The departing head of Baxter International Inc.’s medication delivery business will become president and chief operating officer of a New Jersey based maker of orthopedic and neurosurgical devices and instruments. Get the full story »
Filed under: Pharmaceuticals
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Oct. 15, 2010 at 1:45 p.m.
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Filed under: Chicago executives, Personnel moves, Pharmaceuticals Baxter’s Arduini to leave for Integra
Qiagen, Abbott sign contract over HIV, HPV tests
Qiagen NV said Tuesday it will receive kits for a molecular test for HIV-1 in a deal with Abbott Laboratories. Financial details of the deal were not disclosed.
Oct. 12, 2010 at 5:09 p.m.
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Filed under: Chicago executives, Management, Pharmaceuticals Baxter International shakes up senior management
Baxter International Inc. Chief Executive Bob Parkinson shook up his management team, disclosing this afternoon the departure of two senior executives and a plan to combine the company’s renal and medication delivery businesses into a “single global unit.”
The move essentially turns Baxter into a company focused on two divisions: medical products and bioscience treatments. The medical products business will include medication delivery devices such as intravenous systems while the bioscience business will include drugs to treat immune system disorders and blood diseases such as its flagship drug Advate to treat people with hemophilia. Get the full story »
Nanotech developer lands $65 million from Lurie
Technology firm NanoInk, Inc. said it has received $65 million in financing from Chicago investor Ann Lurie’s Lurie Investments.
“This financing provides working capital to continue our commercial activities and support our growing sales base,” said NanoInk chief executive officer James Hussey, a long-time local developer of biotechnology. “This financing also provides an opportunity for the company to convert substantially all of our debt to equity.” Get the full story »
Abbott confirms it will withdraw diet drug Meridia
By Bruce Japsen and Andrew Zajac | Abbott Laboratories said Friday that it would withdraw the diet drug Meridia at the request of the U.S. Food and Drug Administration less than a month after it failed to win over one of the federal agency’s safety advisory panels.
The FDA confirmed the North Chicago-based drug giant’s decision, saying Abbott withdrew the drug because of “clinical trial data indicating an increased risk of heart attack and stroke.” Get the full story »
CVS warns of slower earnings growth in 2011
CVS Caremark Corp. warned that 2011 earnings growth could fall below its long-term goals as it spends money to streamline its pharmacy benefits management business and as fewer generic drugs hit the market.
Shares in the company, which operates drugstores and manages prescription drug plans, fell 3 percent Friday. Get the full story »
Sanofi-Aventis to lay off 1,700 U.S. employees
Sanofi-Aventis SA, the world’s fourth-biggest drugmaker, said Friday it is eliminating 1,700 jobs in its U.S. pharmaceutical business in a restructuring triggered by growing generic competition and other factors. Get the full story »
Tempers frayed in Sanofi bid for Genzyme
Sanofi-Aventis dismissed a claim by bid target Genzyme that it dangled a higher price for the U.S. biotech company, as a trans-Atlantic takeover fight descended into an ill-tempered stand-off Friday.
Genzyme said Thursday that Sanofi’s chief executive floated the possibility of paying as much as $80 per share at a meeting in September before going hostile with a bid worth $69 per Genzyme share, or a total $18.5 billion. Get the full story »
Pfizer recalls musty-smelling Lipitor
Pfizer Inc. said it recalled 191,000 bottles of its top-selling Lipitor cholesterol fighter after reports of a musty odor coming from some bottles of the medicine made by a third-party supplier.
The world’s largest drugmaker said the recall, which took place in mid-August, involved seven lots of 40-milligram Lipitor, as well as three other lots of the medicine supplied to a Canadian generic drugmaker. Five of the seven recalled lots of the branded medicine were in the U.S., with two from Canada, Pfizer said. Get the full story »
FDA seeks more data on J&J pain treatment
U.S. health regulators have requested more data on Johnson & Johnson’s chronic pain treatment before they will approved the product, the company said Monday.
The Food and Drug Administration sent J&J a complete response letter for J&J’s tapentadol extended release tablets. Get the full story »
Sanofi launches hostile $18.5B bid for Genzyme
French drugmaker Sanofi-Aventis launched a hostile bid for Genzyme at $69 per share on Monday, taking its $18.5 billion offer direct to shareholders after Genzyme management refused to negotiate. Get the full story »
FDA warns Walgreens about mouthwash claims
The Food and Drug Administration on Tuesday warned Johnson & Johnson, CVS and Walgreens to stop making “unproven“ claims that their mouthwash products are effective in removing plaque or preventing gum disease.
In a warning letter sent to each company, regulators specifically targeted Johnson & Johnson’s “Listerine Total Care Anticavity Mouthwash“, CVS’s “CVS Complete Care Anticavity Mouthwash“ and Walgreen’s “Walgreen Mouth Rinse Full Action.” Get the full story »
Walgreen shares jump on profits, forecast goals
Shoppers at a Walgreens in Vernon Hills. (Lane Christiansen/Chicago Tribune)
Walgreen Co. fourth-quarter profits were up 8 percent in the company’s fourth quarter on prescription sales but impacted somewhat by a large New York pharmacy acquisition earlier this year.
The Deerfield-based company, which operates more than 8,000 stores across the country, this morning reported profits of $470 million, or 49 cents a share in its fourth-quarter ended Aug. 31. That compares to $436 million, or 44 cents a share, in the company’s fourth quarter of last year.
The earnings report helped boost Walgreens shares up nearly 9 percent, or $2.71 a share, to $33.06 in trading this morning on the New York Stock Exchange. Get the full story »
Sep. 27, 2010 at 1:07 p.m.
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Filed under: Investing, Pharmaceuticals, Retail, Stock activity Analysts predict Walgreen dividend boost
Several analysts say another Walgreen Co. dividend boost may be in the offing. Walgreens, which raised its quarterly dividend 27 percent to 17.5 cents a share in July, may be looking to move closer its long-term dividend payout target of 30 percent to 35 percent net of earnings. Get the full story »
