Healthcare Business Review: Sanofi MS Drug FDA APPROVED, Covidien Goes OFFSHORE
FDA approval is awarded to Aubagio, which is made by Sanofi-aventis (NYSE:SNY). The med is a pill designed to treat multiple sclerosis, and repesents the second oral therapy that will be available on the domestic market. Aubagio will compete with Novartis AG’s (NYSE:NVS) Gilenya, another oral pill which was okayed by the FDA in 2010.
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Medical device manufacturer Covidien plc (NYSE:COV) will shut down a facility in South Carolina in which it makes vascular products, and will transfer the operations to Costa Rica in the name of increased efficiency. This closure will take three years and cause the loss of 595 full-time jobs.
Shares of Vical Incorporated (NASDAQ:VICL) moved higher Thursday on word that Bristol-Myers Squibb Company (NYSE:BMY) has licensed its patented platform DNA immunization tech through which to generate antibodies with potential therapeutic uses in humans, on a non-exclusive, global basis. Financials of the transaction were not reported.
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