Pharma & Biotech
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Stock price surges for small West Conshohcken drug company
Madrigal Pharmaceuticals, West Conshohocken, has experienced a rapid rise in its stock price and market capitalization, which at the start of the week was at $4.4 billion. In the past year, the company’s stock has soared from $15.50 a share to more than $300, hitting a 52-week high of $325.98 last month. It was trading at…
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GSK collaborates with 23andMe on genetics-driven drug discovery
GlaxoSmithKline, the London-based pharmaceutical giant that has substantial operations in Philadelphia and Montgomery County, has entered into a four-year, $300 million collaboration with 23andMe that will focus on new medicines and potential cures for diseases – using human genetics as the basis for discovery. The $300 million represents an equity investment GSK is making in…
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Lured by $40M tax break, Teva moves from North Wales to New Jersey
Teva Pharmaceuticals, an Israeli company that makes specialty and generic drugs, has decided to move its U.S. headquarters from North Wales to Parsippany, New Jersey. About $40 million in tax breaks, to be awarded over 10 years, helped convince Teva to make the move, according to WHYY.com. New Jersey Gov. Phil Murphy called it a good…
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Plymouth Meeting alternative opioid maker raises $3.9M
A Montgomery County biopharmaceutical company taking on the opioid addiction epidemic has raised $3.9 million in an equity financing. The private stock sale by Mirata Pharmaceuticals of Plymouth Meeting, Pa., was disclosed in a filing the company made earlier this month with the Securities and Exchange Commission, writes John George at bizjournals.com. [uam_ad id=”54865″] The…
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Madrigal Pharma in West Conshohocken exploring sale after takeover interest
West Conshohocken-based Madrigal Pharmaceuticals Inc., with just nine employees and a market value of about $4.3 billion, is exploring a sale after receiving takeover interest from other drugmakers eyeing treatments for a liver disease linked to obesity, people familiar with the matter said. The company is working with investment bank Centerview Partners Holdings on the potential sale, the people…
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Jefferson selects Lower Gwynedd site for bioprocessing training center
Thomas Jefferson University’s new educational and training center for biological manufacturing will open in the spring of 2019 at the Spring House Innovation Park in Lower Gwynedd. The 25,000-square-foot facility will be called The Jefferson Institute for Bioprocessing, writes john George at bizjournals.com. [uam_ad id=”54865″] The institute will house programs to educate and train about…
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West Chester pharmaceuticals company goes public
Verrica Pharmaceuticals Inc. went public Friday morning, raising $75 million in the first initial public stock offering by an area life sciences company this year. The company, which is focused on developing treatments for skin diseases, sold five million shares of common stock at $15, writes John George at bizjournals.com. [uam_ad id=”54865″] The company’s lead product candidate,…
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Nearly a thousand attend Biopharma conference
The US-China Biopharma Congress 2018 & SAPA-GP 16th Annual Conference was held at the Sheraton Valley Forge in Montgomery County June 8. A global conference, this is the flagship event for the Sino-American Pharmaceutical Professionals Association – Greater Philadelphia, a professional organization founded in 2002. This year’s theme was “Reshaping Collaborate Ecosystem to Drive R&D…
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Bryn Mawr biopharm firm CiVi Biopharma raises $49 million
CiVi Biopharma of Bryn Mawr raised $49 million in a private stock sale. The equity financing completed by CiVi Biopharma, which is developing new treatments for heart and liver diseases, was disclosed in documents filed by the Securities and Exchange Commission. Company officials were not available for comment. CiVi Biopharma’s lead new drug candidate, CiVi007, is a…
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Merck 1st-quarter revenues up 6 percent
Drugmaker Merck ‘s posted first quarter revenues of $10.04 billion this week, an increase of 6 percent driven by a jump in sales of cancer blockbuster Keytruda. However, a $1.4 billion charge for starting a research partnership with Japanese drugmaker Eisai dragged down profits by more than half, writes Linda A. Johnson at philly.com. [uam_ad…
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NMS of Willow Grove gets ball rolling on new Horsham headquarters
Demand for NMS Labs’ forensic toxicology services is surging, thanks in large part to the growing need by law enforcement to identify and detect the latest synthetic opioid products hitting the streets. The Montgomery County company is so busy, it is getting ready to move into larger space that will double its size at a…
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GlaxoSmithKline sells Upper Merion West Campus
In a deal worth approximately $50 million, GlaxoSmithKline has entered into an agreement to sell its West Campus in Upper Merion to O’Neill Properties Group. The sale means that GSK employees working out of the west campus will be moved to the pharmaceutical company’s other local facilities, writes Natalie Kostelni at bizjournals.com. [uam_ad id=”54865″] “GSK will continue…
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Buffet report gives North Wales-based Teva shares a jolt
As the details of Warren Buffet’s Berkshire Hathway report emerged, shares of Teva Pharmaceutical Industries Ltd., with North American headquarters based in North Wales, skyrocketed. CNBC reports Berkshire disclosed in a regulatory filing some changes in its holdings including a $358 million stake in Teva, which is based in Israel and has its North American headquarters…
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North Wales-based Teva proposes $5B debt plan
Just a few weeks after announcing layoffs of more than 200 employees throughout the Philadelphia region, Teva Pharmaceuticals is asking the Securities and Exchange Commission to approve a debt plan to raise $5 billion. Based in Israel, Teva — the world’s largest manufacturer of generic drugs — has its North American headquarters in North Wales.…
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Teva Pharmaceutical to cut 200 jobs in North Wales
Teva Pharmaceutical Industries will eliminate more than 200 jobs from its North Wales location, and 14,000 globally as part of a cost-saving restructuring plan. The Israeli generic drug maker, which calls North Wales its U.S. headquarters, said last month it would eliminate more that 25 percent of its total work force — over the next two years. It…
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Plymouth Meeting’s Inovio Pharmaceuticals nets milestone payment from MedImmune
Inovio Pharmaceuticals has received a $7 million milestone payment from MedImmune. The payment is part of a license and collaboration agreement, valued at up to $700 million, signed by the two companies in 2015. Under that deal, MedImmune in-licensed an experimental immunotherapy from Inovio of Plymouth Meeting, Pa., that is being tested as part of a…
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Egalet and Montco-based OraPharma teaming up to promote pain relief
Egalet Corp. is teaming up with a Montgomery County specialty pharmaceutical company that focuses on oral health in a product co-promotion deal. Under a two-year agreement, Egalet and OraPharma Inc. will co-promote Egalet’s Sprix pain relief medicine delivered as a nasal spray to dentists, dental specialists and oral surgeons across the country. Sprix nasal spray is a nonsteroidal…
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Madrigal Pharmaceuticals seeks to raise $125M
Madrigal Pharmaceuticals Inc., a Montgomery County biopharmaceutical company, is seeking to raise $125 million through a common stock offering that began earlier this week. The Conshohocken company, is selling 1.5 million shares of common stock at $83 per share, writes John George for Philadelphia Business Journal. [uam_ad id=”54865″] Madrigal has granted the underwriters a 30-day option to…
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