Healthcare Business: GlaxoSmithKline Sells 17 Brands to Prestige, Depomed Steals Alexza Exec
ImmunoGen (NASDAQ:IMGN) announces Eli Lilly (NYSE:LLY) will pay an upfront fee of $20 million and royalty payments that could sum up to $200 million for licenses. Using ImmunoGen’s (NASDAQ:IMGN) technology to develop cancer therapeutics is behind the fees and royalties.
GlaxoSmithKline (NYSE:GSK) is selling 17 over-the-counter drug brands. The brands include a number of pain relief and sleep aid products, and are being sold to Prestige Brands (NYSE:PBH) for $660 million in cash. Prestige, which beat out a large number of P-E firms to acquire the brands, says it will finance its purchases by issuing new debt. The transactions are expected to close in the first half of 2012.
Don’t Miss: New York Leads November Gains in Payrolls.
Alexza Pharmaceuticals (NASDAQ:ALXA) shares move down premarket. Senior VP and CFO August Moretti, was stolen from Alexa by Depomed (NASDAQ:DEPO) and the shakeup at Alexza comes ahead of a possible sale of the firm.
Salix Pharmaceuticals (NASDAQ:SLXP) and Progenics (NASDAQ:PGNX) report highly statistically significant positive results of the Phase 3 of oral methylnaltrexone. The chemical is used for the treatment of opioid-induced constipation in subjects with chronic, non-cancer pain.
Mylan (NASDAQ:MYL) says one of its subsidiaries has received approval for three antiretroviral therapies. The therapies are used to treat HIV/AIDS under the World Health Organization’s Prequalification of Medicines Program.
Investing Insights: Simon & Schuster: E-Books 17% of Total 2011 Revenue.