156-571: AstraZeneca plc ( / ˌ æ s t r ə ˈ z ɛ n ə k ə / ) ( AZ ) is a British-Swedish multinational pharmaceutical and biotechnology company with its headquarters at the Cambridge Biomedical Campus in Cambridge , England. It has a portfolio of products for major diseases in areas including oncology , cardiovascular , gastrointestinal , infection , neuroscience , respiratory , and inflammation . The company
312-543: A BRCA genetic mutation. A major criterion governing the drugs approval was, on average, its ability to shrink tumours in patients for 7.9 months. In February 2015, the company announced it would acquire the US and Canadian rights to Actavis's branded respiratory drug business for an initial sum of US$ 600 million. Later in the same month the company announced it would partner with Orca Pharmaceuticals to develop retinoic acid -related orphan nuclear receptor gamma inhibitors for use in
468-546: A clinical trial of tremelimumab as a treatment for mesothelioma failed to meet its primary endpoint. As of 2008, David Brennan was paid US$ 1,574,144 for his role as chief executive officer. On 26 April 2012, it was announced that Brennan was to retire in early June of that year. In August 2012, Pascal Soriot was named CEO of AstraZeneca. It was also announced that Leif Johansson would succeed Louis Schweitzer as non-executive chairman on 1 June 2012, three months earlier than previously announced, and would become Chairman of
624-560: A compound annual growth rate (CAGR) of 1.8% given the results of recent events (which includes the COVID-19 pandemic ). In historical terms, a pharmaceutical industry as an intellectual concept arose within the middle to late 1800s inside of certain nation-states with developed economies such as Germany , Switzerland , and the United States given that multiple businesses engaging in synthetic organic chemistry , such as
780-470: A "final offer" from Pfizer of £55 per share, which valued the company at £69.4 billion (US$ 117 billion). The companies had been meeting since January 2014. If the takeover had proceeded, Pfizer would have become the world's biggest drug maker. The transaction would also have been the biggest foreign takeover of a British company. Many in Britain, including politicians and scientists, had opposed
936-553: A 122.5% premium to its last closing price), helping to boost its complement of cancer drugs, specifically repotrectinib . That same month, the company announced it would be investing $ 180m in French AI company Owkin , to design potentially more precise and efficient clinical trials. The collaboration will initially focus on cardiovascular diseases, and has the potential to extend into projects in other therapeutic areas. In August 2023, Bristol Myers Squibb partnered with Cellares for
1092-492: A 20% drop in those for which antibiotics were not effective. The report concluded that "it appears that the use of antibiotics, early diagnosis, and other factors have limited the epidemic spread and thus the number of these diseases which have occurred". The study further examined mortality rates for eight common diseases for which antibiotics offered effective therapy (syphilis, tuberculosis, dysentery, scarlet fever, whooping cough, meningococcal infections, and pneumonia), and found
1248-517: A 56% decline over the same period. Notable among these was a 75% decline in deaths due to tuberculosis. During the years 1940–1955, the rate of decline in the U.S. death rate accelerated from 2% per year to 8% per year, then returned to the historical rate of 2% per year. The dramatic decline in the immediate post-war years has been attributed to the rapid development of new treatments and vaccines for infectious disease that occurred during these years. Vaccine development continued to accelerate, with
1404-411: A Japanese biochemist working for the pharmaceutical company Sankyo, identified mevastatin (ML-236B), a molecule produced by the fungus Penicillium citrinum , as an inhibitor of HMG-CoA reductase, a critical enzyme used by the body to produce cholesterol. Animal trials showed very good inhibitory effect as in clinical trials , however a long-term study in dogs found toxic effects at higher doses and as
1560-472: A Phase I/II trial collaboration with Pharmacyclics and Janssen Biotech investigating combination treatments. Also in November of the same year, the company agreed to sell its lipodystrophy treatment business to Aegerion Pharmaceuticals for more than US$ 325 million. In December, the company received accelerated FDA approval for Olaparib in the treatment of women with advanced ovarian cancer who have
1716-544: A collaboration on treatments for inflammatory diseases. Then in April 2012, AstraZeneca acquired Ardea Biosciences, another biotechnology company, for $ 1.26 billion. In June 2012, AstraZeneca and Bristol Myers Squibb announced a two-stage deal for the joint acquisition of the biotechnology company Amylin Pharmaceuticals . It was agreed that Bristol Myers Squibb would acquire Amylin for $ 5.3 billion in cash and
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#17327807452971872-414: A compound is identified as a potential drug in order to establish its suitability as a medication. Objectives of drug development are to determine appropriate formulation and dosing , as well as to establish safety . Research in these areas generally includes a combination of in vitro studies, in vivo studies, and clinical trials . The cost of late stage development has meant it is usually done by
2028-604: A cost of approximately £1 billion. In 2015 AstraZeneca arranged for the establishment of a direct air route between Cambridge and Gothenburg , which began operation on March 2, 2015. The company reserved 20 of the 32 seats on each flight, with the remaining seats available to the public, which was operated SUN-AIR for British Airways . The service connects AstraZeneca’s global headquarters in Cambridge with its research facility in Gothenburg. The service operated four days
2184-685: A deal valued at up to $ 1.2 billion. Both the acquisitions were completed in February 2024. In March 2024, AstraZeneca announced it would acquire Amolyt Pharma for $ 1.05 billion in cash. In March 2024, AstraZeneca announced it would acquire Fusion Pharmaceuticals Inc for $ 2 billion in cash. In July 2024, National Institute for Health and Care Excellence (Nice) blocked the National Health Service (NHS) from providing Enhertu , an innovative treatment for advanced HER2-low breast cancer, due to AstraZeneca and Daiichi Sankyo not offering
