Tim Anderson News
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Novartis AG plans to ramp up its research in Alzheimer’s disease, a potential $20 billion market lacking a major contender and littered with three high-profile drug failures in the past year alone.
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Novartis AG’s Head of Development Tim Wright said the collaboration with MorphoSys AG on the BYM338 antibody for diseases that lead to muscle atrophy is one of two projects in mid-stage trials that he’s most excited about.
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Bristol-Myers Squibb Co., pouring resources into new immune system-based cancer drugs, said it also plans to expand development of treatments for congestive heart failure and fibrosis.
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Pfizer Inc., the world’s biggest drugmaker, reduced its 2013 profit forecast after first-quarter sales missed analyst estimates. The shares had their worst one- day loss since August 2011.
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Pfizer Inc., the world’s biggest drugmaker, will analyze over the next eight months whether it will split itself into brand name and generics businesses, Chief Financial Officer Frank D’Amelio said.
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Bristol-Myers Squibb Co. fell the most in more than eight months after slow sales of existing products trumped investors’ interest in new cancer and hepatitis C drugs the company has in development.
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GlaxoSmithKline Plc, the U.K.’s largest drugmaker, said first-quarter profit fell 6 percent after losing revenue from several products it divested.
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GlaxoSmithKline Plc rose to the highest price in 11 years after advisers to the U.S. Food and Drug Administration recommended that experimental treatment Breo Ellipta be approved to treat a lung disorder.
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Novo Nordisk A/S had the biggest drop in almost four years, losing about $14.2 billion of market value, after U.S. regulators rejected its new insulin.
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Bristol-Myers Squibb Co.’s fourth- quarter earnings beat analysts’ estimates after the company took a tax benefit from a hepatitis C drug that failed last year.
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