After months of rumor, vagary and anticipation, global CRO Quintiles is finally a public company, raising a total of $947 million after tendering more shares than initially planned.
Call it a rite of spring. Every year about this time, FiercePharma takes a look at executive compensation in the industry, and we rank the highest-paid CEOs. If you're a regular reader, you'll notice that this year's list is longer than previous editions. And there's a reason for that: curiosity. Are the CEOs on this list worth their price? What's a supersuccessful new drug worth? Should CEO pay be docked for R&D failures? What about failed launches? Should other, lower-paid executives earn more? Check out our report >>
The R&D numbers for the top 10 biotechs may only amount to a fraction of what you'll find in Big Pharma. But unlike the giants, which are trying to keep a lid on multibillion-dollar budgets, you'll find a much faster crowd when you turn your gaze to the biotechs. All 10 reported increases in their research spending for last year. And a few of them slammed their foot on the gas pedal.
Altogether the top 10 biotechs spent $11.8 billion on R&D in 2012, according to our research, a hefty 15% average increase over their 2011 performance. Compare that to the stable year-over-year record in Big Pharma, where doing more with the same amount of cash has become an industry mantra. Read the report >>
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Amid repeated pipeline struggles and an R&D re-think, Merck KGaA has signed an exclusive deal with the newly public Quintiles, launching a novel collaboration that will give the CRO a seat at the decisionmaking table.
Perhaps encouraged by the success of its North Carolina neighbor Quintiles, PRA is making moves toward an IPO of its own, filing a confidential draft registration form with the SEC.
BioDuro, PPD's China-based drug discovery business, has opened a state-of-the-art facility in Shanghai, a lab the company says will help it cozy up to clients in the growing Asian biopharmaceutical world.
Navidea Biopharmaceuticals has seen its fair share of CMO troubles, as problems with its last contract manufacturer delayed a much-anticipated FDA approval. Now, the diagnostics developer is hitching up with Nordion to manufacture an in-development imaging agent, hoping to avoid more production setbacks.
WuXi PharmaTech, China's largest CRO, has big expectations for 2013, and the company is well on its way to following through, posting an 11.7% revenue jump in the first quarter.
Global CRO Quintiles is planning to slash 400 jobs this year, the company disclosed in a regulatory filing, primarily from its product development and healthcare services departments.
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