Alnylam cuts one third of workforce – New Novo Nordisk diabetes R&D centre – And Georgia Gulf spurns $1.1 bn takeover bid

PHARMACEUTICAL – US biotech Alnylam is planning to cut one third of its workforce. According to the 2010 annual report, the company employed 172 people, including 142 researchers, at the start of 2011. Based on those figures, around 57 people are now facing redundancy. Alnylam specialises in drugs based on RNA interference, a process through which genes are naturally turned on or off in biological systems by short lengths of RNA.

PHARMACEUTICAL – Danish pharma company Novo Nordisk, which specialises in insulin products, says it is to establish a type 1 diabetes R&D centre in Seattle, US. The centre will open this summer, employing 20 researchers led by Matthias von Herrath, currently director of the Center for Type 1 Diabetes Research at the La Jolla Institute for Allergy and Immunology. The company says that there has been ‘a lack of major scientific progress’ in this area over the last decade – type 2 diabetes has drawn the focus owing to the dramatic rise in the number of people living with the disease, which is closely linked with obesity.

PHARMACEUTICAL – US generics company Watson has bought Australian company Ascent Pharmahealth for A$375 million (£240 million). Ascent specialises in generics, consumer skincare products and over the counter medicines, and Watson says that the move makes it the fifth largest generics company in Australia based on sales and gives it a significant presence in south-east Asia. Ascent employs 300 people in Australia and south-east Asia, and across those two regions the company made A$150 million in sales in 2011. Watson says that in Australia the market for generics is growing 8% per year.

CHEMICAL – US chemical company Georgia Gulf has rejected a $1.1 billion (£700 million) takeover bid from Westlake Chemical. Earlier this month, Westlake said it would buy the firm for $30 per share. But the Georgia Gulf board described the bid as ‘financially inadequate and not in the best interest of Georgia Gulf stockholders’. Georgia Gulf makes chlorovinyl and aromatic chemicals, as well as vinyl-based construction products. Westlake makes petrochemicals, polymers and construction products.

PHARMACEUTICAL – Contaminated drugs have killed 27 people in Pakistan prompting a rapid recall, according to Reuters. The drugs were distributed to patients with heart problems at a government institute in Lahore. Investigators suspect that that metal shards may be the cause of the symptoms, which include heavy bleeding.

CHEMICAL – European speciality chemical group Solvay is planning to create an ‘energy services’ business, which it is calling ‘the first concrete outcome’ of its €3.4 billion (£2.8 billion) merger with Rhodia in April 2011. The business will seek to reduce energy costs and emissions within Solvay, as well as selling services to other companies. Currently, Solvay spends €1.2 billion per year on energy.

Andrew Turley

                  

Source:
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