2340-519: A dedicated biologics division called MedImmune. In 2010, AstraZeneca acquired Novexel Corp, an antibiotics discovery company formed in 2004 as a spin-off of the Sanofi-Aventis anti-infectives division. Astra acquired the experimental antibiotic NXL-104 (CEF104) (CAZ-AVI) through this acquisition. In 2011, AstraZeneca acquired Guangdong BeiKang Pharmaceutical Company, a Chinese generics business. In February 2012, AstraZeneca and Amgen announced
2496-588: A deferred prosecution agreement, the company was placed under the oversight of a monitor appointed by the U.S. attorney in New Jersey. In addition, the former head of the Pharma group, Richard Lane, and the ex-CFO, Fred Schiff, were indicted for federal securities violations. In July 2006, an investigation of the company was made public, and the FBI raided the company's corporate offices. The investigation centered on
2652-472: A drug could be sold, and explicitly prohibited false therapeutic claims. The aftermath of World War II saw an explosion in the discovery of new classes of antibacterial drugs including the cephalosporins (developed by Eli Lilly based on the seminal work of Giuseppe Brotzu and Edward Abraham ), streptomycin (discovered during a Merck-funded research program in Selman Waksman's laboratory ),
2808-558: A heart attack were reduced by 42%. In 1995, Zocor and Mevacor both made Merck over US$ 1 billion. Endo was awarded the 2006 Japan Prize , and the Lasker-DeBakey Clinical Medical Research Award in 2008. For his "pioneering research into a new class of molecules" for "lowering cholesterol," Since several decades, biologics have been rising in importance in comparison with small molecules treatments. The biotech subsector, animal health and
2964-507: A highly toxic solvent that is now widely used as antifreeze. Under the laws extant at that time, prosecution of the manufacturer was possible only under the technicality that the product had been called an "elixir", which literally implied a solution in ethanol. In response to this episode, the U.S. Congress passed the Federal Food, Drug, and Cosmetic Act of 1938 , which for the first time required pre-market demonstration of safety before
3120-623: A low enough price. Nice's decision, the first rejection of a breast cancer treatment in six years, highlighted the financial challenges of funding complex medicines, with Enhertu costing £117,857 per treatment course. Despite approval by the Medicines and Healthcare Regulatory Agency, Nice's non-recommendation meant the drug could only be available privately or under separate funding in Scotland. Clinical trials showed Enhertu extended patients' lives by five months compared to chemotherapy, but Nice and
3276-413: A monopoly on Taxol , its cancer treatment, and it was again sued for the antitrust lawsuit five years later, which cost the company $ 125 million for settlement. Also in 2002, Bristol-Myers Squibb was involved in an accounting scandal that resulted in a significant restatement of revenues from 1999 to 2001. The restatement was the result of an improper booking of sales related to " channel stuffing " as
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#17327807452973432-425: A multiyear program of on-going layoffs. This was part of a business strategy launched in 2007 to transform the company from a large, diversified pharmaceutical company to a specialty biopharma company, which also included the closure of half of their manufacturing facilities. As another cost-cutting measure, Bristol-Myers Squibb also reduced health-care subsidies for retirees and planned to freeze their pension plan at
3588-537: A new Cambridge– Gothenburg service by Sun-Air of Scandinavia . In mid-March the company announced it would co-commercialise naloxegol along with Daiichi Sankyo in a deal worth up to US$ 825 million. Towards the end of April the company announced a number of collaborations worth an estimated US$ 1.8 billion; first, to develop and commercialise MEDI4736, with Celgene , for use against non-Hodgkin’s lymphoma , myelodysplastic syndromes, and multiple myeloma with AstraZeneca receiving US$ 450 million. The second of two deals
3744-465: A new global health tech business, Evinova, that focused on provide global services to CROs and pharma companies to design, run and monitor clinical trials. In December 2023, AstraZeneca announced that it would acquire an RSV vaccine developer, Icosavax for $ 1.1 billion. Later that month, AstraZeneca agreed to acquire clinical-stage biopharmaceutical developer of cell therapies for the treatment of cancer and autoimmune diseases, Gracell Biotechnologies, in
3900-469: A number of companies developed products based on adrenal extracts containing varying purities of the active substance. In 1897, John Abel of Johns Hopkins University identified the active principle as epinephrine , which he isolated in an impure state as the sulfate salt. Industrial chemist Jōkichi Takamine later developed a method for obtaining epinephrine in a pure state, and licensed the technology to Parke-Davis . Parke-Davis marketed epinephrine under
4056-479: A number of firms generating dyestuffs derived from coal tar on a large scale, sought out new applications of their artificial materials in terms of human health . This trend to increased capital investment occurred in tandem with the scholarly study of pathology as a field advancing significantly, and a variety of businesses set up cooperative relationships with academic laboratories evaluating human injury and disease. Examples of industrial companies with
4212-493: A pharmaceutical focus that have endured to this day after such distant beginnings include Bayer (based out of Germany) and Pfizer (based out of the U.S.). The modern era of pharmaceutical industry began with local apothecaries that expanded for their traditional role of distributing botanical drug s such as morphine and quinine to wholesale manufacture in the mid-1800s, and from discoveries resulting from applied research. Intentional drug discovery from plants began with
4368-499: A protocol to discontinue their use. A series of experiments performed from the late 1800s to the early 1900s revealed that diabetes is caused by the absence of a substance normally produced by the pancreas. In 1869, Oskar Minkowski and Joseph von Mering found that diabetes could be induced in dogs by surgical removal of the pancreas. In 1921, Canadian professor Frederick Banting and his student Charles Best repeated this study and found that injections of pancreatic extract reversed
4524-467: A push for revisions of the FD&;C Act emerged from Congressional hearings led by Senator Estes Kefauver of Tennessee in 1959. The hearings covered a wide range of policy issues, including advertising abuses, questionable efficacy of drugs, and the need for greater regulation of the industry. While momentum for new legislation temporarily flagged under extended debate, a new tragedy emerged that underscored
