only the best people: AstraZeneca appoints Baselga to head R&D for oncology Reuters January 7, 2019 Jan 7 (Reuters) - AstraZeneca Plc has appointed José Baselga to head research and development for oncology as it looks to align the unit with its commercial operations to drive growth. Baselga resigned as Memorial Sloan Kettering Cancer Center's chief medical officer in September 2018 after a New York Times and Pro Publica investigation revealed that he had not disclosed millions of dollars in payments from healthcare companies in many of his research articles. Baselga, who acknowledged a failure to disclose his links to companies in his medical journal articles and at professional meetings, also resigned from the board of Bristol-Myers Squibb at the time. (Reporting by Noor Zainab Hussain in Bengaluru; editing by Jason Neely)
https://cancerletter.com/articles/20180910_1/ https://www.marketwatch.com/story/astrazeneca-names-dubious-doc-to-head-cancer-rd-2019-01-07?link=MW_latest_news
Interesting article, Thanks. AZ has an Ethics officer, who knew? Just kidding!! If the CEO really wanted this guy, I'm sure the Ethics person would find a way to pass him through, rather than having to seek other employment! Separating the different therapy areas completely from the beginning to the end will make it easier to sell them off one at a time if that becomes warranted, that is my reading on the new R&D structure, sales and all. This has become a trend for how to do business in the industry.
Some general Wall Street news: Fed Chairman Powell says he is 'very worried' about growing amount of U.S. debt Thomas Franck CNBC January 10, 2019 Federal Reserve Chairman Jerome Powell is "very worried" about the ballooning amount of United States debt. The Fed raised its benchmark overnight lending rate four times in 2018 as a part of its goals of maximizing employment and keeping prices in check. Powell and his colleagues have cited months of strong labor statistics and healthy GDP numbers while hiking rates. However, tepid inflation and concerns surrounding the longevity of the current economic expansion have prompted backlash from some market participants. Fears that policymakers may be elevating borrowing costs at too quick a pace contributed to a broad stock sell-off in the fourth quarter of 2018, with both the Dow Jones Industrial Average and the S&P 500 posting their worst Decembers since the Great Depression. Recent commentary from central bank members suggests that Fed members may be heeding those concerns. Minutes from the central bank's December meeting showed some members hesitant to hike the federal funds rate , citing the lack of inflationary pressure. Officials agreed that "some further gradual increases" in the benchmark funds rate would be appropriate, though the low-inflationary backdrop means the Fed can "afford to be patient about further policy firming." Powell has also underscored the Fed's dependence on economic data when making future decisions on whether to hike interest rates or adjust the rate at which it reduces its balance sheet.
Astrazeneca lays off 210 as it closes drug manufacturing plants in Boulder, Longmont Andrew Dodson American City Business Journals January 10, 2019 About three years after Astrazeneca purchased biotech drug manufacturing plants in Longmont and in Boulder, the pharmaceutical giant is closing both plants and laying off 210 workers. The decision to close the plants are tied to a company decision to consolidate into a large-scale drug manufacturing facility in Frederick, Maryland, in order to improve global supply chain efficiencies, according to a company statement. In addition, the Colorado BioScience Association will offer assistance.
