OR WAIT 15 SECS
BASF, Bayer, NovaDel, Parexel, Schering
Drug developmentcompany Avanir Pharmaceuticals (SanDiego,CA, www.avanir.com)entered into a definitive agreement with specialty pharmaceuticalcompany Alamo Pharmaceuticals, LLC(Beverly Hills, www.alamopharma.com)to purchase the company. The closing is subject to the assumption ofdebt by the principal shareholder and certain other provisions. Alamo currently markets "FazaClo" (clozapine, USP), the only orallydisintegrating formulation of clozapine for the management of severelyill schizophrenic patients.
BASFAktiengesellschaft (Ludwigshafen,Germany, www.basf.com)signed a definitive agreement with EngelhardCorporation (Iselin, NJ, www.engelhard.com).According to the agreement, Engelhard will recommend that Engelhardshareholders tender their shares to BASF in exchange for $39 per sharein cash and will withdraw its $45 per share self-tender offer forapproximately 20% of the company?s shares. BASF?s $39 per shareall-cash offer for all of the issued and outstanding shares ofEngelhard's common stock is scheduled to expire at midnight EST on June5, 2006.
Bayer(Leverkusen, Germany, www.bayer.com)amended its takeover bid for ScheringAG (Germany, www.schering.de)and waived the offer condition in section 6.1.6?which makes the offerconditional upon no official orders being issued that would prohibit,prevent, or delay the offer?of the offer document. The acceptanceperiod is automatically extended until midnight CEST on June 14, 2006.
Vaccine developer Bio-Bridge Science,Inc. (Oakbrook, IL) completed the construction of a new GMPresearch and manufacturing facility in Beijing, China. Thefacility will provide a research and production environment for thecompany's vaccine products as well as preclinical and clinical trials.The facility includes a 2200-m
area where research andproduction will takeplace. The research area consists of an 815-m
clean airsurface area, which includes a 100,000 purity-grade clean airenvironment and a 10,000 purity-gradeclean air environment. There will also be several 100 purity-gradeclean air environments within the 10,000 purity-grade area.
BiogenIdec (Cambridge, MA, www.biogenidec.com)and Fumapharm AG (Lucerne,Switzerland, www.fumapharm.ch)signed a definitive agreement for the acquisitionof Fumapharm by Biogen Idec.The transaction, which has been approved by both companies' boards of directors, is expected toclose within the next two months. BiogenIdec will acquire all issued and outstanding shares of Fumapharm'scapital stock and will manufacture and sell psoriasis treatment"Fumaderm" in Germany. Financial terms of the transaction were notdisclosed.
NovaDelPharma Inc. (Flemington,NJ, www.novadel.com)announcedthat the US Food and Drug Administration accepted thecompany's submission of its new drug application for "NitroMist" as acomplete response. As previously announced, on June 1, 2005, FDArequested that NovaDel provide additional manufacturing processvalidation data. NovaDel submitted the materials to the FDA on May 3,2006. FDA has indicated a target of early November 2006for action on the submission. NitroMist is NovaDel's nitroglycerinlingual aerosol drug candidate for acute relief of an attack or acuteprophylaxis of angina pectoris caused by coronary artery disease.
A federal districtcourt in Midland, Texas ruled on May 26 that compounded preparationsare not new, unapproved drugs. The ruling is a setback for the US Foodand Drug Administration's (Rockville, MD, www.fda.gov) efforts toregulate drug compounding
AbraxisBioScience, Inc. (Los Angeles, CA, www.abraxis.com) named its executive committee and sevenofficers to its executive management team: Richard E. Maroun as chiefadministrative officer; Thomas H.Silberg as executive vice-president of commercial operationsand operational excellence; John F.Weidenbruch as general counsel and assistant corporate secretary; Bruce Wendel as executivevice-president of corporate development; and Ronald E. Pauli as interim chieffinancial officer. Frank Harmon,as announced in a separate release, joined the company as executivevice-president of global operations. NicoleS. Williams,who has served as chief financial officer and president of the AbraxisPharmaceutical Products division, will retire to pursueother opportunities. Carlo Montagnercontinues as president of Abraxis Oncology. These seven executives willform the executive committee of Abraxis BioScience.
Neurobiological Technologies, Inc. (Emeryville,CA www.ntii.com) appointed David C. Chou, PhD, to the positionof director of chemistry, manufacturing, and controls (CMC). Chou hasmore than 20 years of experience in the pharmaceutical and qualitymanagement disciplines and led several projects from research anddevelopment tocommercialization. Most recently, he was senior director of CMC atPharmaEngine in Taipei, Taiwan.
DouglasA. Batt was named seniorvice-president and general counsel of ParexelInternational Corporation (Boston, MA, www.parexel.com), a leading global biopharmaceuticalservices organization. In this role, Batt will oversee thecompany's worldwide corporate legal responsibilities and corporategovernance matters.