4680-504: A reduction in initial public offerings being floated. A 2022 article articulated this notion succinctly by saying "In the business of drug development, deals can be just as important as scientific breakthroughs", typically referred to as pharmaceutical M&A (for mergers and acquisitions). It highlighted that some of the most impactful of the remedies of the early 21st Century were only made possible through M&A activities, specifically noting Keytruda and Humira . Drug discovery
4836-649: A refresher to the company's pipeline, helping to overcome from declining sales of Opdivo relative to competitor Keytruda . Under the terms of the deal, Celgene shareholders would receive one BMS share as well as $ 50 in cash for each Celgene share held, valuing Celgene at $ 102.43 a share; representing a 54% premium to the previous days closing price. Investor opposition to this acquisition, leading into an 12 April shareholder vote, appeared when BMS's second-largest investor, Wellington Management , voiced its opposition, followed by investor Starboard Value . In April 2019 BMS announced that 75% of its shareholders voted to approve
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4992-400: A result mevastatin was believed to be too toxic for human use. Mevastatin was never marketed, because of its adverse effects of tumors, muscle deterioration, and sometimes death in laboratory dogs. P. Roy Vagelos , chief scientist and later CEO of Merck & Co , was interested, and made several trips to Japan starting in 1975. By 1978, Merck had isolated lovastatin (mevinolin, MK803) from
5148-431: A series of such compounds, and was found to exhibit partially selective toxicity. Arsphenamine proved to be the first effective treatment for syphilis , a disease untl then had been incurable and led inexorably to severe skin ulceration, neurological damage, and death. Ehrlich's approach of systematically varying the chemical structure of synthetic compounds and measuring the effects of these changes on biological activity
5304-568: A sleep aid beginning in 1904. Systematic investigations of the effect of structural changes on potency and duration of action led to the discovery of phenobarbital at Bayer in 1911 and the discovery of its potent anti-epileptic activity in 1912. Phenobarbital was among the most widely used drugs for the treatment of epilepsy through the 1970s, and as of 2014, remains on the World Health Organizations list of essential medications. The 1950s and 1960s saw increased awareness of
5460-492: A small fraction are eventually approved in most nations by government-appointed medical institutions or boards, who have to approve new drugs before they can be marketed in those countries. In 2010 18 NMEs (New Molecular Entities) were approved and three biologics by the FDA, or 21 in total, which is down from 26 in 2009 and 24 in 2008. On the other hand, there were only 18 approvals in total in 2007 and 22 back in 2006. Since 2001,
5616-401: A stake in the company, signaling a potential future takeover from the likes of Gilead Sciences . In April 2018, the company reported net income of $ 1.5 billion, or 91 cents per share, for the first quarter of the year, thanks to the increased sales of their cancer drug Opdivo. In August 2009, during a major restructuring activity, BMS acquired the biotechnology firm Medarex as part of
5772-561: A third of the global pharmaceutical market, with $ 340 billion in annual sales followed by the EU and Japan. Emerging markets such as China, Russia, South Korea and Mexico outpaced that market, growing a huge 81 percent. The top ten best-selling drugs of 2013 totaled $ 75.6 billion in sales, with the anti-inflammatory drug Humira being the best-selling drug worldwide at $ 10.7 billion in sales. The second and third best selling were Enbrel and Remicade, respectively. The top three best-selling drugs in
5928-491: A three-year collaboration with Mitsubishi Tanabe Pharma on diabetic nephropathy . In September 2014 the company would join forces with Eli Lilly in developing and commercialising its candidate BACE inhibitor – AZD3292 – used for the treatment of Alzheimer's disease . The deal could yield up to US$ 500 million for the company. In November 2014 the company's biologics R&D operation, MedImmune, agreed to acquire Definiens for more than US$ 150 million. The company also began
6084-1054: A total revenue of $ 46.2 billion. Bristol Myers Squibb manufactures prescription pharmaceuticals and biologics in several therapeutic areas, including cancer , HIV/AIDS , cardiovascular disease , diabetes , hepatitis , rheumatoid arthritis , and psychiatric disorders . BMS's primary research and development (R&D) sites are located in Lawrence, New Jersey (formerly Squibb, near Princeton ), Summit, New Jersey , formerly HQ of Celgene , New Brunswick, New Jersey , Redwood City, California , and Seville in Spain, with other sites in Devens and Cambridge, Massachusetts , Braine-l'Alleud , Belgium, Tokyo , Japan, Hyderabad ; Bangalore , India and Wirral , United Kingdom. BMS previously had an R&D site in Wallingford, Connecticut (formerly Bristol-Myers). The Squibb corporation
6240-520: A week and was intended to support collaboration between staff in the two locations, allowing same-day travel for meetings. The route ended as a scheduled public service in 2016 due to insufficient demand, but these flights continue for AstraZeneca employees as of 2024. In April 2015, AstraZeneca's drug tremelimumab was approved as an orphan drug for the treatment of mesothelioma in the United States. In February 2016, AstraZeneca announced that
6396-406: Is a very large study of efficacy in the intended patient population. Following the successful completion of phase III testing, a New Drug Application is submitted to the FDA. The FDA reviews the data and if the product is seen as having a positive benefit-risk assessment, approval to market the product in the US is granted. A fourth phase of post-approval surveillance is also often required due to
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6552-444: Is an agreement to study a combination treatment of MEDI4736 and Innate Pharma's Phase II anti-NKG2A antibody IPH2201 for up to US$ 1.275 billion. The company's MedImmune arm also launched collaborative clinical trials with Juno Therapeutics , investigating combination treatments for cancer. The trials will assess combinations of MEDI4736 and one of Juno Therapeutics' CD19 directed chimeric antigen receptor T-cell candidates. In late June
