Word: bayer
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...discovery. "We learned at the seat of the inventor of this technology," boasts technology group leader Bruce Taillon, "and showed him what would happen when CuraGen was set loose on it." The company stunned the biotech world in January, when it announced a 15-year, $1.4 billion deal with Bayer to develop drugs against obesity and diabetes. "CuraGen has a mastery of the genome," says CEO Jonathan Rothberg. "We needed a large drug company like Bayer to help us turn that mastery into a product...
This kind of deal is "a model we're likely to see more of as big pharmas and big biotechs try to incorporate these new technologies into their drug-discovery programs," says Ernst & Young analyst Scott Morrison. And in this case it seems to be working. CuraGen has presented Bayer with 24 targets for drug development...
Then came Sept. 11. After the hijack terror followed bioterror - anthrax. Faced with the potential of a widespread public health emergency, U.S. officials scrambled to stockpile Cipro, Bayer AG's patented antibiotic used to treat anthrax. Suddenly the U.S. and Canada - long tough on patent protection - found themselves feeling like South Africa, Brazil and other developing nations desperate for needed medicines at low cost. When politicians mentioned overriding patents, Bayer struck discount-purchase deals. Bayer also donated 4 million tablets to the U.S. for emergency and postal workers. Other companies, too, are eager to promote their own low-cost anthrax...
...Lipobay controversy increased pressure on Bayer to sell its health care division and concentrate on the company?s three other businesses, chemicals, polymers and agricultural products. When the issue was put to a vote last month, the supervisory board decided to keep the drug business. But the group also voted to transfer it to an independent corporate unit. That could ultimately make it easy for the company to merge the drug business with another firm or sell it off entirely...
...chief financial officer, Werner Wenning, 55, to take over next April from Schneider, 62, who has been chairman since 1992. Analysts say Wenning might be more open to sales of assets - like the drug business - than Schneider. Though Cipro is a wonder drug, it clearly won?t solve all Bayer?s ills...