As the top cancer researchers gather in Chicago, the world's largest CRO is weighing in on how best to steer the future of oncology drug development, arguing that picking the right patients and biomarkers in early stages can mean the difference between a blockbuster and a late-phase failure.
Between billion-dollar IPOs and big-name exclusive partnerships, it's a good time to be a giant in the CRO world. However, all the recent consolidation has made it harder for mid-size outfits to compete, as medium-capped players lack the capacity to challenge heavyweights and don't offer the kind of niche services that keep small CROs afloat.
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.
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.
In the pact, investigators at Merck Serono will join hands with experts at Quintiles to shape and guide the company's R&D strategy while the CRO manages trial planning and execution from Phase I through post-marketing studies.
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.
The biopharma industry racked up two more IPOs thisweek, with the monster deal for pharma services firm Quintiles and public debut of MS drug developer Receptos.
The global CRO Quintiles won some enthusiastic support for its IPO, raising close to a billion dollars for the company and its top investors after hiking the number of shares sold at the top of its range. With investor demand running hot, Quintiles wound up selling 23.7 million shares at $40 each, raking in $947 million as market bulls push the Dow ever higher.
Up until now, the FDA has reserved its new "breakthrough" designation for a Who's Who in drug development, with high-profile companies like J&J, Merck and Novartis touting their scores at the agency. But now the FDA has delivered the coveted designation to Durham, NC-based ScioDerm, a little-known start-up that just landed its Series A of $16 million. And its success is blazing a path others can follow.
Quintiles has finally affixed a price tag to its long-held plans to go public, plotting to raise about $790 million and pay down its outstanding debt.