6708-454: Is not associated with cancer in people. Other notable new vaccines of the period include those for measles (1962, John Franklin Enders of Children's Medical Center Boston, later refined by Maurice Hilleman at Merck), Rubella (1969, Hilleman, Merck) and mumps (1967, Hilleman, Merck) The United States incidences of rubella, congenital rubella syndrome, measles, and mumps all fell by >95% in
6864-723: Is on the London Stock Exchange and is a constituent of the FTSE 100 Index ; it also has a secondary listing on the Nasdaq Stockholm . It is also listed on the American Nasdaq and is a Nasdaq-100 company. AstraZeneca has one of the highest market capitalisations of pharmaceutical companies worldwide. Astra AB was founded in 1913 in Södertälje , Sweden , by 400 doctors and apothecaries . In 1993
7020-430: Is the core guide for pharmacists and clinicians. In many non-US western countries, a 'fourth hurdle' of cost effectiveness analysis has developed before new technologies can be provided. This focuses on the 'efficacy price tag' (in terms of, for example, the cost per QALY ) of the technologies in question. In England and Wales NICE decides whether and in what circumstances drugs and technologies will be made available by
7176-491: Is the first novel type of treatment for the devitalizing, chronic mental disorder in the last 70 years. The following is an illustration of the company's major mergers and acquisitions and historical predecessors: For the fiscal year 2018,Bristol Myers Squibb reported earnings of US$ 1.007 billion, with an annual revenue of US$ 20.776 billion, an increase of 6.9% over the previous fiscal cycle. Bristol-Myers Squibb's shares traded at over $ 55 per share, and its market capitalization
7332-498: Is the most important risk factor for cardiovascular morbidity and mortality , in industrialized countries . Prior to 1940 approximately 23% of all deaths among persons over age 50 were attributed to hypertension. Severe cases of hypertension were treated by surgery. Early developments in the field of treating hypertension included quaternary ammonium ion sympathetic nervous system blocking agents, but these compounds were never widely used due to their severe side effects, because
7488-595: Is the process by which potential drugs are discovered or designed. In the past, most drugs have been discovered either by isolating the active ingredient from traditional remedies or by serendipitous discovery. Modern biotechnology often focuses on understanding the metabolic pathways related to a disease state or pathogen , and manipulating these pathways using molecular biology or biochemistry . A great deal of early-stage drug discovery has traditionally been carried out by universities and research institutions. Drug development refers to activities undertaken after
7644-415: Is the value of the publicly traded companies. Small Molecules modality had 58.2% of the valuation share down from 84.6% in 2003. Biologics was up at 30.5% from 14.5%. The valuation share of Chinese Pharma grew from 2003 to 2021 from 1% to 12% overtaking Switzerland who is now ranked number 3 with 7.7%. The United States had still by far the most valued pharmaceutical industry with 40% of global valuation. 2023
7800-489: The Cambridge Biomedical Campus adjacent to Addenbrooke's Hospital in Cambridge , United Kingdom . This facility, known as the Discovery Centre , was designed by Swiss architecture firm Herzog & de Meuron and officially opened by Prince Charles on the 23 November 2021. The building is designed to accommodate over 2,200 scientists across 16 laboratories covering approximately 19,000 square meters. built at
7956-607: The FDA accepted Karuna Therapeutics' NDA for KarXT, for the treatment of schizophrenia in adults. The acquisition of Karuna Therapeutics was completed in March 2024. The company entered into an agreement to purchase RayzeBio, for approximately $ 4.1 billion, in December 2023. On 26 September 2024, The Food and Drug Administration has given approval to one of Bristol Myers Squibb’s most anticipated schizophrenia drugs named Cobenfy which
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#17327807452978112-489: The National Medal of Technology , the nation's highest recognition for technological achievement, "for extending, and enhancing human life through innovative pharmaceutical research and development and for redefining the science of clinical study through groundbreaking and hugely complex clinical trials that are recognized models in the industry." In 2002, the company was involved in a lawsuit of illegally maintaining
8268-519: The Nobel Prize in Medicine for this discovery. Nonetheless, the dramatic decrease in deaths from infectious diseases that occurred prior to World War II was primarily the result of improved public health measures such as clean water and less crowded housing, and the impact of anti-infective drugs and vaccines was significant mainly after World War II. In 1928, Alexander Fleming discovered
8424-577: The birth control movement and the efforts of activists Margaret Sanger , Mary Dennett , and Emma Goldman . Based on fundamental research performed by Gregory Pincus and synthetic methods for progesterone developed by Carl Djerassi at Syntex and by Frank Colton at G.D. Searle & Co. , the first oral contraceptive, Enovid , was developed by G.D. Searle & Co. and approved by the FDA in 1960. The original formulation incorporated vastly excessive doses of hormones, and caused severe side effects. Nonetheless, by 1962, 1.2 million American women were on
8580-477: The opportunity cost of investing capital many years before revenues are realized (see Time-value of money ). Because of the very long time needed for discovery, development, and approval of pharmaceuticals, these costs can accumulate to nearly half the total expense. A direct consequence within the pharmaceutical industry value chain is that major pharmaceutical multinationals tend to increasingly outsource risks related to fundamental research, which somewhat reshapes
8736-566: The 1890s, the company introduced its first nationally recognized product Sal Hepatica , a laxative mineral salt, followed by Ipana toothpaste in 1901. Other divisions were Clairol (hair colors and haircare) and Drackett (household products such as Windex and Drano ). In 1943, Bristol-Myers acquired Cheplin Biological Laboratories, a producer of acidophilus milk in East Syracuse, New York , and converted
8892-527: The American pharmaceutical business, Moderna . In March 2019, AstraZeneca announced it will pay up to US$ 6.9 billion to work with Daiichi Sankyo Co Ltd on an experimental treatment for breast cancer. AstraZeneca plans to use some of the proceeds of a US$ 3.5 billion share issue to fund the deal. The deal on the drug known as trastuzumab deruxtecan sent shares in Japan's Daiichi soaring 16%. In September 2019,
