Pharmaceutical Executive Digest Europe - January 14, 2009 - (Page 1) Wednesday 14 January 2009 Sun and Taro still at loggerheads Sun Pharmaceuticals (India) has followed up its December offer to takeover Taro Pharmaceuticals (Israel) in compliance with the Israeli Supreme Court’s suggestion for the two companies to come to a mutual settlement. Sun’s first letter is said to have reiterated the proposal that it sent in December, to which the company had received no response from Taro. This comprised two options. The first option suggesting increasing the tender offer price of Taro’s shares to $9.50 once Taro withdrew termination of the agreement. The second option was regarding increasing the offer price to $9.00 per share while the tender offer will remain open. The offer price according to the initial agreement between the two companies was $7.75. The second letter from Sun Pharma was sent to the Chairman of the Audit Committee of Taro highlighting concerns on the financial statements as depicted in the Form 6-K filed with US Securities and Exchange Commission by Taro. In a strongly-worded letter, Sun Pharma chairman Dilip Shanghvi said: “A review of the information disclosed reveals the real reasons to keep such disclosures to the bare minimum and away from the non-Levitt shareholders. “Your repetitive claims of an impressive turnaround are now confirmed as being hollow. The so-called performance is largely on account of drastic cuts in critical R&D investments, a sure recipe for disaster for a generic pharma company.” Sun Pharma and Taro have been at loggerheads since May 2008 when Taro unilaterally terminated the $454 million merger agreement signed in May 2007. A case was filed in the Tel Aviv district court which ruled in Sun’s favour. Taro appealed to the Supreme Court of Israel which in December 2008, gave both companies one month to reach a settlement over the dispute, failing which it would rule on the case. Lilly and Sankyo drug reviewed in February The FDA has finally set a date to review Eli Lilly and Daiichi Sankyo’s blood thinner prasugrel. The FDA’s Cardiovascular and Renal Drugs Advisory Committee has already delayed its decision twice but is now saying it will review the drug, which if approved will be marketed as Efient, during a hearing on February 3rd. Prasugrel is an antiplatelet agent for the treatment of patients with acute coronary syndromes who have undergone artery-clearing procedures. If approved it would compete with the Sanofi-aventis/ Bristol-Myers Squibb’s hit drug Plavix. Last month the Committee for Medicinal Products for Human Use of the European Medicines agency issued a positive opinion recommending approval of the drug. 2 NEWS Major award for European healthcare agency 4 BRUSSELS REPORT Setbacks for patient communication in Europe 5 FROM THE EDITOR New year, new format 6 EXECUTIVE PROFILE Nycomed’s Håkan Bjorklünd 9 Q&A Singapore Economic Development Board 11 STRATEGY FUNDAMENTALS Overcoming institutional theory jargon Nycomed’s CEO looks to life after blockbuster In this week’s exclusive Pharm Exec Europe interview, CEO Håkan Björklund reflects on ten years as CEO of Nycomed, reviews his company’s progress since 2006’s Altana acquisition and speculates on life after the patent expiry of blockbuster pantoprazole. Turn to page 6 13 CALENDAR The next few weeks’ pharma events
Table of Contents Feed for the Digital Edition of Pharmaceutical Executive Digest Europe - January 14, 2009 Pharmaceutical Executive Digest Europe - January 14, 2009 Contents News Brussels Report From the Editor Executive Profile Q&A Strategy Fundamentals Calendar Pharmaceutical Executive Digest Europe - January 14, 2009 Pharmaceutical Executive Digest Europe - January 14, 2009 - Contents (Page 1) Pharmaceutical Executive Digest Europe - January 14, 2009 - News (Page 2) Pharmaceutical Executive Digest Europe - January 14, 2009 - News (Page 3) Pharmaceutical Executive Digest Europe - January 14, 2009 - Brussels Report (Page 4) Pharmaceutical Executive Digest Europe - January 14, 2009 - From the Editor (Page 5) Pharmaceutical Executive Digest Europe - January 14, 2009 - Executive Profile (Page 6) Pharmaceutical Executive Digest Europe - January 14, 2009 - Executive Profile (Page 7) Pharmaceutical Executive Digest Europe - January 14, 2009 - Executive Profile (Page 8) Pharmaceutical Executive Digest Europe - January 14, 2009 - Q&A (Page 9) Pharmaceutical Executive Digest Europe - January 14, 2009 - Q&A (Page 10) Pharmaceutical Executive Digest Europe - January 14, 2009 - Strategy Fundamentals (Page 11) Pharmaceutical Executive Digest Europe - January 14, 2009 - Strategy Fundamentals (Page 12) Pharmaceutical Executive Digest Europe - January 14, 2009 - Calendar (Page 13)
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