Dive Brief Bausch + Lomb is seeking to raise almost $2 billion to fund the planned acquisition of Xiidra eye drops from Novartis. The eye health company struck a deal in June to buy the dry eye disease treatment Xiidra and other assets for $1.75 billion upfront, and followed up by agreeing to pay Johnson & Johnson $107 million for a line of eye and contact lens drops. It has the cash to fund the J&J deal but needs to arrange financing to close the larger acquisition of the Novartis assets. Fitch Ratings, in a note to investors, said the Xiidra deal will boost Bausch + Lomb’s ophthalmic pharmaceutical market presence while the company’s R&D efforts help drive revenue growth and support margins longer term. Dive Insight Bausch + Lomb, which split from parent company Bausch Health last year, has identified two ways to strengthen its balance sheet ahead of ...
The US Federal Trade Commission (FTC) has requested more information and documentary material regarding Pfizer’s proposed $43bn acquisition of Seagen. The second request is a standard review procedure by which the FTC and the Antitrust Division of the US Department of Justice investigate mergers and acquisitions. If a second request is submitted, the law forbids merging companies from completing a transaction until they have substantially complied with the additional investigatory request. The Pfizer/Seagen agreement, which was originally announced in March this year, would mark a significant boost to the US pharma’s oncology pipeline. At the time of the announcement, Pfizer’s oncology portfolio included 24 approved drugs, while Seagen’s included Adcetris for lymphomas, Padcev for bladder cancers, Tivdak for cervical cancer, and Tukysa for breast and colorectal cancers. The deal would also grant Pfizer access to Seagen’s drug development pipeline as well as its proprietary ...
Republican lawmakers, state attorneys general and several advocacy groups have voiced their support for Illumina’s acquisition of cancer-test developer Grail while the Federal Trade Commission fights to unwind the deal. The groups filed 14 amicus briefs Monday urging the U.S. 5th Circuit Court of Appeals to reverse an FTC order that would have Illumina undo the $7.1 billion Grail deal over concerns that it stifles competition. Last week, the San Diego-based DNA-sequencing company appealed the agency’s ruling. Proponents of the deal argued in the court filings that the FTC overstepped its authority in trying to unwind the tie-up that closed nearly two years ago. They added that blocking the companies from merging could harm the development of life-saving technology. “Unaccountable federal agency power undermines liberty, and overzealous, unfair agency enforcement impedes technological advancements benefitting citizens’ wellbeing,” attorneys general from 12 states said in one of the briefs. Those states are ...
Bayer recently laid out its ambition to achieve $10 billion in sales from its oncology business by 2030 and become a top 10 cancer drug player. To get there, the company is looking outside for a “midsize acquisition,” Bayer’s oncology chief Christine Roth said.Right now, Bayer’s Nubeqa leads the charge in the company’s oncology department, with its sales projected to peak at more than 3 billion euros. In addition, the company’s acquisitions of Vividion Therapeutics, BlueRock Therapeutics and Noria Therapeutics in recent years have bolstered its research capabilities. “We’ve done a lot of activity to fill our early pipeline,” Roth said in an interview with Fierce Pharma on the sidelines of the American Society of Clinical Oncology’s 2023 annual meeting. “But if we want to achieve that top 10 spot in the next four to six years, it’s going to take the right midsize acquisition to get there.” Roth agreed ...
Dive Brief Boston Scientific has canceled a planned $230 million acquisition of a majority stake in M.I.Tech, a Korean manufacturer of non-vascular stents. The U.S. Federal Trade Commission (FTC) shared news of the cancelation, claiming that Boston Scientific took the action in response to investigations by its staff and overseas enforcement partners. Boston Scientific, which is reportedly considering a $10 billion takeover of cardiovascular device maker ShockWave, agreed to buy a 64% stake in M.I.Tech in June and originally expected to close the deal in the second half of 2022. Dive Insight M.I.Tech is a publicly traded Korean manufacturer of medical devices for endoscopic and urologic procedures, including a line of non-vascular, self-expanding metal stents that Boston Scientific has distributed in Japan since 2015. At the time of the agreement, Boston Scientific framed the products as complementary to its portfolio, and the deal as a way to help M.I.Tech expand ...
Pfizer plans to raise $31 billion through a debt offering to fund its proposed acquisition of cancer drug maker Seagen, for what would be its largest takeover since 2009, according to a new filing with the Securities and Exchange Commission. Pfizer expects to complete the $43 billion Seagen buyout later this year or in early 2024. The debt offering is expected to close Friday, according to a prospectus supplement New York-based Pfizer filed with the SEC late Tuesday. The pharma giant’s debt offering would be the biggest since CVS Health sold $40 billion of bonds in 2018 to finance its acquisition of health insurer Aetna. Pfizer’s move comes as other corporations including Apple, T-Mobile and Merck rush to tap the U.S. bond market ahead of a potential spike in borrowing costs sparked by the debt ceiling standoff. Pfizer’s stock price dropped slightly on Wednesday. The company said it will secure ...
Quest Diagnostics is boosting its capabilities in cancer, paying $300 million to acquire a Johns Hopkins University spinout whose technology identifies cancer cells in order to guide treatment decisions. The Secaucus, New Jersey-based diagnostics giant on Thursday announced the cash acquisition of Haystack Oncology. The Baltimore-based startup is part of a growing area in cancer testing called liquid biopsies, tests that detect cancer by finding circulating tumor DNA in a patient’s blood sample. Grail and Guardant Health are among the companies that market tests that detect early signs of cancer, enabling clinicians to intervene sooner. Haystack’s focus is minimal residual disease—detecting cancer cells that remain following initial treatment with surgery or a drug. Test results help clinicians assess how well the initial treatment worked and whether additional treatment, called an adjuvant, is necessary to kill any lingering cancer cells. That’s important because additional treatment, often a chemotherapy, introduces a wide ...
Fujifilm Corporation’s planned $1.63 billion acquisition of Hitachi’s diagnostic imaging business has been put on hold in the midst of the ongoing COVID-19 pandemic. The Japanese healthcare giants, which began discussing the deal back in December, were aiming to complete the acquisition some time in July. Fujifilm, however, now says that “delays in some of the preparations” brought on by the spread of the virus have changed the completion schedule and that both parties will need more time to hammer out and finalize the details. “Due to the spread of CIVD19 globally, preparations for regulatory laws related to matters and clearance for anti-monopoly have been delayed. Government offices, legal offices and others impacted by lock downs and stay at home measures have slowed these activities,” Dave Wilson, director of communications for Hitachi Healthcare Americas, told HCB News. Fujifilm has delayed a planned acquisition of Hitachi’s diagnostic imaging-related business due to the ...
The first quarter of 2018 was light on mergers and acquisitions compared to previous quarters, but those that did crop up were significant, including major companies like Fitbit, Allscripts, Roche, and Johnson & Johnson.
Celgene Corporation (NASDAQ:CELG) today announced that it has completed the acquisition of Juno Therapeutics, Inc. As a result, the common stock of Juno will no longer be listed for trading on the NASDAQ Global Select Market.
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