Abbott Set to Complete Acquisition of St. Jude Medical on January 4, 2017

abbott

Dec. 30, 2016

Abbott Laboratories has announced that it plans to close the acquisition of St. Jude Medical, Inc., on Wednesday, Jan. 4, 2017. The announcement follows receipt of all regulatory clearances required for closing.

After this transaction, Abbott will be able to establish as a leader in the medical device arena and enjoy expanded opportunities for future growth. The company has an ongoing effort to develop a strong, diverse portfolio of devices, diagnostics, nutritionals and branded generic pharmaceuticals, and the addition of St. Jude Medical will be an important part of this effort.

Miles D. White, chairman and chief executive officer, Abbott, said: “We continue to deliberately shape our business for long-term success by securing leadership positions in attractive markets and focusing on customer needs. This philosophy has served as the foundation for significant and sustainable value creation for our shareholders. The addition of St. Jude Medical creates one of the broadest medical device portfolios in the world and provides a steady stream of new technologies and therapies for many years to come.”

 

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Biogen and Ionis Receive FDA Approval for spinal muscular atrophy drug Spinraza

biogen-ionis

December 23, 2016

FDA announced that it had provided an accelerated approval for Spinraza (nusinersen), the new drug from Biogen and Ionis, for treating rare cases of spinal muscular atrophy. It is estimated that the total sales of this drug would reach $3 billion by 2026. On this news, shares of Ionis climbed 10% and Biogen saw its stock shot up 2%. After a year of upheavals, both companies badly needed this win.

Billy Dunn, MD, director of the Division of Neurology Products in the FDA’s Center for Drug Evaluation and Research, said: “There has been a long-standing need for a treatment for spinal muscular atrophy, the most common genetic cause of death in infants, and a disease that can affect people at any stage of life. As shown by our suggestion to the sponsor to analyze the results of the study earlier than planned, the FDA is committed to assisting with the development and approval of safe and effective drugs for rare diseases and we worked hard to review this application quickly; we could not be more pleased to have the first approved treatment for this debilitating disease.”