SD Life Sciences Roundup: Gen-Probe, Zogenix, & the Innovation Economy
Here’s our wrap-up of life sciences news over the past week, along with some life sciences data from the latest Connect Innovation Report.
—Bedford, MA-based Hologic (NASDAQ: HOLX) agreed to pay $3.7 billion, or $82.75 a share, for Gen-Probe (NASDAQ: [[GPRO]]), San Diego’s venerable, 29-year-old clinical diagnostics company. At a 20 percent premium, the Hologic-Gen-Probe deal represents good news for investors. But Hologic said it also expects to squeeze $75 million in cost savings by consolidating the two companies’ operations, and it’s unclear how that will play out for Gen-Probe’s 1,400 employees.
—San Diego’s Zogenix (NASDAQ: ZGNX) said it is seeking approval from federal drug regulators for its extended-release formulation of hydrocodone bitartrate (Zohydro) for managing chronic pain. In submitting its new drug application for the opioid pain-killer, Zogenix is keeping to the schedule it outlined last year. If approved, Zohydro says its drug could be the first 12-hour hydrocodone pain-killer that poses no risk of acetaminophen-related liver injury
—San Diego’s AnaptysBio said it has formed a partnership with Foster City, CA-based Gilead Sciences (NASDAQ: [[ticker:GILD) to discover and optimize therapeutic antibodies, using its proprietary technology. Gilead agreed to pay AnaptysBio an undisclosed upfront fee as well as milestone and royalty payments for products that advance under the partnership. The companies did not identify what the focus of their drug developments would be. AnaptysBio, which was founded in 2005, previously signed collaboration deals with Celgene, Roche, Novartis, and Merck.