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 Firing Slows, but Lilly Fans the Flames
Could pharma layoffs finally be slowing down? That's what new data from Challenger, Gray & Christmas seems to suggest, with just 830 industry job losses recorded in June. That's a steep decline from the pace of prior months, which saw 34,987 pharmaceutical industry job losses year to date, or an average of 5,831 a month. Also encouraging is that the June figure continues a trend that goes back at least to April, when just 1,049 jobs, also well below the running average, were shed. In contrast, overall job losses across industries have actually ticked up slightly in the past couple months. (Hat tip to Phamalot for linking these stats.)
Of course, it will take more than two or three months to establish a meaningful trend, and as noted below, many pharma companies have announced planned layoffs that they haven't yet executed, so the bleeding is not going to end anytime soon. But it's certainly encouraging to see the numbers going down. More...
More By Karl Thiel
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Gilead Sciences has had a rough year, having seen its stock dwindle to a three-plus year low over worries about pipeline and patent expiries. Unfortunately, its latest clinical news probably won't do much to change that. But that takes nothing away from the public health importance of a vaginal gel tested in Africa that appears to cut the risk of HIV transmission in half--a huge development in the battle against AIDS on that continent. Far more important to the bottom line, Gilead's experimental "Btripla" combination HIV drug appears to be holding up in the clinic so far.
-KT
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Ever since Billy Tauzin left as head of the Pharmaceutical Research and Manufacturers of America (PhRMA), industry followers have been wondering what kind of leadership the industry organization would choose. What is PhRMA hoping to accomplish, and what will its new public face stand for? Now we know: John Castellani doesn't have Tauzin's political experience, and has no specific background in the pharma industry, but he does have something many PhRMA members felt Tauzin lacked: The experience and perspective of a chief executive. While he will smooth ruffled feathers among the membership, the real test will be how he engages with the zoo on Capitol Hill.
-KT
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After Vivus got voted down by an FDA panel on its obesity drug (see Rockville Files), shares of Arena and Orexigen--both companies with rival meds--rallied. (Although it's not clear to me that investors in these companies should be cheered that an FDA panel wasn't willing to accept as safe a drug made of two active ingredients that have already been on the market for years when even the agency's reviewers seemed to feel the data showed acceptable safety). In any case, Arena cashed in some of the value of its drug in a U.S. marketing deal with Esai, including a $50 million upfront payment. If only they'd waited until after Vivus' failure to seal the deal, they might have pumped up that figure a little.
And what's sexier than a mystery deal? A report from Bloomberg said that Sanofi-Aventis is planning a $20 billion acquisition of...ummm... something in the U.S. But what could it be? Nope, nothing too surprising--turns out it's Genzyme, and Genzyme isn't playing ball thus far.
-KT
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• Genetown (Waltham, Massachusetts)
Massachusetts Life Sciences Center
Vice President of Industry Programs and Relations
The Vice President of Industry Programs and Relations for the Massachusetts Life Sciences Center (the Center) will plan, direct and implement the Centers programs, marketing and communications, objectives and initiatives that target private industry in the life sciences sectors.
• Biotech Bay (San Francisco, California)
Medicines360
Senior Director Quality Assurance
The Sr. Director QA will be responsible for the strategic leadership and successful implementation, execution and maintenance of Quality Systems and Assurance work at Medicines360 aligned with Medicines360 business strategy, industry standards and global regulatory expectations of a virtual pharmaceutical company that is developing combination products.
• Biotech Beach (San Diego, California)
Optimer Pharmaceuticals, Inc.
Vice President Commercial Manufacturing
The vice president of commercial manufacturing reports to the CEO or COO and is responsible for direction, strategy, and planning and execution for the companys manufacturing operations.
• BioMidwest (Deerfield, Illinois)
Astellas Pharma US
Vice President, Global Clinical Science
Responsibilities: Effectively collaborates with Group TAHs and TAHs to ensure 1) Therapeutic area specific best-in-class knowledge, application, and molecule strategic context is successfully reflected in the operational strategies and execution of clinical development programs etc.
Get Noticed! Add your resume to the BioSpace Career Center!
See more than 5,000 job postings in the BioSpace Career Center!
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Bio NC Career Fair
Sheraton Imperial Hotel & Convention Center, Thursday, Monday, September 13, 2010, 11am to 4pm.
Job seekers can spend a day with HR representatives and Hiring Managers from top biotech, pharma, medical device and diagnostics companies in the South East region.
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BioMidwest Career Fair
Chicago Marriott Oak Brook, Thursday, September 23, 2010, 11am to 4pm.
Job seekers can spend a day with HR representatives and Hiring Managers from top biotech, pharma, medical device and diagnostics companies in the Midwest region.
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Pacific Biosciences, the company that has claimed it will sequence an individual's entire genome in 15 minutes for under $1000 by 2013, has pulled in another huge venture round--its series F (that's more than you can count on one hand). This round is aimed at ramping up for commercial production, so an IPO may not be too far away.
Yet the latest IPO filing in the healthcare space is not for a biotech company but, once again, for an information company. Epocrates supplies mobile reference tools to physicians and is taking a second swing at the IPO market after withdrawing its original filing in 2008.
-KT
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After much controversy, it looks like GlaxoSmithKline's Avandia will remain on the market...with new, stricter labeling. But that doesn't mean the company's troubles are over. Enrollment in the head-to-head TIDE trial comparing Avandia and Takeda's Actos has been halted while FDA mulls its final decision. It remains unclear how new labeling will affect sales, but they are certain to decline. And the company has taken a $2.4 billion charge to cover settlements on litigation concerning the diabetes drug, as well as issues concerning Paxil, and its Cidra manufacturing in Puerto Rico.
-KT
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The controversy over Avandia dominated most of the industry headlines this month (see Legal Briefs), but there were other interesting FDA panel decisions made in the past month. One that offers a potentially clearer signpost of how FDA is using its regulatory powers was the 12-1 panel vote to strip Avastin of its breast cancer label. While that decision--assuming FDA backs it up--will probably have a limited impact on Avastin sales, it does show that FDA is serious about its accelerated approval powers. Avastin got the breat cancer label in 2008 with the understanding that further study would confirm the progression free survival seen in a limited study. It didn't, at least to the panel's satisfaction, and away goes the label.
-KT
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Karl Thiel is an analyst for The Motley Fool, a columnist for BioWorld Today, and a contributor to Nature Biotechnology. He lives in Portland, Oregon.
You may contact Karl Thiel at Karl.thiel@biospace.com.
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