9048-663: The British chemicals company ICI (established from four British chemical companies) demerged its pharmaceuticals businesses and its agrochemicals and specialities businesses, to form Zeneca Group PLC . Finally, in 1999 Astra and Zeneca Group merged to form AstraZeneca plc, with its headquarters in London. In 1999, AstraZeneca identified a new location for the company's US base, the "Fairfax-plus" site in North Wilmington , Delaware. In 2002, its drug Iressa (gefitinib)
9204-458: The Center for Drug Evaluation and Research has averaged 22.9 approvals a year. This approval comes only after heavy investment in pre-clinical development and clinical trials , as well as a commitment to ongoing safety monitoring . Drugs which fail part-way through this process often incur large costs, while generating no revenue in return. If the cost of these failed drugs is taken into account,
9360-494: The Chinese pharmaceutical sector have also grown substantially. On the organisational side, big international pharma corporations have experienced a substantial decline of their value share. Also, the core generic sector (substitutions for off-patent brands) has been downvalued due to competition. Torreya estimated the pharmaceutical industry to have a market valuation of US$ 7.03 trillion by February 2021 from which US$ 6.1 trillion
9516-518: The Institute of Experimental Therapy in Berlin. The drug was given the commercial name Salvarsan. Ehrlich, noting both the general toxicity of arsenic and the selective absorption of certain dyes by bacteria, hypothesized that an arsenic-containing dye with similar selective absorption properties could be used to treat bacterial infections. Arsphenamine was prepared as part of a campaign to synthesize
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#17327807452979672-791: The NHS, whilst similar arrangements exist with the Scottish Medicines Consortium in Scotland, and the Pharmaceutical Benefits Advisory Committee in Australia. A product must pass the threshold for cost-effectiveness if it is to be approved. Treatments must represent 'value for money' and a net benefit to society. There are special rules for certain rare diseases ("orphan diseases") in several major drug regulatory territories. For example, diseases involving fewer than 200,000 patients in
9828-650: The Nomination and Governance Committee after the 2012 Annual General Meeting. Pharmaceutical industry The pharmaceutical industry is an industry involved in medicine that discovers, develops, produces, and markets pharmaceutical goods for use as drugs that function by being administered to (or self-administered by) patients using such medications with the goal of curing or preventing disease (as well as possibly alleviating symptoms of illness or injury ). Pharmaceutical companies may deal in " generic " medications and medical devices without
9984-745: The Orange Book site. In the UK, the Medicines and Healthcare products Regulatory Agency approves and evaluates drugs for use. Normally an approval in the UK and other European countries comes later than one in the USA. Then it is the National Institute for Health and Care Excellence (NICE), for England and Wales, who decides if and how the National Health Service (NHS) will allow (in the sense of paying for) their use. The British National Formulary
10140-809: The Pennsylvania Bio commerce organisation. In 2006, following a collaborative relationship begun in 2004, AstraZeneca acquired Cambridge Antibody Technology for £702 million. In February 2007, AstraZeneca agreed to buy Arrow Therapeutics, a company focused on the discovery and development of anti-viral therapies, for US$ 150 million. AstraZeneca's pipeline, and "patent cliff", was the subject of much speculation in April 2007 leading to pipeline-boosting collaboration and acquisition activities. A few days later AstraZeneca acquired US company MedImmune for about US$ 15.2 billion to gain flu vaccines and an anti-viral treatment for infants; AstraZeneca subsequently consolidated all of its biologics operations into
10296-549: The UK and at Lund in Sweden, investment of $ 500 million in the construction of a new research and development facility in Cambridge and the concentration of R&D in three locations: Cambridge, Gaithersburg, Maryland (location of MedImmune, where it will work on biotech drugs), and Gothenburg in Sweden, for research on traditional chemical drugs. AstraZeneca also announced that it would move its corporate headquarters from London to Cambridge in 2016. That announcement included
10452-458: The US market. The FDA received authority to regulate advertising of prescription drugs and to establish good manufacturing practices . The law required that all drugs introduced between 1938 and 1962 had to be effective. An FDA - National Academy of Sciences collaborative study showed that nearly 40 percent of these products were not effective. A similarly comprehensive study of over-the-counter products began ten years later. In 1971, Akira Endo ,
10608-607: The United Kingdom approved the emergency use of the Oxford–AstraZeneca COVID-19 vaccine . In July 2021, AstraZeneca acquired Alexion Pharmaceuticals . In October 2021, the company, through Alexion, acquired Caelum Biosciences and its monoclonal treatment (CAEL-101) for light chain (AL) amyloidosis for up to $ 500 million. In July, the company announced it would acquire TeneoTwo for up to $ 1.3 billion, increasing its blood cancer drug offering. In October 2022 it
10764-407: The United Kingdom. However, it had slowed decision making for new investment projects waiting for a post-Brexit regulatory regime to settle down. In September 2017, the company's chairman Leif Johansson planned in taking the "first steps" in moving its research and manufacturing operations away from the United Kingdom, if there is a hard Brexit. In 2017, it was the eleventh largest drug company in
10920-470: The United States in 2013 were Abilify ($ 6.3 billion,) Nexium ($ 6 billion) and Humira ($ 5.4 billion). The best-selling drug ever, Lipitor , averaged $ 13 billion annually and netted $ 141 billion total over its lifetime before Pfizer's patent expired in November 2011. IMS Health publishes an analysis of trends expected in the pharmaceutical industry in 2007, including increasing profits in most sectors despite loss of some patents, and new 'blockbuster' drugs on
11076-690: The United States, or larger populations in certain circumstances are subject to the Orphan Drug Act. Because medical research and development of drugs to treat such diseases is financially disadvantageous, companies that do so are rewarded with tax reductions, fee waivers, and market exclusivity on that drug for a limited time (seven years), regardless of whether the drug is protected by patents. In 2011, global spending on prescription drugs topped $ 954 billion, even as growth slowed somewhat in Europe and North America. The United States accounts for more than
