Novartis AG offered to buy the rest of Alcon Inc., the world's largest eye-care company, from Nestle SA and shareholders for a total of $39.3 billion, as Chief Executive Officer Daniel Vasella expands into products for eye surgery. The deal increases Novartis' ownership of Alcon to 77 percent, possibly bringing the company closer to its goal of becoming a global healthcare conglomerate. Novartis also bid to buy out minority shareholders and offered 2.80 Novartis share for each Alcon share.
Nabi signs licensing deal with Glaxo for nicotine vaccine.
Nabi Biopharmaceuticals "has signed a licensing deal" with GlaxoSmithKline "that could produce a huge payday if the anti-smoking drug can be successfully brought to market." Nabi said a unit of Glaxo "has agreed to pay $40 million initially for the exclusive worldwide licensing rights to the drug, called NicVax [nicotine conjugate vaccine]."
According to a published report, Nabi could receive over $500 million in option fees and regulatory, development and sales milestones and is running one late-stage clinical study of NicVax and plans to start another one.
Bristol-Myers splits from nutrition company to focus on biotech drugs.
Bristol-Myers Squibb Co. will split off its 83 percent stake in Mead Johnson Nutrition Co., the maker of Enfamil infant formula, to focus on biotechnology medicines." Bristol-Meyers said about "a third" of its "drugs in development are biotechnology compounds. Bristol CEO "James M. Cornelius has been selling assets to raise money for acquisitions and cutting jobs to lower costs by $2.5 billion by 2012, when the blood-thinner Plavix [clopidogrel bisulfate] faces generic competition."
Abbott buys potential chronic pain drug for up to $190 million.
Abbott Laboratories is reportedly buying a potential chronic pain drug from PanGenetics BV for as much as $190 million." Abbott "said the drug is in early-stage clinical testing as a treatment for pain cause by arthritis," and could be tested "against chronic lower back pain, cancer pain, and diabetic nerve pain." PanGenetics "will receive $170 million upfront from Abbott, and $20 million in milestone payments if the drug advances through development. Although the drug, called PG110, is "still in early human clinical trials, Abbott executives say they expect to one day launch the drug in both injected form and an intravenous formulation."
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