Biotech Companies Attractive Targets for Pharma Companies Looking to Replace Lost Revenues Five Star Equities Provides Stock Research on Progenics Pharmaceuticals and Repros Therapeutics
© Marketwire 2013
30.01.2013 15:40:43 -
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At the end of the third quarter five of the biggest drug makers in the U.S. held over $70 billion in cash, near cash and short-term investments. Major revenue losses from patent expirations have forced big pharmaceutical companies to look to biotech companies to help fill the void. Pfizer's Lipitor and Bristol-Myers' Plavix, which lost exclusivity in late 2011, had combined annuals revenues of $17 billion at their peaks.
"We're through many cost-cutting programs, restructurings and portfolio arrangements," said Henry Gosebruch, Managing Director, Mergers & Acquisitions J.P. Morgan. "When you put that together with record levels of cash available and improving, but still moderate R&D productivity, we think there will be more big pharma M&A activity in 2013."
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Progenics Pharmaceuticals is focused on discovering and developing innovative medicines to treat disease, focusing on cancer and related conditions, with a pipeline that includes product candidates in preclinical through late-stage development. The company has recently acquired Molecular Insight Pharmaceuticals, Inc., which will add a late-stage ultra-orphan oncology candidate to its pipeline.
Repros Therapeutics focuses on the development of small molecule drugs for major unmet medical needs that treat male and female reproductive disorders. The company now expects to provide clinical results from the first pivotal study of Androxal in the treatment of secondary hypogonadism in the third quarter of 2013.
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