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Merck & Co. and Bayer on Tuesday won Food and Drug Administration approval for the heart failure drug Verquvo, one of the few medicines Merck has recently brought through late-stage development.
The FDA cleared Verquvo to reduce the risk of cardiovascular death or hospitalization in a subset of chronic patients whose hearts can pump less than 45% of the blood in the left ventricle. Patients who have already been hospitalized or needed outpatient intravenous diuretics would be candidates for treatment.
A Merck spokesperson said the company plans to announce the price for the drug in coming weeks, saying it will be in line with existing treatments and reflect the value it offers to patients. Merck developed the treatment together with Bayer, which has commercial rights outside of the U.S.
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AstraZeneca’s manufacturing facility at Snäckviken in Sodertalje, Sweden.
AstraZeneca’s shares slumped more than 9% on Monday after the global pharmaceuticals company announced over the weekend to acquire Alexion Pharmaceuticals for $39 billion or $175 per share in cash and stock.
That would be the biggest deal ever for the UK-based global pharmaceuticals company, but the company’s relative shortage of cash raised eyebrows.
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According to the deal, Alexion shareholders will receive $60 in cash and nearly $115 worth of equity per share. The acquisition is expected to close in the third quarter of next year, and upon completion, Alexion shareholders will own c.15% of the combined company, AstraZeneca said in the statement.