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In the wake of last week’s Pfizer-Wyeth M&A feeding frenzy, I suspect that most analysts were hoping that this week would be a little quieter. Unfortunately for many pharmaceutical company employees, this week may be shaping up to be almost as nerve-wracking as last week!
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Good Luck and Good Job Hunting!!!!!
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Despite the Martha Stewart-Sam Waksal insider trading scandal in 2001, ImClone, the company founded by Waksal in 1984, is doing well and managed to sell $1.1 billion of its anti-cancer drug Erbitux in 2006. Erbitux is a monoclonal antibody that is approved to treat colorectal cancer and certain head and neck cancers. ImClone co-markets Erbitux, its only product, with Bristol Myers Squibb (US) and Merck KGA (Europe).
In September, ImClone agreed to pay over $65 million in cash to Waltham, Mass.-based Repligen - a portion of that was designated to the Massachusetts Institute of Technology - to get royalty-free rights to U.S. Patent No. 4,663,281 and U.S. Patent No. 5,665,578. Repligen had contended that ImClone infringed both patents when developing and manufacturing Erbitux for commercial purposes.
Now, here is where it gets interesting. Repligen gained the rights to Patent No. 5,665,578 from Abbott Laboratories via a sublicensing agreement. Although Repligen settled with ImClone over the disputed patent, Abbot has not.
Late last week, Abbot filed papers in federal court requesting a face-to-face interview with Waksal who is currently serving a seven-year term in the Otisville Correctional Facility in New York. Abbot contends that Sam “played a central role in numerous issues significant to this [patent] litigation.” ImClone is not opposing the request. I guess ImClone knows a lot more about Sam than we do!
Rumors are flying that Bristol Myers Squibb (BMS) may be purchased or merged with European pharmaceutical giant Sanofi-Aventis. BMS and Sanofi have marketing agreements to sell the anti-clotting agent Plavix and the blood pressure treatment Avapro. The news has pushed BMS stock to a nearly three year high. Sources say that the merger could be announced within the next few weeks. BMS is still reeling from the Erbitux debacle of several years ago and the recent launch of a generic version of Plavix which flooded the market until a judge ordered generic manufacturer Apotex to stop distributing its version of Plavix.
This may be good news for BMS shareholders but bad news for BMS employees who will likely be right-sized if the merger is approved and takes place.
Stayed tuned for updates.
Until next time.....
Good Luck and Good Job Hunting!!!!!!
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