British pharma giant GlaxoSmithKline (GSK) reported a mediocre Q1 and issued fairly bullish long-term guidance Wednesday morning, as it announced it’s keeping its HIV unit after all. Its stock rose about 1% in midday trading. Glaxo’s earnings in the quarter declined 16% from the year-earlier quarter to 17.30 pounds a share, missing analysts’ consensus of 17.36, according to Thomson Reuters. In U.S. terms, profit dropped 27% to 51 cents per
BioMarin Pharmaceuticals raised a few eyebrows last month when it announced its latest buyout. BioMarin (BMRN) agreed to pay $680 million upfront for Prosensa Holding (RNA), a Dutch biotech developing a drug for Duchenne muscular dystrophy called drisapersen. Drisapersen succeeded in its phase-two trial but failed its phase three, causing partner GlaxoSmithKline (GSK) to end their relationship. At BioMarin’s investor day on Dec. 10, executives
Big money flowed into pharma Tuesday as Novartis, GlaxoSmithKline and Eli Lilly unveiled a giant swap of businesses, while Valeant Pharmaceuticals bid roughly $47 billion for Allergan. Novartis (NVS) agreed to buy Glaxo’s (GSK) oncology business for $14.5 billion, plus up to $1.5 billion in milestone payments depending on how products in the pipeline fare. In turn, Glaxo will pay $7.1 billion for Novartis’ vaccines business. Novartis said it’ll