No More Hostiles for American Home
American Home Products has always kept earnings rising with aggressive marketing and aggressive acquisitions, squeezing costs out of companies it's taken over. But it's now run out of such straightforward solutions: while it will nominally control the AHP/Monsanto combination, chairman Jack Stafford won't be able to dictate the kinds of cost savings AHP's gotten from its other deals. He'll have to share power; maybe even give it up altogether.
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Sanofi's attempt to take over Aventis reflects its own status as takeover material for other companies, particularly after it loses the protection of its current shareholder structure. But it is also convinced that its highly productive R&D organization can make much better use of Aventis' R&D expenditures than Aventis has done. Nonetheless, Sanofi, which has been limited in the past by its Franco-centrism, particularly in the key American market, must use the transaction to transform the company into a far more internationally managed and culturally diverse organization. Indeed, for all the European flavor of this deal, it portends an even greater Americanization of the drug business.
TransEnterix hires Shameze Rampertab as its new CFO and said it expects “modest growth” in Q3 and Q4.
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The latest drug development news and highlights from the Pink Sheet’s US FDA Performance Tracker.