Wright & BioMimetic Merge, GlaxoSmithKline Gets Promacta Approval: Healthcare Biz Update
In a Monday release, Wright Medical Group (NASDAQ:WMGI) and BioMimetic Therapeutics (NASDAQ:BMTI) were reported to have agreed to a business merger, that will result in the new entity of Wright and BioMimetic. The total potential value of the transaction for BioMimetic shareholders is about $380 million, or $12.97 a share, based on Wright’s Friday, close. Both firms are located in Tennessee.
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GlaxoSmithKline (NYSE:GSK), partner to Ligand Pharmaceuticals Incorporated (NASDAQ:LGND), reported on Monday that the FDA has cleared Promacta for the treatment of thrombocytopenia (low blood platelet counts) in patients suffering from chronic hepatitis C, to permit them to begin and maintain interferon-based therapy. Promacta marks the first supportive care treatment available to patients who are ineligible or poor candidates for interferon-based therapy because of their low blood platelet counts. The drug in combination with interferon-based therapy has improved a patient’s chance of achieving a sustained virologic response or viral cure.