11232-495: The addictive properties and abuse potential of barbiturates and amphetamines and led to increasing restrictions on their use and growing government oversight of prescribers. Today, amphetamine is largely restricted to use in the treatment of attention deficit disorder and phenobarbital in the treatment of epilepsy . In 1958, Leo Sternbach discovered the first benzodiazepine , chlordiazepoxide (Librium). Dozens of other benzodiazepines have been developed and are in use, some of
11388-435: The announcement that it would cut 1,600 jobs; three days later it announced it would cut an additional 2,300 jobs. It also announced that it would focus on three therapeutic areas: Respiratory Inflammation & Autoimmunity, Cardiovascular & Metabolic Disease, and Oncology. In October 2013, AstraZeneca announced it would acquire biotech oncology company Spirogen for around US$ 440 million. On 19 May 2014 AstraZeneca rejected
11544-401: The antibacterial effects of penicillin , but its exploitation for the treatment of human disease awaited the development of methods for its large scale production and purification. These were developed by a U.S. and British government-led consortium of pharmaceutical companies during the world war. There was early progress toward the development of vaccines throughout this period, primarily in
11700-490: The assumption of $ 1.7 billion in debt, with AstraZeneca then paying $ 3.4 billion in cash to Bristol Myers Squibb, and Amylin being folded into an existing diabetes joint venture between AstraZeneca and Bristol Myers Squibb. In March 2013 AstraZeneca announced plans for a major corporate restructuring, including the closure of its research and development activities at Alderley Park in Cheshire and Loughborough in
11856-476: The biological effects of these structural changes. By the 1890s, the profound effect of adrenal extracts on many different tissue types had been discovered, setting off a search both for the mechanism of chemical signalling and efforts to exploit these observations for the development of new drugs. The blood pressure raising and vasoconstrictive effects of adrenal extracts were of particular interest to surgeons as hemostatic agents and as treatment for shock, and
12012-518: The business announced it would acquire Forbius and its TGF-beta 1 & TGF-beta 3 inhibitors. In October, BMS announced it would acquire cardiology company MyoKardia for $ 13.1 billion ($ 225 per share) gaining control of mavacamten, a cardiovascular drug for obstructive hypertrophic cardiomyopathy (HCM), and the development of two key treatments: danicamtiv (MYK-491) and MYK-224 . In June 2022, BMS announced it would acquire Turning Point Therapeutics Inc for $ 4.1 billion in cash ($ 76 per share,
12168-677: The companies could not agree on a new price. The following is an illustration of the company's major mergers and acquisitions and historical predecessors: AstraZeneca develops, manufactures and sells pharmaceutical and biotechnology products to treat disorders in the oncology , cardiovascular , gastrointestinal , infection , neuroscience , respiratory and inflammation areas. AstraZeneca has its corporate headquarters in Cambridge, United Kingdom, and its main research and development (R&D) centres are in Cambridge (UK), Gaithersburg (Maryland, US), Gothenburg (Sweden) and Warsaw (Poland). AstraZeneca's global headquarters are located in
12324-484: The company acquired IFM Therapeutics for $ 300 million upfront, with contingency payments of $ 1.01 billion due on certain milestones – allowing BMS to better compete against Merck & Co 's cancer rival treatment, Keytruda . In early January 2019, the company announced it would acquire Celgene (NASDAQ:CELG) for $ 74 billion ($ 95 billion including debt ), in a deal that would become the largest pharmaceutical-company acquisition ever. The Celgene acquisition aimed to be
12480-442: The company acquired ZymoGenetics , securing an existing product, as well as pipeline assets in hepatitis C, cancer, and other therapeutic areas. Bristol Myers Squibb agreed to pay around $ 2.5 billion in cash to buy Inhibitex Inc. in attempt to compete with Gilead / Pharmasset to produce hepatitis C drugs. The settlement will be finished in 2 months for its Inhibitex's shareholders acceptance of 126% premium price of its price over
12636-605: The company acquired the cardiovascular disease drug developer Cardioxyl for up to $ 2.075 billion. The deal strengthens the BMS' critical pipelines with the phase II candidate for acute decompensated heart failure , CXL-1427 . In March 2016, the company announced it would acquire Padlock Therapeutics for up to $ 600 million. In early July, the company announced it would acquire Cormorant Pharmaceuticals for $ 520 million, boosting BMS' oncology offering through Cormorants monoclonal antibody targeted against interleukin-8 . In August 2017
12792-620: The company announced it had acquired the global rights to develop and commercialise Heptares Therapeutics' drug candidate HTL-1071, which focuses on blocking the adenosine A2A receptor, in a deal worth up to US$ 510 million. In the same month the company's MedImmune subsidiary acquired exclusive rights to Inovio Pharmaceuticals' INO-3112 immunotherapy, currently in Phase I/II, under an agreement which could net more than US$ 727.5 million for Inovio. INO-3112 targets Human papillomavirus types 16 and 18. In September, Valeant licensed Brodalumab from
12948-556: The company announced it has entered into a partnership agreement with Eolas Therapeutics on the Eolas Orexin-1 Receptor Antagonist (EORA) program for smoking cessation and other treatments. In July the company announced it would sell off its rights to Entocort ( budesonide ) to Tillotts Pharma for US$ 215 million. In July 2015, Genzyme announced it would acquire the rare cancer drug Caprelsa ( vandetanib ) from AstraZeneca for up to US$ 300 million. In August,
13104-522: The company announced that it would cease drug production at its German headquarters in Wedel , leading to the loss of 175 jobs by the end of 2021. In October 2019, AstraZeneca announced it would sell the global commercial rights for its drug to treat acid reflux to German pharmaceutical company Cheplapharm Arzneimittel GmbH for as much as US$ 276 million. In February 2020, AstraZeneca agreed to sublicense its global rights (except Europe, Canada and Israel) to
