NovoCure has pulled off an enormous $165 million IPO--but the deal wasn't nearly as large as it had hoped for originally. At the last minute, the brain cancer treatment company kicked its existing investors out of selling their 5 million shares in the offering and it also lowered its share price expectations to $22 from an original range of $26 to $29 each.
Global market volatility claimed another victim as Australia's largest X-ray provider, I-MED Radiology Network, this week pulled its planned $350 million initial public offering, Reuters said.
Australia's Paranta Biosciences has raised A$7 million to fund a Phase I clinical trial of cystic fibrosis treatment candidate PB01, adding to the A$16 million already raised since the company started operations in 2011, as hopes for biotech growth in the country get an official push.
InnFocus has nabbed a pair of strategic ophthalmic investors in its Series C financing for $32.8 million. The cash infusion will go to the final phase of clinical testing for the startup's MicroShunt, which is expected to be a minimally invasive alternative to surgery for primary open angle glaucoma.
Sun Pharmaceutical founder Dilip Shanghvi has dropped from the pinnacle on the Forbes India Rich List to the second spot, but plenty of pharmaceutical-related business leaders remain in the top tier.
What will Allergan look like after it hives off its generics unit to Teva Pharmaceutical Industries? The company unveiled some new numbers on that score Monday. And while the company's status as a potential top 10 pharma company proved short-lived, it's still looking for a growth rate that outpaces its Big Pharma peers.
The International Federation of Health Plans sifted through insurance data to compare pricing for prescription drugs in countries such as the U.S., Australia, Argentina, Spain and Canada and found enormous differences between the U.S. and other countries.
Taiwan's Genovate Biotechnology has started construction on an insulin manufacturing hub in China that aims to be the top producer by investing up to $1 billion, putting it toe-to-toe with multinationals such as Sanofi, Eli Lilly and Novo Nordisk as well as domestic companies increasingly winning tender business.
India's Business Standard, citing brokerage reports, said the domestic drug company Lupin has raised the price for diabetes drug Fortamet in the U.S. by 200%, though that still puts it below rival Valeant Pharmaceuticals.
China Daily ran a series of interviews with multinational business executives about bilateral commercial expectations ahead as U.S. President Barack Obama hosts China's President Xi Jinping at the White House for an official state visit.