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Amgen halts 2 blood cancer trials; advocacy groups against AbbVie-Allergan deal

Top news

* Amgen Inc. stopped enrollment in two early-stage clinical trials for two separate multiple myeloma drugs — AMG 397 and AMG 176 — as possible heart damage was identified in patients undergoing the AMG 397 drug study. The trial for the medicine AMG 176 did not indicate any safety signals, said the company.

* Certain advocacy groups and unions wrote to the Federal Trade Commission asking the agency to consider blocking AbbVie Inc.'s $84.2 billion acquisition of Allergan PLC. The groups' concerns, among other things, was that merger would create the fourth-largest drugmaker during a time when there is much political contention over the rising drug prices.

* Executives from the largest pharmaceutical companies, including Bristol-Myers Squibb Co. and AbbVie Inc., gathered in New York City to discuss the state of their business at the Morgan Stanley Global Healthcare Conference, with the spotlight remaining around the iconic mergers being seen this year, S&P Global Market Intelligence reports.

M&A and capital markets

* Karo Pharma AB (publ) completed its acquisition of all the shares of Trimb Holding AB from Avista Capital Holdings LP and other shareholders, for 3.4 billion Swedish kronor.

* A special committee of Eidos Therapeutics Inc.'s board unanimously rejected a nonbinding takeover offer from the company's majority stakeholder BridgeBio Pharma Inc.

* Castle Creek Pharmaceutical Holdings Inc. is acquiring skin disease therapy developer Fibrocell Science Inc. for about $63.3 million in cash.

Drug and product pipeline

* The U.S. Food and Drug Administration approved the expanded use of GlaxoSmithKline PLC medicine Nucala as an add on treatment for children six to 11 years old who have eosinophilic asthma — a severe form of the disease. Nucala is approved in over 20 markets including the U.S. and Europe as an add-on maintenance therapy for patients with severe eosinophilic asthma.

* Roche Holding AG said an under-the-skin injectable form of its investigational breast cancer combination therapy was as effective as its IV version, meeting the main goal of a phase 3 trial. The study evaluated a new fixed-dose combination of Swiss company's approved breast cancer drugs Perjeta and Herceptin, with Halozyme Therapeutics Inc.'s drug delivery technology called Enhanze, and injectable chemotherapy in patients with a type of breast cancer.

* Celgene Corp.'s medicine CC-486 helped improve the survival of patients with acute myeloid leukemia — a hard-to-treat type of blood cancer — who had undergone prior therapy, according to data from a phase 3 trial.

* Aspen Pharmacare Holdings Ltd.'s medicine hydroxyprogesterone caproate was approved by the U.S. FDA for preventing preterm birth in pregnant women, Reuters reported.

* The U.S. FDA approved Ardelyx Inc.'s drug Ibsrela to treat irritable bowel syndrome with constipation in adults.

* Ritter Pharmaceuticals Inc. said its lactose intolerance treatment RP-G28 failed to best placebo in reducing the symptoms of the disorder in a phase 3 trial.

Operational activity

* Cumberland Pharmaceuticals Inc. said it returned the U.S. commercial rights to two cancer drugs, Ethyol and Totect, to Clinigen Group PLC.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng rose 0.98% to 27,352.69, and the Nikkei 225 rose 1.05% to 21,988.29.

In Europe, around midday, the FTSE 100 was down 0.06% to 7,340.47, while the Euronext 100 was up 0.26% to 1,094.53.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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