Deals Of The Week: Can Endo Succeed By Copying The Valeant Model?
Executive Summary
NuPathe and its migraine patch product Zecuity are the latest acquisition by Endo since former Valeant executive Rajiv De Silva moved into the chief executive’s office – will he succeed in bringing his former company’s model to the specialty firm? Plus, Valeant made its own news during the week, while AstraZeneca bought out Bristol’s share of their diabetes joint venture, and more.
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Teva Wins Bidding For NuPathe And Its Migraine Patch, Topping Endo
Teva will be responsible for launching the Zecuity migraine patch after acquiring NuPathe for $144 million upfront. Teva’s $3.65 per share offer for NuPathe trumps Endo’s $2.85 per share, or $105 million, offer.
AZ Doubles Down On Diabetes, Buys Out Bristol’s Share in Alliance
AstraZeneca will acquire all of Bristol’s interests in their current diabetes alliance. In doing so, AZ believes its geographic reach and scale in assets and capabilities position it to succeed, while Bristol retreats from diabetes to focus on specialty biologics, notably its PD-1 franchise.
Merck Bets Big On Oncology In New R&D Strategy
The big pharma will establish a new oncology unit focused on bringing its anti-PD-1 immunotherapy MK-3475 to market as part of a massive R&D overhaul aimed at lowering costs while driving innovation. Merck isn’t one of the industry’s leading oncology players and may not have as much R&D expertise in the area as rivals, but it might not ultimately matter – as long as MK-3475 gets to market.