Deals Of The Week Searches For Meaning In Deal Break-Ups
Amid a dearth of private-sector deals, we review some of this year’s break-ups, take a closer look at the Leukemia & Lymphoma Society’s deal-making strategy and highlight two deals from the U.K.’s Cancer Research Technology, as well as a licensing pact between Adimab and Alector.
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A day after announcing the abrupt resignation of CEO Jeremy Levin, Teva’s management emphasized that the company’s current strategy would continue, including plans for dealing with ongoing pressures from Copaxone’s loss of exclusivity, and under-performance of the European generics businesses. Teva hoped to persuade rattled investors of its steady road to growth.
Teva and Lonza agree to dissolve their four-year-old biosimilars joint venture, created at a time when the biosimilars opportunity seemed huge, if vague. In an otherwise slow deal-making week, next-generation antibody platform company Adimab forged two transforming deals with GSK and Biogen, while Kolltan and the Children’s Hospital of Philadelphia plunged into neuroblastoma.
Disappointing Phase III results have pushed AstraZeneca to end yet another partnership, leaving Rigel in a tough spot as the biotech considers how to move forward now that its largest partner has jumped ship.