The divestiture aims to pay down debt, reduce interest costs, and allow the company to concentrate on its core therapeutic area. Coherus' oncology assets include UDENYCA and LOQTORZI, and the transaction is expected to close in the first half of 2024, subject to certain conditions and approvals.
Novartis has completed the spinoff of its generics and biosimilars business, Sandoz, with shares trading at 24 Swiss francs on the SIX Swiss Exchange. The move is part of Novartis' strategy to focus on its patented prescription medicines. Sandoz, now an independent company, aims to deepen its impact on patients and society, with a focus on expanding its generics and biosimilars business, driving sales growth, and increasing profit margins. The company has a pipeline of 25 biologics projects, with plans to launch five more over the next two years. Around half of Sandoz's revenues come from Europe, and it expects significant growth in North America.
CVS Health is teaming up with drugmaker Sandoz to produce a biosimilar version of the arthritis treatment Humira, which will be sold at an 80% lower price than the brand-name drug. This move is part of CVS's new venture into securing and co-producing biosimilar drugs, which are generic versions of complex gene or protein-based therapies. The company aims to strengthen its position in the growing biosimilars market, expected to reach $100 billion in the next six years. CVS is launching a subsidiary called Cordavis to specialize in securing the supply of biosimilar drugs, partnering with Sandoz. The first biosimilar for Humira was approved by the FDA earlier this year, and CVS plans to launch its biosimilar, trademarked Hyromiz, in the first quarter of 2024.