Drugs
SUGEN, Inc. has completed the sale of its 5% stake in Selectide Corporation to Marion Merrell Dow, Inc. for approximately $3 million. This transaction resulted in net proceeds of approximately $1.5 million to SUGEN after repurchasing 300,760 shares of its common stock from Selectide for approximately $1.43
Drugs
Genentech, Inc. has announced that the International Trade Commission (ITC) has voted not to review the ruling by its Administrative Law Judge that Genentech's case against Novo-Nordisk and Bio-Technology General Corporation (BTG) be dismissed. The ITC took no position on the ITC Judge's findings that certain
Pharmaceutical industry
Eli Lilly and Company has extended its offer to acquire all outstanding shares of common stock of McKesson Corporation until November 21, 1994. The move follows the original offer announced on July 11, 1994. As part of the acquisition, Lilly expects to distribute shares of a newly formed McKesson corporation
Drugs
Genentech, Inc. has denied any wrongdoing in regards to the Food and Drug Administration (FDA) probe of its marketing practices, calling reports "old news." The company has been cooperating with the FDA for months and has discussed the investigation publicly. Genentech's president and CEO, G. Kirk
Pharmaceutical industry
Somatix Therapy Corporation and Baxter Healthcare Corporation have established two agreements for the development and clinical evaluation of gene therapies for chronic granulomatous disease (CGD) and a new cellular therapy. The CGD project involves replacing the defective gene in white blood cells using proprietary stem cell selection and cell culture
Pharmaceutical industry
Canada's biotechnology industry is facing a cash crisis, with several key players struggling to remain afloat. According to a report by Yorkton Securities Inc., two of the country's top biotech companies, Cangene Corp. and Imutec Corp., have slipped into what is known as the "danger
Pharmaceutical industry
As Canada's fledgling biotechnology business enters a crucial phase of development, industry leaders are pinning their hopes on the success of a single company that can serve as a model for others to follow. According to Steven Burrill, a consultant and co-author of Ernst & Young's
Drugs
Data presented at the American Academy of Ophthalmology meeting in San Francisco showed that BetaKine, a therapeutic agent developed by Celtrix Pharmaceuticals, demonstrated significant efficacy in treating patients with macular holes, a retinal condition that causes loss of central vision. The study, conducted at the Bascom Palmer Eye Institute and
Drugs
Ixsys, a leader in molecular design, has announced that it has received an exclusive license from Hoechst Japan Ltd. for rights to a family of monoclonal antibodies, including all forms of MRK-16 and MRK-17, which reverse the resistance of tumor cells to chemotherapy. This license allows Ixsys to develop a
