Pfizer Slashes Sales Jobs, Merck & GE Affiliate Collaborate: Healthcare Business Update
Inside sources say that Pfizer (NYSE:PFE) is sacking nearly one-fifth of its approximate 3,000-person sales force for primary-care drugs, since it lost its patent in 2011 on its top-selling drug Lipitor. The job cuts are supposed to start in December, as a part of the firm’s continuing endeavors to reduce costs, said the source.
Galena Biopharma (GALE) announced Tuesday the pricing of an underwritten public offering of 15,156,250 units at a public offering price of $1.60 per unit, which come to total gross proceeds of $24.25 million. Each unit is comprised of one share of common stock, and a warrant to purchase one-half share of common stock at an exercise price of $1.90. The warrants are immediately exercisable and will expire on the fifth anniversary of the date of issuance. The offering should close on December 21st, subject to the usual closing conditions.
Are these stocks a buy or sell? Let us help you decide. Check out our Wall St. Cheat Sheet Stock Picker Newsletter now >>
Merck & Co. (NYSE:MRK) and General Electric Company’s (NYSE:GE) GE Healthcare division have reached a clinical study collaboration, license and supply agreement for the use of Flutemetamol, which is an investigational positron emission tomography imaging agent, in support of Merck’s development of MK-8931, a novel oral beta amyloid precursor protein site cleaving enzyme inhibitor and Merck’s lead investigational candidate for Alzheimer’s disease.
Vanda Pharmaceuticals (NASDAQ:VNDA) reports positive results from the Safety and Efficacy of Tasimelteon Phase III study, evaluating tasimelteon, which is a circadian regulator that treats Non-24-Hour Disorder. Tasimelteon succeeded in the primary endpoint of Entrainment of the melatonin (aMT6s) rhythm versus a placebo. Further, the drug showed significant improvements across several sleep and wake parameters including measures of total sleep time, nap duration, and timing of sleep.
Investing Insights: Is This Healthcare Company an Outperform?