A roundup of company moves and positioning from the pharmaceutical and biotechnology industries and contract service providers.
Mumbai (Aug. 23)— Nicholas Piramal India's board of directors was scheduled to meet Aug. 31 to consider a proposal for restructuring the company's research and development division by de-merging its new chemical entity research unit into a separate entity.
3Irvine, CA (Aug. 16)— Nexgen Pharma India's acquired certain assets of The Chemins Company located in Colorado Springs, Colorado. The acquired assets include 250,000 ft.2 of manufacturing, laboratory, and warehouse, and distribution space.Milford, MA (Aug. 16)— Waters India's acquired Calorimetry Sciences Corporation (CSC), a manufacturer of high-performance calorimeters. The CSC business, with annual sales of approximately $4 million, will be added to Waters's TA Instruments Division, and the transaction is not expected to affect Waters 2007 earnings
Thousand Oaks, CA (Aug. 15)— Amgen announced it would cut 2200–2600 jobs as part of a plan to increase operational efficiencies. The job cuts are the first ever for the company and will result in a 12–14% staff reduction. Amgen's plan also includes closing certain production operations and reducing planned capital expenditures by approximately $1.9 billion during 2007–2008.
Kevin Sharer, Amgen's chairman and chief executive officer, stated, "Recent changes in coverage rules and adjustments to Amgen's FDA-approved labels for 'Epogen' and 'Aranesp' have and will adversely affect Amgen's revenue. The initiatives announced today respond to that new reality by taking account of reduced revenues and appropriately lowering costs across the company."
Amgen expects its initiatives to be completed by 2008 and to generate $1.0–1.3 billion in pretax savings. The cumulative pretax restructuring charges associated with these changes are expected to be $600–700 million in 2007 and 2008, including $289 million for asset impairment and related costs reported in the second quarter of 2008.
Miami (Aug. 15)— Noven Pharmaceuticals completed its previously announced acquisition of JDS Pharmaceuticals. JDS is a specialty pharmaceutical company that currently markets two branded prescription psychiatry products and focuses on products in psychiatry and women's health.
Vienna, VA (Aug. 14)— Cel-Sci entered into an agreement, valued at roughly $15 million, with a biomedical real estate group under which Cel-Sci acquires long-term use of a dedicated manufacturing facility near Baltimore, Maryland for its cancer drug "Multikine." The facility will produce Multikine for Phase III clinical trials and following marketing approval, commercial product.
Paoli, PA (Aug. 13)— Ametek acquired Cameca (Paris), a manufacturer of elemental analysis systems used in advanced laboratory research, semiconductor and nanotechnology applications. Cameca was purchased from an investment group led by the Carlyle Group for approximately EUR 82 million ($112 million). Cameca has estimated annual sales of EUR 60 million ($82 million).
Sydney, Australia (Aug. 9)— Shareholders of the biotechnology company EvoGenix voted in favor of a proposed merger of the company with the Australian biotechnology company Peptech.