Roche to acquire InterMune for $8.3 billion
BASEL, Switzerland — Biotech company Roche will be acquiring research and pharmaceutical company InterMune for $8.3 billion, it announced over the weekend. In the acquisition, Roche will be paying $74 per share of InterMune, which is a 36% premium over the company’s Aug. 22 closing price.
Roche plans to make an offer on the company by Aug. 29, at which point InterMune’s board will recommend that shareholders transfer their shares in the company to Roche.
With the acquisition, Roche is hoping to expand its development and research of treatment for lung diseases. InterMiune’s idiopathic pulmonary fibrosis treatment, Pirfenidone, received designation as a breakthrough therapy from the Food and Drug Administration in July, and a final approval or rejection will be given in November.
“We are very pleased that we reached this agreement with InterMune. Our offer provides significant value to InterMune’s shareholders and this acquisition will complement Roche’s strengths in pulmonary therapy,” Roche CEO Severin Schwan said. “We look forward to welcoming InterMune employees into the Roche Group and to making a difference for patients with idiopathic pulmonary fibrosis, a devastating disease.”
After the acquisition takes place, InterMune employees will be transitioned to Roche’s organization, in anticipation of the launch of Pirfenidone.
“This merger recognizes the significant value created by our team’s commitment, hard work and execution for more than a decade to develop and commercialize treatment options for IPF patients and their families,” InterMune President Dan Welch said. “Roche shares our passion and commitment to the IPF community and to ensuring that pirfenidone is available as quickly as possible to patients in the United States, pending FDA approval. Roche’s global resources and scale will not only facilitate and accelerate our ability to deliver pirfenidone to more patients around the world, but also to realize our joint vision to bring additional innovative therapies to patients with respiratory diseases.”
NACDS’ Steve Anderson co-authors op-ed on pharmacist provider status
BOSTON — With the National Association of Chain Drug Stores Total Store Expo currently underway in Boston, the Boston Globe published an op-ed in its opinion section, Podium, which was co-authored by Steven Anderson, president and CEO of NACDS and Michael Malloy, PharmD and dean of the MCPHS University School of Pharmacy – Worcester/Manchester.
The piece focuses on proposed legislation that would allow pharmacists to help patients in underserved communities receive quality are, also while helping to reduce healthcare costs. Excerpts from the op-ed are below, and the full text can be viewed here:
“Proposed bipartisan legislation in the US House of Representatives — H.R. 4190 — would increase accessibility to affordable health care services for Medicare beneficiaries who are in medically underserved communities. The law would allow pharmacists under Medicare Part B to provide medically underserved communities with services that pharmacists are currently permitted to administer according to state law.
“This would not only begin to improve the health of people in medically underserved communities, it would help reduce the health care costs that burden our communities, businesses, and government by better managing chronic health issues that, if not managed closely, can lead to repeated hospital admissions or catastrophic situations.
“There are currently more than 4,000 licensed pharmacists in Massachusetts working in neighborhood pharmacies across the Commonwealth. The enactment of H.R. 4190 would allow these qualified health care professionals to get to work for medically underserved communities in Massachusetts and perform for Medicare patients important services such as vaccination screening and delivery, chronic disease management, medication therapy management, and preventive screenings such as testing of glucose, blood pressure, and cholesterol levels.
“A July Internet survey of likely voters who are informed and engaged when it comes to current events found that 79 percent of respondents favor the legislation — including 36 percent who strongly favor it. The survey, conducted by Public Opinion Strategies and commissioned by the National Association of Chain Drug Stores, also found tremendous bipartisan support, with 85 percent of Democrats and 76 percent of Republicans supporting it. This reflects the bill’s current co-sponsorship, with 50 Democrats and 44 Republicans cosponsoring it in the US House of Representatives.”
Mallinckrodt adds to executive leadership team
DUBLIN — Mallinckrodt last week announced that Gary Phillips, MD, currently the company's senior vice president and chief strategy office, has been named senior vice president and president of the company's autoimmune and rare disease business. The company also announced that Ray Furey, previously a senior vice president and chief compliance officer at Questcor Pharmaceuticals, was named senior vice president and the chief compliance officer at Mallinckrodt.
Phillips will take responsibility for the Acthar franchise and all of its sales, support and service initiatives. Furey's relationship will include reporting to the Mallinckrodt board of directors. Both will serve on the company's executive committee and will report directly to Mark Trudeau, the company's CEO.
“I look forward to working closely with Gary and Ray as we create a diversified, high-growth specialty pharmaceuticals company, with significantly increased scale, revenues, profitability and cash flow,” said Mark Trudeau, president and CEO of Mallinckrodt. “Since joining Mallinckrodt last year, Gary has brought focus to our growth strategy and energized our BD&L activities. Gary was one of the key architects of the Questcor transaction, and we are confident that he will achieve strong revenue and profit growth as we successfully expand the business into new indications. Ray is joining our team after more than two decades in the pharmaceutical industry. He has tremendous expertise and direct experience in compliance at leading global pharmaceutical companies. We are looking forward to having him as part of the Executive Committee and to the strong contributions he will provide to our expanded business.”
A search is underway for the chief strategy officer position, the company stated.