GSK enters into R&D agreement with Anacor
PALO ALTO, Calif. GlaxoSmithKline and Anacor Pharmaceuticals have entered into an agreement for the discovery, development and commercialization of novel medicines for viral and bacterial diseases.
Under the agreement, Anacor will allow GlaxoSmithKline options to select product candidates developed under the collaboration that are in the range of four to eight product options. Anacor will be responsible for the discovering and development of boron-containing small molecules.
Anacor will have the right to further develop and commercialize products for which GlaxoSmithKline does not exercise its option. It will also receive $22 million in upfront and equity payments from GlaxoSmithKline. They will also be eligible to receive payments of up to $331 million for each product candidate.
“We are pleased that GlaxoSmithKline, an industry leader in the development and commercialization of anti-infective drugs has acknowledged the potential of our boron-based chemistry for systemic applications,” said David Perry, president and chief executive officer of Anacor.
McKesson announces plans to acquire Oncology Therapeutics for $575 million
SAN FRANCISCO McKesson Corp. announced plans Thursday to buy fellow cancer drug distributor Oncology Therapeutics network for $575 million, according to the Associated Press.
Based on IMS health data, McKesson expects annual sales of oncology drugs to double in the next four years to $60 billion. Oncology Therapeutics also distributes drugs for rheumatoid arthritis and hepatitis C, seeing about $3 billion in annual sales.
The acquisition would be McKesson’s second major purchase this year, the first being a $1.1 billion takeover of Per-Se Technologies, a health care administrator. Both purchases indicate an upswing for the company, which in January 2005 had to set aside more than $1 billion to resolve shareholder lawsuits revolving around a $12 billion acquisition of health-services software maker HBO & Co., which revealed only after the sale that it had been highly overvalued.
To help boost its stock price, the Associated Press reported, McKesson unveiled plans to spend an additional $1 billion in buying back its own shares. The company has already burned through $684 million of the $1 billion authorized in an earlier stock repurchase program announced in May.
Pfizer hires two scientists to boost research operations
NEW YORK Pfizer has hired two senior scientists and promoted a third to help rejuvenate its lackluster research operations.
Briggs Morrison, M.D., a senior vice president of research at Merck, Pfizer’s rival, will become chief of clinical development. Corey S. Goodman, M.D., who recently stepped down as chief executive of Renovis, a biotech company, will become the head of a new biotech center based in San Francisco. Martin Mackay, M.D., the former deputy head of research at Pfizer will become chief of global research and development.
The company is trying to establish a new drug pipeline after having a disappointing couple of years in its research and development departments, which saw very few products, hit the market, while Merck saw a boom in product development.