The cuts continue – this time it’s AstraZeneca. U.K.-based drugmaker AstraZeneca PLC (AZN) Thursday forecast flat 2009 sales and unveiled plans to cut a further 7,400 jobs worldwide by 2013, while posting a 1.4% decline in fourth-quarter net profit.
Roche goes hostile in bid for Genentech. Roche cut the price of its bid for outstanding shares in Genentech, going hostile and dashing investor hopes of a sweetened offer for the 44 percent of the U.S. biotech group its does not already own. Roche Holding AG’s new and lower offer, pitched directly to shareholders, was a surprise and reflected tougher financing conditions and a drop in Genentech Inc shares, analysts said on Friday.
Glaxo pays out big over marketing probe. GlaxoSmithKline is the latest drugmaker to pay the price for a government investigation of off-label marketing. The company said it’s taking a $400 million hit over a Justice Department investigation of the way Glaxo marketed top drugs.
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