13260-485: The company for matters covered by the DPA. Under CEO Jim Cornelius, who was CEO following Dolan until May 2010, all executives involved in the "channel-stuffing" and generic competition scandals have since left the company. In 2009, the company began a major restructuring focusing on the pharmaceutical business and biologic products, along with productivity initiatives and cost-cutting and streamlining business operations through
13416-454: The company for up to US$ 445 million. On 6 November it was reported that AstraZeneca had acquired ZS Pharma for US$ 2.7 billion. In December the company announced its intention to acquire the respiratory portfolio of Takeda Pharmaceutical – namely Alvesco and Omnaris – for US$ 575 million A day later, the company announced it had taken a 55% majority stake in Acerta for US$ 4 billion. As part of
13572-574: The company obtained an exclusive opportunity to both licence and commercialise PROSTVAC , Bavarian Nordic 's phase III prostate-specific antigen targeting cancer immunotherapy. Bavarian Nordic would receive an upfront payment of $ 60 million and incremental payments up to $ 230 million, if the overall survival of test patients exceeds that seen in Phase II tests. Bavarian could also receive milestone payments of between $ 110 million and $ 495 million, dependent on regulatory authorization, and these payments have
13728-490: The company's "String of Pearls" strategy of alliances, partnerships, and acquisitions. In November 2009, Bristol Myers Squibb announced that it was "splitting off" Mead Johnson Nutrition by offering BMY shareholders the opportunity to exchange their stock for shares in Mead Johnson. According to Bristol Myers Squibb, this move was expected to further sharpen the company's focus on biopharmaceuticals. In October 2010,
13884-627: The company's products of "uniformity, purity, efficacy, and reliability based on research." Squibb Corporation served as a major supplier of medical goods to the Union Army during the American Civil War , providing portable medical kits containing morphine , surgical anesthetics, and quinine for the treatment of malaria (which was endemic in most of the Eastern United States at that time). In 1944, Squibb opened
14040-404: The cost of developing a successful new drug ( new chemical entity , or NCE), has been estimated at US$ 1.3 billion (not including marketing expenses ). Professors Light and Lexchin reported in 2012, however, that the rate of approval for new drugs has been a relatively stable average rate of 15 to 25 for decades. Industry-wide research and investment reached a record $ 65.3 billion in 2009. While
14196-590: The cost of research in the U.S. was about $ 34.2 billion between 1995 and 2010, revenues rose faster (revenues rose by $ 200.4 billion in that time). A study by the consulting firm Bain & Company reported that the cost for discovering, developing and launching (which factored in marketing and other business expenses) a new drug (along with the prospective drugs that fail) rose over a five-year period to nearly $ 1.7 billion in 2003. According to Forbes, by 2010 development costs were between $ 4 billion to $ 11 billion per drug. Some of these estimates also take into account
14352-455: The data supporting the safety of thalidomide was incomplete. The firm continued to pressure Kelsey and the FDA to approve the application until November 1961, when the drug was pulled off the German market because of its association with grave congenital abnormalities. Several thousand newborns in Europe and elsewhere suffered the teratogenic effects of thalidomide. Without approval from the FDA,
14508-469: The deal. In July 2014 the company entered into a deal with Almirall to acquire its subsidiary Almirall Sofotec and its lung treatments including the COPD drug, Eklira. The US$ 2.1 billion deal included an allocation of US$ 1.2 billion for development in the respiratory franchise, one of AstraZeneca's three target therapeutic areas announced the year before. In August 2014 the company announced it had entered into
14664-409: The development of tricyclic antidepressants in the 1960s. In 1903, Hermann Emil Fischer and Joseph von Mering disclosed their discovery that diethylbarbituric acid, formed from the reaction of diethylmalonic acid, phosphorus oxychloride and urea, induces sleep in dogs. The discovery was patented and licensed to Bayer pharmaceuticals , which marketed the compound under the trade name Veronal as
14820-514: The development of DS-1062, an antibody drug conjugate. The deal could potentially be worth up to US$ 6 billion for Daiichi. In September 2020, AstraZeneca acquired the preclinical oral PCSK9 inhibitor program from Dogma Therapeutics. On 27 December 2020, AstraZeneca CEO Pascal Soriot said that they have “figured out the winning formula” with their two-dose system with the Oxford University ’s COVID-19 vaccine . On 30 December 2020,
14976-575: The distribution of Plavix and charges of collusion . On 12 September 2006, the monitor, former Federal Judge Frederick B. Lacey , urged the company to remove then-CEO Peter Dolan over the Plavix dispute. Later that day, BMS announced that Dolan would indeed step down. The deferred prosecution agreement expired in June 2007 and the Department of Justice did not take any further legal action against
15132-433: The drug Movantik , to Redhill Biopharma. In June 2020, AstraZeneca made a preliminary approach to Gilead Sciences about a potential merger, worth almost US$ 240 billion. However, these plans were subsequently dropped because it would have distracted the company from its own pipeline and ongoing COVID-19 vaccine efforts. In July 2020, the business entered into its second collaboration with Daiichi Sankyo , centred around
15288-535: The end of 2009. BMS is a Fortune 500 Company (#114 in 2010 list). Newsweek's 2009 Green Ranking recognized Bristol-Myers Squibb as eighth among 500 of the largest United States corporations. Also, BMS was included in the 2009 Dow Jones Sustainability North America Index of leading sustainability-driven companies. Lamberto Andreotti was named CEO in 2010; he had previously served as "president and COO responsible for all pharmaceutical operations worldwide." In 2010, Lou Schmukler joined Bristol-Myers Squibb as
15444-448: The extent that such laws did exist, enforcement was lax. In the United States, increased regulation of vaccines and other biological drugs was spurred by tetanus outbreaks and deaths caused by the distribution of contaminated smallpox vaccine and diphtheria antitoxin. The Biologics Control Act of 1902 required that federal government grant premarket approval for every biological drug and for the process and facility producing such drugs. This
