Industry - Pharmaceuticals latest news

TEL AVIV (MarketWatch) -- Novartis closed the purchase of a quarter of Alcon Inc., the first of two steps that could see the Basel health-care giant take control of the Hunenberg, Switzerland, eye-care-products specialist. In April, Novartis definitively agreed to an arrangement under which it could buy majority ownership of Alcon from Nestle in two steps. The price for the 25% stake was $10.4 billion, Novartis said. That's $200 million less than planned since Alcon paid its May 2008 dividend to Nestle rather than Novartis, NVS said. Novartis now has the right to acquire, and Nestle to sell, the Vevey, Switzerland, foods giant's remaining 52% stake in Alcon from January 2010 through July 2011 for no more than $28 billion. In addition, as a result of the investment, Alcon added two directors, bringing the board to 10 members. James Singh, Nestle's executive vice president and chief financial officer, and Daniel Vasella, Novartis' chairman and chief executive officer, join Alcon's boa

LONDON (MarketWatch) -- Pharmaceutical Skyepharma said Tuesday that, in the light of current capital market conditions, discussions on a specific proposal to refinance or renegotiate the terms of its convertible bonds are not being pursued at the present time. Discussions are now taking place with a small number of stakeholders to consider an alternative plan. Skyepharma said that its still targeting a 2010 launch for asthma drug Flutiform in the United States and Europe. Revenues in the first half of 2008 have been encouraging and will be significantly higher than at the same point a year ago. The board remains optimistic about prospects for growth of the business once the bond refinancing has been resolved.

NEW YORK (MarketWatch) -- Privately held pharmaceutical firm Stiefel Laboratories, Inc. said Tuesday it is offering to purchase all outstanding shares of Barrier Therapeutics, Inc. for $4.15 per share in cash. Stiefel said the offer will expire on Aug. 4. It said the price is subject to reduction for certain dividends or other distributions declared in the run-up to the tender and "any applicable federal back-up withholding or other taxes payable by such seller."

BOSTON (MarketWatch) -- GlaxoSmithKline PLC led drug stocks higher early Tuesday, with shares of the world's second-largest drugmaker climbing in part on news that its cervical cancer vaccine Cervavix will be covered by the French healthcare system. The Amex Pharmaceutical Index climbed 1.4% to 299.7 and the Amex Biotechnology Index advanced 1% to 750.1. Glaxo shares were up 4% at $47.62.

Fresenius SE said Monday that it reached a deal to buy U.S. generic drug maker APP Pharmaceuticals in a US$3.7 billion deal that will give the German company more opportunities in the North American ...

The U.S. Food and Drug Administration has approved a novel genetic test for determining whether patients with breast cancer are good candidates for treatment with the drug Herceptin (trastuzumab). - - ... [WebWire - Tuesday, July 08, 2008]

GlaxoSmithKline leads drug stocks upward with news that its cervical cancer vaccine Cervarix will be covered by the French healthcare system.

Israeli stocks trade sharply and broadly lower, in line with weakness in Asia and Europe, as all major sector indexes flash red.

The Harley Medical Group, which has 19 clinics around the country and is celebrating its 25th anniversary this year, has revealed its Manchester clinic was completely booked up for seven days for cosm... [WebWire - Tuesday, July 08, 2008]

SAN FRANCISCO (MarketWatch) -- Bristol-Myers Squibb Co. agreed to upgrade industrial refrigeration units in the next 12 months as part of an effort to comply with requirements under the Clean Air Act, the Department of Justice and the Environmental Protection Agency said Tuesday. Under the agreement, Bristol-Myers must retire or retrofit 17 industrial refrigeration units that use ozone-depleting coolant at several plants by July 2009 at an estimated cost of $3.7 million. Shares of Bristol-Myers were up 3.8% to $21.39 in afternoon trading.