Hello, everyone, and how are you today? A warm, shiny sun is enveloping the serene Pharmalot campus, which is exceedingly quiet, since the official mascots are snoozing on the office furniture and the local water company is drilling elsewhere. We are reveling in the calm by enjoying a few cups of stimulation and, of course, invite you to join us. No prescription is required. Meanwhile, here are some tidbits. Have a smashing day and do stay in touch …
Sanofi filed papers with the US Securities and Exchange Commission to remove and replace each member of the Medivation board with eight independent candidates. The move comes one month after Sanofi made a $9.3 billion offer that Medivation has repeatedly rebuffed. “This has left us no choice,” said Sanofi chief executive Olivier Brandicourt. You can see the list of people he is suggesting for the board right here.
The SEC reviewed Valeant Pharmaceuticals’ accounting practices and criticized certain disclosures as “potentially misleading,” according to newly revealed correspondence between the agency and the drug maker, the Wall Street Journal says. “This correspondence is concerning, as it shows, in our opinion, the SEC’s lack of comfort with and its criticism of Valeant’s reporting,” Wells Fargo analyst David Maris wrote to investors.
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