Ranbaxy reports Q1
GURGAON, India — First-quarter consolidated sales for generic drug maker Ranbaxy Labs totaled $736 million, the company reported last week.
The company said the quarter’s sales marked a 55% increase over the year-ago period, when sales totaled $474 million. U.S. sales for the company totaled $416 million, up from $170 million in first quarter 2011. Ranbaxy attributed its sales boost to the launch of generic Lipitor (atorvastatin), as well as sales of generic Caduet (amlodipine and atorvastatin).
"The focus on key products and markets, while maintaining emphasis on further strengthening quality and compliance standards has had a positive impact on the performance of Ranbaxy during the quarter," Ranbaxy managing director and CEO Arun Sawhney said. "The company is working towards creating a sustainable, profitable, growing business in the long run with differentiated, branded generics business at its base."
GSK to buy up research and development company
LONDON — GlaxoSmithKline is acquiring the remainder of a privately owned research and development company, GSK said Tuesday.
The British drug maker announced that it would buy the shares of Cellzome it doesn’t already own for $99 million. Cellzome has labs in the United Kingdom and Germany, and will become part of GSK’s research and development organization. The company, of which GSK currently owns 19.98%, develops technologies for profiling compounds in cells and patient samples.
"The acquisition of Cellzome adds significantly to our scientific capabilities and capacity to characterize drug targets, and provides the opportunity to further enhance GSK’s ability to bring medicines to patients in a more effective manner," GSK SVP platform and technology science John Baldoni said.
AstraZeneca CEO David Brennan to step down
LONDON — The head of drug maker AstraZeneca will retire next month, the company said.
The Anglo-Swedish drug manufacturer announced the planned retirement of CEO and board member David Brennan, effective June 1.
Executive director and CFO Simon Lowth will act as interim CEO following Brennan’s departure, until a new CEO can be found, while VP group finance Julie Brown will become interim CFO.
"After more than six years as chief executive officer of this great company, I have decided that now is the right time to step down and allow a new leader to take the reins," Brennan said. "The board’s decision to appoint Simon Lowth as interim chief executive officer has my full support, and I am confident that AstraZeneca will continue to have a positive impact on the lives of patients around the world and, by doing so, will deliver real value to our shareholders."
In addition, Leif Johansson will succeed Louis Schweitzer as nonexecutive chairman starting June 1, three months earlier than previously announced, and has become chairman of the nomination and governance committee.