BIO 2013 Monday Roundup: Bayer, Orphan Drug Pricing, Avalon/GSK
This article was originally published in The Pink Sheet Daily
Our survey of news from the first day of BIO 2013 includes a look at Bayer’s business development plans, Avalon Ventures’ tie-up with GlaxoSmithKline, and news from panel discussions on orphan drugs, venture philanthropy and Russia.
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It’s all change at two of Europe’s largest pharmaceutical concerns as leading light Daniel Vasella retires at Novartis and Bayer Healthcare’s chairman Jorg Reinhardt moves across to replace him as non-executive chairman.
The pharma pledges $50 million to the California firm’s new seventh round, which it anticipates closing more than eight years after its sixth. For GSK, it’s the latest tie-up with a VC firm as part of a regional investment strategy.