Royalty Pharma drops bid for Elan Corp.
NEW YORK — Royalty Pharma will not buy Irish drug maker Elan Corp., the company said Tuesday.
Royalty said it would withdraw a request for a review by the Irish Takeover Panel after Elan shareholders voted in favor of a share buyback. Elan said last week that it would begin a process of selling itself to Royalty, which had previously offered $13 per share for the company.
Royalty, based in New York, invests in royalty interests in drugs already on the market and undergoing late-stage clinical trials. Its portfolio includes 80% of Memorial Sloan-Kettering Cancer Center’s royalty on Amgen’s Neupogen (filgrastim) and Neulasta (pegfilgrastim), for which it paid $400 million, and the AstraZeneca’s royalties on AbbVie’s drug Humira (adalimumab), which it bought for $700 million.
Study finds double-digit growth in drug store loyalty programs
CINCINNATI — Memberships in drug store loyalty programs have grown by 45% over the past couple years to total more than 140 million, according to a new report.
The 2013 Colloquy Loyalty Census, released Tuesday, found a total of 142.4 million members of drug store loyalty programs, compared with 193.9 members of department store memberships and 360.5 million specialty retail memberships. Department store programs showed the strongest growth at 70%, while specialty retailers’ programs grew by 26%. Supermarket loyalty programs have contracted by 1% to 172.4 million members.
The latest Colloquy Loyalty Census is the fifth, with the most recent being published in 2011. Colloquy is the research arm of LoyaltyOne, a company that designs loyalty programs and performs customer analytics.
"As the economy slowly breathes new life, loyalty programs have gained increased awareness," report author and Colloquy research director Jeff Berry said. "We expect continued growth as increasingly sophisticated programs revitalize engagement with existing members and attract new participants."
Avella joins limited-distribution network for orally administered cancer drug
PHOENIX — Avella Specialty Pharmacy will be included in the limited-distribution network for a cancer drug made by Genentech, Avella said Tuesday.
The specially pharmacy company said it would be included in the network to sell Tarceva (erlotinib), an orally administered drug used to treat non-small cell lung cancer and pancreatic cancer. Genentech will shift distribution of Tarceva to a select group of pharmacies starting July 1 to align its distribution with that of similar cancer drugs.
"Being included in such an elite group of suppliers is a testament to our business model in the oral oncology market," Avella VP of business development Leslie Yendro said. "Manufacturers like Genentech recognize Avella’s ability to serve patients in all 50 states and to provide high-touch patient services and reliable product data to ensure maximum drug effectiveness."