Musical Chairs at AZ: AstraZeneca Departures Continue as Medical Chief Bohen Exits John Lauerman Bloomberg January 14, 2019 (Bloomberg) -- AstraZeneca Plc’s chief medical officer is leaving after less than four years at the company, adding to a wave of high-level defections amid a management shakeup at the U.K. drugmaker. Sean Bohen, who’s also executive vice president for global medicines development, will part ways with Cambridge, England-based AstraZeneca after it completes the transition to the new structure unveiled last week, a spokesman said in emailed answers to questions. Chief Executive Officer Pascal Soriot announced the overhaul last week, bringing in a cancer expert, Jose Baselga, to reign over oncology research and development. Bohen is departing after Bahija Jallal, former head of the Medimmune unit, and ex-product and portfolio strategy chief Mark Mallon left in the last few weeks. Bohen’s future has recently been a subject of speculation, with Tim Anderson, an analyst with Wolfe Research, saying in a note to clients Friday that he was likely to leave. While the spate of departures doesn’t appear to foretell an R&D crisis or imminent bad news at Astra, “the optics of having respected leaders leave a company are never good,” the analyst said. Two Units Soriot said in an interview last week that Astra will reorganize R&D into two major units that will shepherd products from discovery all the way through human trials. Veteran research head Mene Pangalos will head cardiovascular and respiratory drugs, while new hire Baselga, who left his previous position as physician in chief of the Memorial Sloan Kettering Cancer Center in September, will oversee oncology. Bohen, who came to Astra from Roche Holding AG’s Genentech division to head up clinical trials, will remain in his medical-officer role until the company names a successor, the spokesman said. The company wouldn’t answer questions about the impact of the defections or say whether more were imminent. Astra fell as much as 2 percent in London. Two years ago, Soriot himself was reported to be considering a move to Teva Pharmaceutical Industries Ltd. The CEO said last week that he remains committed to AstraZeneca and that the move to restructure the company demonstrates it. Cancer Focus “I would not reorganize the company if I thought in the next 12 to 18 months I was going to leave,” he said. “I would give this to my successor to do.” The exits of senior managers are unsettling as products like Fasenra for severe asthma and Farxiga for diabetes ramp up, said Sam Fazeli, a Bloomberg Intelligence analyst. “Stable management is key as Astra enters a breakneck pace of growth,” he said Monday in a note. The shakeup is aimed at increasing the company’s speed and focus in oncology, which is rapidly becoming the most lucrative area in the industry. Global cancer-drug sales likely exceeded $100 billion in 2017, according to Bloomberg Intelligence. Executives Targeted The importance of cancer drugs has increased the value of executives like Bohen who have experience in the area. Gilead Sciences Inc. signaled its push into the field by poaching veteran Daniel O’Day from Roche, the world’s biggest maker of oncology drugs, to become CEO and chairman of the biotechnology company. Astra’s track record of bringing new drugs to market -- led by Tagrisso and Lynparza for cancer -- has given the company solid growth prospects after patent expirations on blockbusters such as Seroquel. Its executives have been targeted for picking off since U.K. rival GlaxoSmithKline Plc hired away Luke Miels to become president of global pharmaceuticals in 2017. Other Astra executives are leaving for plum biotech jobs: Jallal became CEO of Immunocore Ltd., while Mallon is now chief of Ironwood Pharmaceuticals Inc. Ludovic Helfgott, who headed diabetes and kidney treatments at Astra, left in October and is going to drugmaker Novo Nordisk A/S, where he’ll be executive vice president of the biopharm unit.
https://www.reuters.com/article/us-mylan-nl-fda-idUSKCN1PO2Z7 FDA approves Mylan's generic of Advair asthma treatment n" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline;">(Reuters) - The U.S. Food and Drug Administration (FDA) approved Mylan NV's generic version of GlaxoSmithKline-developed blockbuster asthma treatment Advair, driving shares of Mylan 7 percent higher on Wednesday. Mylan received approval to market its generic inhaler in three dosages for the twice-daily treatment of asthma in patients aged four years and older, the FDA said. The FDA has declined to approve several Advair knock-offs in the past from drugmakers including Novartis AG, Hikma Pharmaceuticals and Mylan itself, whose generic was rejected last year. In the United States, more than 26 million people are known to have asthma, and about seven million of these people are children, the FDA said. British-listed GSK reported revenue of about $4.19 billion from Advair in 2017. Even though the potential revenue opportunity from a generic version of Advair has fallen over the past several years, Wednesday's approval is nonetheless important to Mylan, Citi analyst Liav Abraham said. Analysts at Leerink said they expect Mylan to launch its generic in February and about $170 million in 2019 revenue from the treatment. Shares the Mylan closed 7.2 percent at $30.82 on the Nasdaq on Wednesday.
