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Pfizer Inc. (NYSE: PFE) today announced that the European Commission (EC) has approved RUXIENCE™ (rituximab), a monoclonal antibody (mAb) and biosimilar to MabThera® (rituximab), for the treatment of non-Hodgkin’s lymphoma (NHL), chronic lymphocytic leukemia (CLL), rheumatoid arthritis (RA), granulomatosis with polyangiitis (GPA) and microscopic polyangiitis (MPA), and pemphigus vulgaris (PV).1,2,3
Pfizer Inc. (NYSE: PFE) today announced the election of Dr. Susan Desmond-Hellmann to its Board of Directors, effective immediately. Dr. Desmond-Hellmann, age 62, was also appointed to the Governance & Sustainability Committee and the Science and Technology Committee of Pfizer’s Board.
The Moody’s unit 427 says it is in talks with local governments “who may or may not have the visibility on facilities.”
European Union countries will have access to the medicines they need to care for coronavirus sufferers, the bloc's industry chief Thierry Breton said on Thursday, adding pharmaceutical companies were doubling production to address shortages. The coronavirus pandemic has placed a huge strain on hospitals in Italy, Spain, France, and elsewhere in Europe as intensive care units fill up with tens of thousands of patients suffering the same illness. Hospital executives and doctors of nine European countries said in an open letter on Wednesday they only had up to two weeks worth of supplies of some medicines and urged greater European collaboration.
The rampant race to introduce a vaccine for the COVID-19 is creating near-term opportunities, making the biotech sector a lucrative space for investments.
Major drugmakers Merck & Co. Inc.,, Pfizer Inc. and Eli Lilly and Co. are joining together to establish volunteer programs to enable employees who are licensed medical professionals to aid in the fight against COVID-19 while maintaining their base pay.
Medical Professionals Across Merck, Pfizer and Eli Lilly Activate to Support Health Systems, First Responders and Patients Amid COVID-19 Pandemic
(Bloomberg Opinion) -- If we want a vaccine or drug treatment to stop coronavirus, the government should ignore those complaining about drug-company profits and commit to a huge reward that encourages more businesses to develop one. It wouldn’t just save lives; it could save the global economy. The coronavirus could cost the U.S. $1.5 trillion in annual economic output, or $125 billion every month — and that’s a conservative estimate. The losses for the entire world economy will be four to five times larger. And these economic costs will be dwarfed by the human costs of illness and death. Absent a vaccine or treatment, this pandemic will likely be with us for more than a year. Speeding the development of vaccines and effective drug therapies by vastly increasing the rewards for businesses would decisively limit the economic damage. Based on the economic losses in the U.S. alone, the government should be willing to spend at least an additional $62.5 billion to spur Covid-19 research and development. Even if that shortened the crisis by just two weeks, it would be a bargain. Research teams at large pharma companies such as Roche, Eli Lilly, Sanofi Pasteur and Takeda, and smaller biotech firms such as BioNTech, are racing to develop a vaccine. But these firms stand to capture only a small fraction of the large economic benefit that will accrue to society when they successfully produce a vaccine or therapy. Developers will likely be pressured to offer a future vaccine at a low price. Even now, there have been calls to sharply limit future profits from such a vaccine. The result is significant underinvestment in the development of vaccines that will likely have large social benefits. Here is a simple way to see this. U.S. spending on all pharmaceutical R&D in 2020 was projected to be $80 billion — equivalent to three weeks of the annual U.S. economic output loss — with only a small fraction of this directed toward infectious diseases. In 1967, 26 pharmaceutical companies produced vaccines; by 1980, 17 did; only four — GlaxoSmithKline, Merck, Pfizer and Sanofi Pasteur — undertake significant production today. This is not surprising. Developing a vaccine requires $500 million to $1 billion in investment, recent estimates suggest, while only 7% of projects result in a vaccine. As a result, even today, with the pandemic raging, many small biotech firms are watching from the sidelines. Those working on vaccines rely on money from foundations and government initiatives. Two of the most promising developers of a Covid-19 vaccine, Inovio and Moderna, are funded by the Coalition for Epidemic Preparedness Innovations (Cepi), an alliance of charities and governments. The U.S. government, perhaps working with others, should guarantee a significant financial payment to whoever first develops a vaccine. One way to do this would be to commit to a high price for each administered dose of an effective vaccine or treatment therapy. As an example, if the U.S. government were to promise a price of $190 per administered dose to the developers, spending a maximum of $62.5 billion to vaccinate or treat all Americans, then society would have earned back its investment even if this only sped up the development by two weeks. The vaccine should also be made available at marginal cost to developing countries.The government could further stimulate collaboration by committing to large awards for successful clinical trials, provided that the research is fully disclosed. If the European Union were to make a similar commitment to this price per administered dose, the total incentives could be strengthened by another $100 billion. While creating vaccines always takes time, experts in the field have learned from previous episodes that there can be major bottlenecks in vaccine development and manufacturing. Once developed, the supply is likely to fall short of demand for a long period. Additional financial resources can relieve these production bottlenecks. We are not asking the U.S. government, or any other government, to pick winners. We are asking the government to make an ironclad commitment right now, backed by legislation, to reward those companies that successfully lead the fight against Covid-19 and future outbreaks.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Hanno Lustig is a professor of finance at Stanford University. Jeffrey Zwiebel is a professor of finance at Stanford University. For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
AbbVie stock initially fell on its $63 billion plan to buy Botox-maker Allergan, which helps the pharmaceutical company diversify as Humira patents expire. So, is ABBV stock a buy right now?
Generic drugmaker Mylan NV has offered concessions to address European Union antitrust concerns about its bid for Pfizer's off-patent branded drugs business Upjohn, a filing on the European Commission site showed on Monday. U.S. drugmaker Pfizer announced the deal in July as part of a strategy allowing it to focus on its more profitable newer medicines. The European Commission set an April 22 deadline for its decision after Mylan put in its offer on March 27.
Bristol-Myers Squibb Co.’s decision to hold off launching Zeposia, its newly approved multiple sclerosis treatment, underscores how disruptive the COVID-19 pandemic is to a trillion-dollar industry that relies heavily on collaborative working and meeting milestones that satiate investors.
As the government prepares to bail out industries amid the Covid-19 pandemic, stock buybacks are falling out of favor. One sector that does a lot of repurchases? The biopharma industry.
Pfizer Inc. (NYSE: PFE) today announced the completion of a $1.25 billion ten-year "sustainability" bond paying interest semi-annually of 2.625 percent and maturing April 1, 2030. This is Pfizer’s first-ever sustainability bond and a first for a biopharmaceutical company.
Zacks Value Trader Highlights: eBay, Pfizer, JPMorgan Chase, Intuitive Surgical and Edwards Lifesciences
Stocks are the only thing people won't buy when they go on sale. But with stocks in a bear market, now's your chance to pick up some of the best companies.
In this episode of Yahoo Finance Presents, Rick Newman speaks with New York Senator Kirsten Gillibrand about Congress' coronavirus relief bill and what lawmakers are doing to protect NY.