Mylan Fails to Take Over Perrigo
After seven months of hard negotiation, Mylan’s $26 billion hostile takeover bid was rejected by Perrigo’s shareholders, according to the Wall Street Journal, surprising many who thought the takeover was nearly a done deal. However, Perrigo’s CEO Joseph Papa, said in a statement, “We have said all along that this offer from Mylan was a bad deal for our shareholders, as it significantly undervalued our durable business model and industry-leading future growth prospects.” Perrigo shareholders also believed that Mylan’s experience with generic medication would be no match to handling retail store brands. Following the settlement, Papa expressed delight that Perrigo shareholders voiced clear support for the company’s management team.
Alphabet’s Google X Life Sciences Becomes “Verily”
Verily, a 13th century Middle English word roughly meaning “truth,” is not only the new name of Alphabet’s Google X Life Sciences division, but also marks an ambitious change in direction for the former division. Verily’s goal is to develop a better understanding of disease at the individual level to create ever more sensitive, smaller devices that monitor conditions and send signals to doctors when something goes wrong. At the same time, Verily is collaborating with Johnson & Johnson to create something you can’t quite fit in your pocket: A new surgical robot. But it’s only the first of such collaborations. In a statement to Newsweek, CEO Andy Conrad explained, “We intend to work closely with pharma, biotech, medical device and diagnostic companies, patient advocacy groups and researchers in different ways for a long time to come.”
CVS Buys Target’s Pharmacies and Clinics
CVS Health acquired Target’s 1,672 pharmacies across 47 states for $1.9 billion and will brand them as CVS/pharmacy, to be included in all new Target stores that offer pharmacy services. Seventy-nine Target clinic locations will be rebranded as MinuteClinic, and within three years, CVS Health will open up to 20 new clinics in Target stores.
“Pharma Bro” Martin Shkreli May Face 20 Years
Turing Pharmaceutical’s notorious 32-year-old CEO Martin Shkreli could face up to 20 years in prison after the FBI arrested him on December 17, according to the NYT, and charged the “Pharma Bro” with securities fraud and wire fraud conspiracy. Shkreli became the most hated man on Facebook—and just about everywhere else—after upping the price for Daraprim, a 60-year old medication he acquired, from $13.50 a dose to $750 a dose. The drug treats potentially deadly infections in HIV patients and babies.
Although under investigation for price gouging, Shkreli’s charges relate to a period in which he was a hedge fund manager and also ran his first biopharma company, Retrophin. Federal officials said he used money from Retrophin to pay off investors who lost money in his hedge fund. Shkreli’s lead outside counsel for Retrophin, Evan Greebel, was also arrested. NYT says Shkreli is confident the charges will be dropped.
Fingerpaint Expands Arizona Location
Doubling its staff thanks to recent client wins, Fingerpaint is expanding its Scottsdale location. “The expansion of our current space comes at an exciting time because it allows us to service our growing client base while staying in our prime location,” says PR expert Michelle Olson. The project should conclude by the fourth quarter.