October 31, - November 4, 2005
November 4th
St. Jude Medical
Obtains HSR Clearance To Acquire Advanced Neuromodulation Systems
St. Jude Medical,
Inc. announced today that the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976 with respect to St. Jude
Medical's acquisition of Advanced Neuromodulation Systems, Inc. has
expired.
On October 18, 2005, St. Jude Medical commenced an all-cash
tender offer for all of the outstanding shares of ANS common stock
for $61.25 per ANS share. The tender offer is being made pursuant to
the definitive merger agreement unanimously approved by the Boards
of Directors of both companies and announced on October 16, 2005.
The ANS Board of Directors has unanimously recommended that ANS
shareholders tender their shares into the offer.
The tender offer will expire at 12:00 midnight Eastern Time, on
Tuesday, November 15, 2005, unless extended. Following successful
completion of the tender offer, holders of any remaining outstanding
shares of ANS will be entitled to receive cash of $61.25 per share
of ANS common stock upon closing of the acquisition.
Quest Develops Test To Detect Avian Flu
Quest Diagnostics has developed a diagnostic test to detect avian
flu. It will use a gene-based screening test that will be performed
on respiratory samples, which include sputum, swabs and bronchial
washes. Positive results of the test would be taken as a
"presumptive identification" of avian flu until confirmed by
federal/public health institutions.
November 3rd:
FDA Approves
Genentech,
Inc. and
OSI
Pharmaceuticals, Inc. Tarceva(R) In Combination With
Gemcitabine Chemotherapy For Pancreatic Cancer
OSI Pharmaceuticals, Inc. and Genentech, Inc. announced that the
U.S. Food and Drug Administration (FDA) approved Tarceva(R) (erlotinib)
in combination with gemcitabine chemotherapy for the treatment of
advanced pancreatic cancer in patients who have not received
previous chemotherapy. Tarceva is the first drug in a Phase III
trial to have shown a significant improvement in overall survival
when added to gemcitabine chemotherapy as initial treatment for
pancreatic cancer. Tarceva is a once-daily oral tablet already
approved for use in patients with non-small cell lung cancer (NSCLC)
whose disease has progressed after one or more courses of
chemotherapy.
Merck Wins in Vioxx Liability Case
Merck & Co. won its first court battle over its
Vioxx
painkiller Thursday when a New Jersey state jury found that the
drugmaker properly warned consumers about the risks of the
medication. After roughly eight hours of deliberations, the five
member jury cleared Merck of allegations that it failed to warn
consumers about the drug's risks and engaged in "unconscionable
commercial practices" in marketing it to doctors and their patients.
The verdict was Merck's first win out of two Vioxx-related
trials. In August, a Texas jury found the company liable in a Vioxx
user's death. Merck had voluntarily pulled Vioxx off the market last
year because of links to heart attacks and strokes after 18 months'
use.
November 2nd:
J&J May Cancel $25.4B Guidant Acquisition
Johnson & Johnson indicated Wednesday it might cancel its planned
$25.4 billion acquisition of struggling medical device maker Guidant
Corp. even as federal regulators gave conditional approval for the
deal. J&J said recent recalls of Guidant-made implantable devices
and regulatory investigations at Guidant had had a "material adverse
effect" on the Indianapolis-based company and that it was not
required to close the acquisition. "Johnson & Johnson cannot assure
that the companies will resume those discussions or, if discussions
do resume, whether they will be able to reach agreement on revised
terms that would allow Johnson & Johnson to proceed with the
transaction," company officials said in a statement.
November 1st:
Market For Cancer Diagnostics May Potentially Reach $7.4
Billion
The worldwide market for in vitro cancer diagnosis will reach
$7.4 billion by 2009, according to a study released by Kalorama
Information. The market is set to experience around 13 percent
growth annually in the time period.
According to Shara Rosen, the report’s author, "with continual
advancements in the field of bioinformatics and the links between
genes, proteins, and cancer, we are seeing a remarkable shift in
approaches to the screening and monitoring of cancer." "Couple this
with an aging population, higher incidences of cancer, and the
emergence of pharma-diagnostic research partnerships, and you have a
recipe for a very healthy market outlook."
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