Division of AstraZeneca PLC
Latest From MedImmune Vaccines
In assessing the sixteen biotechs making their public debuts over the past six months, investors clearly favor companies specializing in development, not discovery. What's more, investors especially prefer those development firms with late-stage products, lots of cash, and possibly even a sizable out-licensing deal.
Recent news that long-term hormone-replacement therapy was doing more harm than good slashed Wyeth's valuation by 25%-$15 billion-overnight, even though the company maintains there was "nothing shocking" in the study. Hormones had been its top-selling product franchise. It's another hard knock for a company that only just settled a nationwide class-action suit, to the tune of $13.2 billion, over anti-obesity drugs fen-phen and Redux. Wyeth has also had well-publicized troubles with manufacturing. But Wyeth is stronger than it was just a few years ago, partly because acquisitions boosted research productivity but also because it learned from hardship. The company is quicker to face up to problems and deal with them. It's also more aware of the ramifications of developing biological drugs, especially in terms of production. Wyeth should be able to continue growing without resorting to M&A, if it can learn to be as active in prosperity as it has learned to be through adversity.
In Vivo presents another installment of our quarterly review of dealmaking--in this case October to Decemeber 2001. Our data come from Windhover's Strategic Transactions Database. We include medical device financings by deal type; diagnostic financings by industry segment; pharma and biotech alliances by therapeutic category and industry segment; pharma and biotech financings by market segment, and pharma and biotech M&A.
The once clear distinction between discovery-based biotechs and specialty in-licensing companies is dissolving, as emphasis increases on ability to deliver margins and growth. Cephalon's acquisition of France's Group Lafon, for example, gives Cephalon--for a steep price--a foothold in one of Europe's largest markets, sales and marketing infrastructure, and the opportunity to capture hefty royalties that Cephalon has been paying to Lafon for rights to a key product.
- Therapeutic Areas
- Infectious & Viral Diseases
- North America
- Parent & Subsidiaries
- AstraZeneca PLC
- Senior Management
C. Boyd Clarke, Chmn., Pres. & CEO
Fred Kurland, SVP, CFO
Rayasam Prasad, SVP, Tech. Affairs
Eric J Patzer, PhD, VP, Dev.
Harry Greenberg, MD, SVP, R&D & CSO
David M Wonnacott, PhD, VP, Reg. Affairs
Edward J Arcuri, PhD, SVP, COO
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