Good morning, everyone, and how are you today? We are just fine, thank you, especially since the short person has recovered and made the dash to the local schoolhouse on time. The official mascots, meanwhile, are again happily snoozing, and we are enjoying another cup of stimulation. The neurons need some help more often than not. As for you, here are some tidbits to help you along. Hope your day goes well and do stay in touch …
Three Pfizer executives will still receive $1 million cash awards tied to the failed merger with Allergan, even though the deal was terminated, Bloomberg News tells us. John Young, group president of global established pharma business, and Mikael Dolsten, president of global R&D, were granted retention awards. And Albert Bourla, who was just promoted to head of global innovative pharma business, is also getting a $1 million reward.
Valeant Pharmaceuticals won a commitment from most of its lenders to amend terms of its debt, according to the Wall Street Journal. Meanwhile, Bill Ackman, whose Pershing Square Holdings has a big stake in the drug maker and who has a seat on the board, says financial statements are on track to be filed with regulators by the end of the month and a new chief executive will be named in weeks, not months, Reuters reports.
Dr. Reddy’s Laboratories chairman Satish Reddy told an Indian Board of Trade meeting that tough enforcement by the US Food and Drug Administration is hurting exports, the Economic Times writes. “When it comes to the issue of exports to the US, it has to do more with regulatory actions, which the FDA has had on leading Indian companies which has affected exports.”
Johnson & Johnson may face a bigger tab than expected to settle more than 46,000 product liability lawsuits filed over its pelvic mesh products, according to Bloomberg News. The health care giant has not disclosed how much has been set aside, due to confidentiality agreements, but a recent $5 million settlement may offer some clues into the cost. And judges in New Jersey and West Virginia are pressing the company to resolve the litigation.
Shire says that its planned purchase of Baxalta will proceed despite new US Treasury rules designed to curb tax inversions, Pharma Times tells us.
A federal judge in Philadelphia dismissed more than 300 lawsuits that attempted to link Pfizer’s Zoloft antidepressant to heart defects in newborns, Bloomberg News writes.
Raptor Pharmaceutical, which develops drugs for treating orphan diseases, is holding talks with investment banks about exploring a possible sale, according to Reuters.
Eli Lilly is investing about $40 million to build a new manufacturing facility at its site in Cork, Ireland, and begin operations early next year, the Irish Times writes.
Sun Pharmaceuticals has confirmed it will close a Ranbaxy Laboratories facility in Ireland by the end of the year, according to InPharma Technologist.