Pharmalot… Pharmalittle… Catching Up
Make a commentBy Ed Silverman // January 22nd, 2008 // 4:44 pm
Another busy day here in the nation’s medicine chest. Here are a few stray items that have come to our attention…
A famed punk rocker claims his life has been ruined by addiction to Glaxo’s Paxil. Kirk Brandon, best known for his time with 1980’s legends Spear of Destiny, is claiming up to $100,000 following undisclosed personal injuries, The Argus reports. Brandon claims ‘discontinuation syndrome’ caused addiction. Glaxo is contesting the charge.
Pharmion employees will get bonuses for staying while its acquisition by Celgene is being completed, The Denver Business Journal writes. Anyone hired by the Nov. 18 announcement of the $2.9 billion deal will qualify to receive pay 25 percent above their normal salary for staying until June 1; staying between then and the end of the year triggers a 50 percent bonus. The bonuses apply to all non-field sales employees, although execs with contracts spelling out departures get different payments.
Could Roche’s $3.4 billion deal for Ventana unravel? Forbes suggests it might. Though Ventana’s board has approved the deal, it was over the objections of chairman Jack Schuler and vice chairman John Patience. Neither have agreed to sell their shares to Roche. That’s 12 percent against the sale. Meanwhile, Larry Feinberg, manager of the $1 billion Oracle Partners hedge fund, owns another 8 percent of Ventana’s stock. He started buying in 1999 and tells the mag that “my strategy has been to go along with those guys.â€
Johnson & Johnson earnings rose 9.5 percent on rising sales of drugstore items, such as Listerine mouthwash and Sudafed cold pills, which were acquired from Pfizer a year ago. A 49 percent rise in consumer products revenue offset declines for Cypher heart stents and the Procrit anemia drug. Read more at Bloomberg News.