Dow Jones Newswires | Abbott Laboratories’ rheumatoid arthritis
treatment Humira will replace Pfizer Inc.’s cholesterol-fighting
Lipitor as the world’s biggest-selling drug in 2016, but Pfizer will
still be the biggest seller of medicines after the pharma industry
experiences its looming drug patent expiry “cliff”, according to a
report published Monday by EvaluatePharma.
Filed under: Health care
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Abbott’s Humira world’s biggest drug by 2016
Goldstein named UofC Medical Center board chair
By Bruce Japsen | Chicago investment firm executive Rodney L. Goldstein has been appointed chairman of the University of Chicago Medical Center Board of Trustees. His appointment takes effect June 3, when the U. of C. board is expected to confirm his appointment. Goldstein, who is currently vice chairman, will succeed James Crown, who will conclude his term as interim chair.
Mead Johnson 1Q profit up 21% on strong sales
Dow Jones Newswires | Mead Johnson Nutrition Co.’s first-quarter profit rose 21 percent,
beating expectations, on strong sales from emerging markets as business
in developed markets remained stable.
“China business continues to be the largest contributor to our revenue
growth,” said Chief Executive Stephen Golsby. “It was just one of 10
major markets in Asia and Latin America to report double-digit gains,
demonstrating the broad-based success of our growth strategy.”
Wellcare overbilled Illinois Medicaid for 3 years
By Bruce Japsen | A
private insurance company that manages health benefits for the Illinois
Medicaid health insurance program for the poor will repay state coffers
about $1 million after the plan overbilled the state for a three-year
period.
Wellcare Health Plans Inc., the largest Medicaid HMO operating in
Illinois, said a “calculation error resulted in a minimum overstatement
of capitation expense,” the Tampa, Fla.-based health insurance company
said. The overbilling amounted to about 0.2 percent of the premium
amount for the period July 2006 through June 2009, Wellcare said.
Actos diabetes drug to go generic in 2 years
By Bruce Japsen |
The top-selling brand-name diabetes drug, Actos, will be available in
generic form in two years under a settlement reached by Deerfield-based
Takeda Pharmaceuticals North America Inc. and several makers of generic
drugs trying to bring a cheaper version to U.S. consumers.
COBRA subsidy extended through May
From the Problem Solver: The IRS has announced that it will extend a subsidy to the recently unemployed covered by COBRA through May 31.
Eligible individuals pay only 35 percent of their COBRA premiums with the remaining 65 percent reimbursed to the coverage provider through a tax credit. This subsidy expired March 31.
Get the full story: The Problem Solver.
April 27, 2010 at 11:16 a.m.
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Filed under: Chicago executives, Health care, Investing, Private equity Zell an investor in Cellular Dynamics
From the Milwaukee Journal-Sentinel | Madison-based Cellular Dynamics, the company created by stem cell pioneer James Thompson, confirmed on Tuesday it has raised $40.6 million of private equity funding. The round was led by Tactics II Stem Cell Ventures, with Sam Zell’s Equity Group Investments LLC and Sixth Floor Investors LP participating in the round. This brings the total amount of money raised by the company to $70 million.
Get the full story: jsonline.com.
Hospira profits dip without year-ago tax benefit
By Bruce Japsen | Hospira Inc. said today profits dropped 14 percent in the first quarter
of this year thanks largely to an unusual gain the company had from a
tax settlement in the same period a year ago.
The Lake Forest-based maker of medication delivery devices and generic
injectable drugs reported profits of $141.7 million, or 84 cents,
compared to $165.5 million, or $1.03 in the quarter a year before. Sales
rose 17 percent to $1 billion on improved sales of injectables, such as
the intravenous sedation treatment Precedex.
Huron rebrands health consulting business
By Bruce Japsen | Chicago-based
Huron Consulting Group said its Wellspring Partners and Stockamp
businesses will come under a new “unified brand” to be called
“Wellspring+Stockamp.”
Buffalo Grove internist to lead doctors’ group
By Bruce Japsen | Dr. Steven Malkin of Buffalo Grove was installed this past weekend as
president of the Illinois State Medical Society during its 2010 annual
meeting, the doctors group said this afternoon.
Dr. Malkin is an internist and member of the Medical Care Group in
Arlington Heights. He serves on the medical staffs of Alexian Brothers
Medical Center and Northwest Community Hospital.
His term as president runs until April of next year. In his role, he
will be the primary spokesman for policy initiative of the Illinois
State Medical Society, which represents 12,000 physicians in the state.
April 23, 2010 at 11:31 a.m.
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Filed under: Corporate governance, Earnings, Economy, Health care Abbott shareholders nix governance proposals
By Wailin Wong | Abbott Laboratories shareholders voted down two proposals seeking
greater participation in corporate governance issues at the North
Chicago company’s annual meeting.
A “say on pay” proposal, which would have allowed shareholders to hold a
yearly advisory vote about senior executive compensation, was defeated
after garnering 41 percent approval, according to a preliminary tally. A
second proposal that would have given shareholders owning more than 10
percent of common stock the ability to convene a special meeting was
also defeated after reaching just 38 percent approval.
University of Chicago to sell dialysis centers
By Bruce Japsen |
The University of Chicago Medical Center said this evening it will sell three off-site dialysis centers and its home dialysis program for an undisclosed amount to Da Vita, Inc., a large national provider of kidney dialysis services.
The deal will close on Aug. 1, the South Side academic medical center and the Denver-based dialysis services firm said in a press release.
April 21, 2010 at 9:41 a.m.
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Filed under: Airlines, Earnings, Health care, Manufacturing Boeing profit off 15%, amid health care charge
By Julie Johnsson | President Obama’s recently enacted health care legislation took its toll on Boeing Co. earnings as the Chicago-based aerospace company reported a $150 million non-cash charge, or $0.20 per share, for a future tax benefit that it will lose as a result of the new law.
The charge contributed to a 15 percent drop in Boeing’s net income of $519 million, or $0.70 per share, compared to prior-year results. Revenues at the Chicago aerospace company fell 8 percent to $15.2 billion as it delivered fewer airplanes to customers than in early 2009: 108 versus 121.
Hospira to buy Javelin Pharmaceuticals for $145M
From Reuters | Hospira Inc. said Monday that it will buy specialty drugmaker Javelin Pharmaceuticals Inc. for $145 million in cash. The deal will expand the medical suppliers’ pain management offerings.
Read the full story: Reuters.com
