Here are Monday’s top stories:
Pfizer’s (NYSE:PFE) animal-health division Zoetis files for an initial public offering through which the former intends to divest an investment of up to 20 percent in the latter, which brought $4.2 billion in revenue in 2011; the unit employs more than 9,000 employees.
Elan Corporation, plc (NYSE:ELN) will spin off its loss-generating Neotope drug-discovery business into a separate publicly traded company. The move should help to make Elan immediately profitable, and in addition might ignite chatter that it would then be a more attractive buyout target for Biogen IDEC Inc. (NASDAQ:BIIB), which is Elan’s partner for its Tysabri multiple sclerosis drug.
Sanofi-aventis (NYSE:SNY) wins FDA approval for Auvi-Q, which is indicated for the emergency treatment of people who suffer severe allergic reactions, such as to insect bites and nuts. The medication is an auto-injector “that talks users through each step” of the process. Sanofi has licensed the rights in North America from Intelliject, which holds commercialization rights for the rest of the world.
Teva Pharmaceutical Industries Limited (NASDAQ:TEVA) announces that the FDA has accepted for filing its New Drug Application for Quartette, which is the first ascending-dose, extended regimen oral contraceptive. The submission was based on its successful clinical development program which comprised results from Phase I, Phase II, and Phase III trials designed to study the drug’s safety and efficacy.
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