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Week of Dec. 12, 2011: Baxter International Agrees to Acquire Synovis Life Technologies; Pfizer Elects President and CEO Ian Read as Chairman of Board of Directors; and More
Baxter International has agreed to acquire Synovis Life Technologies, a provider of biological and mechanical products for soft tissue repair used in surgical procedures. As a result of the acquisition, Baxter intends to expand its portfolio of regenerative medicine and its biosurgery franchise. The Synovis board of directors has unanimously approved the transaction and is recommending that its shareholders approve the agreement at an offer price of $28 per share, which equates to $325 million of equity value or approximately $260 million after adjusting for net cash.
Bristol-Myers Squibb (BMS) and Simcere Pharmaceutical Group, a pharmaceutical company in China, have expanded their partnership, formed in 2010, to include a second collaboration in a different therapeutic area. The companies agreed to codevelop BMS-795311, BMS’s preclinical small-molecule inhibitor of the cholesteryl ester transfer protein (CETP). Under the agreement, Simcere will receive exclusive rights to develop and commercialize BMS-795311 in China while BMS will retain exclusive rights in all other markets. The companies will together determine the strategic development plan to explore the potential of BMS-795311 to treat and prevent progression of cardiovascular disease. Simcere will run and fund initial development work.
GE Healthcare and M+W Group, an engineering, construction, and project management company, have formed an alliance aimed at assisting the supply of biopharmaceuticals, especially in emerging nations. The alliance will assist countries worldwide to become self-sufficient in the manufacture of biopharmaceuticals such as vaccines, insulin, and biosimilars. Both companies will offer governments and pharmaceutical companies an integrated, cost-competitive approach for the construction of biopharmaceutical manufacturing plants.
The CRO Quintiles has launched Kun Tuo, a CRO designed to provide services to the Chinese biopharmaceutical industry and multinational biopharmaceutical companies operating in China. Kun Tuo will provide a full range of services, including comprehensive clinical-trial management, regulatory submission preparation, biostatistics, and data management. Kun Tuo and Quintiles will collaborate to develop customized offerings in therapeutic areas, along with vaccines, late-phase studies, medical devices, and diagnostics.
The biopharmaceutical company Receptos, has established a collaboration with Ono Pharmaceutical, an R&D-oriented pharmaceutical company, for the R&D of small-molecule modulators of an undisclosed G‐protein coupled receptor target. Under the agreement, Receptos will use its proprietary technology platform to produce high-resolution protein crystal structures of the discovery target and drive Ono’s structure‐based drug-design efforts. Receptos will receive from Ono an upfront payment, research funding and success payments, including product development milestones based on the progress of the collaboration.
Advanced BioScience Laboratories (ABL), a biomedical contract research and manufacturing organization, has appointed Claire Zhang to lead its downstream bioprocessing group. Zhang will direct development and optimization programs for ABL’s commercial and government GMP manufacturing clients.
Eli Lilly’s board of directors has elected Katherine Baicker as a new member, effective Dec. 12, 2011. As a member of the board, Baicker will serve on the public policy and compliance committee.
Pfizer announced that its board of directors has elected President and CEO Ian Read as chairman of the board, effective immediately. Read succeeds George Lorch as the board’s chairman.