Business Watch -- WSJ
January 19 2017 - 3:02AM
Dow Jones News
ELI LILLY
Deal Reached to Buy CoLucid
Eli Lilly & Co. reached an agreement to acquire CoLucid
Pharmaceuticals Inc. for about $960 million, adding a potential
near-term launch to its late stage drug pipeline.
Under the deal, Lilly will pay $46.50 a share for CoLucid, a 33%
premium to the company's share price at Tuesday's close.
CoLucid is a biopharmaceutical company developing an oral
treatment for migraine, Lasmiditan, with data expected from a late
stage trial this year that could set the stage for U.S. regulatory
approval for the drug in 2018.
--Joshua Jamerson
MALLINCKRODT
Drugmaker Settles Antitrust Case
Irish drugmaker Mallinckrodt PLC and a U.S. subsidiary will pay
$100 million and agree to other conditions to settle government
antitrust allegations they unlawfully prevented competition for
Acthar, a drug that has seen enormous price spikes in recent
years.
The Federal Trade Commission and attorneys general from New York
and four other states alleged the U.S. unit, formerly known as
Questcor Pharmaceuticals, violated antitrust laws when it acquired
the rights to a competing drug, Synacthen, that threatened its
monopoly in the U.S. Federal and state officials said the agreement
would allow for the competition that Questcor sought to
prevent.
Mallinckrodt acquired Questcor for $5.9 billion in 2014.
Mallinckrodt confirmed it had reached a settlement and said it
would comment further "at the appropriate time."
--Brent Kendall and Peter Loftus
TOSHIBA
Chip-Unit Spinoff Under Review
Toshiba Corp. said Wednesday it was considering a spinoff of its
profitable semiconductor unit, a plan that could help it raise cash
in response to a multibillion-dollar write-down at its nuclear
business.
A spinoff would help the unit compete with Samsung Electronics
Co. in an industry in which billions of dollars are needed to stay
abreast of technological changes.
A decision could come as early as Friday when Toshiba plans to
brief its banks on how much the nuclear troubles will cost, two
people familiar with the matter said.
A Toshiba statement, in response to reports in local media
including the Nikkei newspaper about the possible spinoff, said the
plan was at an advanced stage of deliberation but no final
decisions have been made.
--Takashi Mochizuki
(END) Dow Jones Newswires
January 19, 2017 02:47 ET (07:47 GMT)
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