15600-425: The fact that even the largest clinical trials cannot effectively predict the prevalence of rare side-effects. Postmarketing surveillance ensures that after marketing the safety of a drug is monitored closely. In certain instances, its indication may need to be limited to particular patient groups, and in others the substance is withdrawn from the market completely. The FDA provides information about approved drugs at
15756-686: The firm distributed Kevadon to over 1,000 physicians there under the guise of investigational use. Over 20,000 Americans received thalidomide in this "study," including 624 pregnant patients, and about 17 known newborns suffered the effects of the drug. The thalidomide tragedy resurrected Kefauver's bill to enhance drug regulation that had stalled in Congress, and the Kefauver-Harris Amendment became law on 10 October 1962. Manufacturers henceforth had to prove to FDA that their drugs were effective as well as safe before they could go on
15912-418: The first vaccine against Japanese Encephalitis . Hilleman later moved to Merck , where he played a key role in the development of vaccines against measles , mumps , chickenpox , rubella , hepatitis A , hepatitis B , and meningitis . Prior to the 20th century, drugs were generally produced by small scale manufacturers with little regulatory control over manufacturing or claims of safety and efficacy. To
16068-407: The form of academic and government-funded basic research directed toward the identification of the pathogens responsible for common communicable diseases. In 1885, Louis Pasteur and Pierre Paul Émile Roux created the first rabies vaccine . The first diphtheria vaccines were produced in 1914 from a mixture of diphtheria toxin and antitoxin (produced from the serum of an inoculated animal), but
16224-453: The fundamentals of pharmacy are found in many medical papers of the late 1800s. The American Journal of Pharmacy published more than one hundred papers of Squibb's research surrounding the industry. The sons of Edward Squibb sold the company to Lowell M. Palmer and Theodore Weicker in 1905, who incorporated the company. Around this time, the Squibb logo was developed, which represented
16380-535: The fungus Aspergillus terreus , first marketed in 1987 as Mevacor. In April 1994, the results of a Merck-sponsored study, the Scandinavian Simvastatin Survival Study , were announced. Researchers tested simvastatin , later sold by Merck as Zocor, on 4,444 patients with high cholesterol and heart disease. After five years, the study concluded the patients saw a 35% reduction in their cholesterol, and their chances of dying of
16536-509: The horizon. Bristol Myers Squibb The Bristol-Myers Squibb Company , doing business as Bristol Myers Squibb ( BMS ), is an American multinational pharmaceutical company . Headquartered in Princeton, New Jersey , BMS is one of the world's largest pharmaceutical companies and consistently ranks on the Fortune 500 list of the largest U.S. corporations. For fiscal 2022, it had
16692-401: The immediate aftermath of widespread vaccination. The first 20 years of licensed measles vaccination in the U.S. prevented an estimated 52 million cases of the disease, 17,400 cases of mental retardation , and 5,200 deaths. Hypertension is a risk factor for atherosclerosis, heart failure , coronary artery disease , stroke , renal disease , and peripheral arterial disease , and
16848-911: The industry ecosystem with biotechnology companies playing an increasingly important role, and overall strategies being redefined accordingly. Some approved drugs, such as those based on re-formulation of an existing active ingredient (also referred to as Line-extensions) are much less expensive to develop. In the United States, new pharmaceutical products must be approved by the Food and Drug Administration (FDA) as being both safe and effective. This process generally involves submission of an Investigational New Drug filing with sufficient pre-clinical data to support proceeding with human trials. Following IND approval, three phases of progressively larger human clinical trials may be conducted. Phase I generally studies toxicity using healthy volunteers. Phase II can include pharmacokinetics and dosing in patients, and Phase III
17004-565: The involvement of intellectual property , in " brand " materials is specifically tied to a given company's history, or in both within different contexts. The industry's has various subdivisions (which include distinct areas such as manufacturing biologics ) are all subject to a variety of laws and regulations that govern entire financial processes including the patenting , efficacy testing, safety evaluation , and marketing of these drugs. The global pharmaceuticals market produced treatments worth $ 1,228.45 billion in 2020, in total, and this showed
17160-509: The isolation between 1803 and 1805 of morphine – an analgesic and sleep-inducing agent – from opium by the German apothecary assistant Friedrich Sertürner , who named this compound after the Greek god of dreams, Morpheus . Multinational corporations including Merck , Hoffman-La Roche , Burroughs-Wellcome (now part of Glaxo Smith Kline ), Abbott Laboratories , Eli Lilly and Upjohn (now part of Pfizer ) began as local apothecary shops in
17316-436: The isolation of tuberculosis-infected people were an ubiquitous feature of cities in developed countries, with 50% dying within 5 years of admission. A Federal Trade Commission report issued in 1958 attempted to quantify the effect of antibiotic development on American public health. The report found that over the period 1946–1955, there was a 42% drop in the incidence of diseases for which antibiotics were effective and only
17472-462: The larger pharmaceutical companies. The pharmaceuticals and biotechnology industry spends more than 15% of its net sales for Research & Development which is in comparison with other industries by far the highest share. Often, large multinational corporations exhibit vertical integration , participating in a broad range of drug discovery and development, manufacturing and quality control, marketing, sales, and distribution. Smaller organizations, on
17628-413: The law to prosecute manufacturers for making unsupported claims of efficacy were undercut by a Supreme Court ruling restricting the federal government's enforcement powers to cases of incorrect specification of the drug's ingredients. In 1937 over 100 people died after ingesting " Elixir Sulfanilamide " manufactured by S.E. Massengill Company of Tennessee. The product was formulated in diethylene glycol ,
17784-513: The long-term health consequences of high blood pressure had not yet been established, and because they had to be administered by injection. In 1952 researchers at Ciba discovered the first orally available vasodilator, hydralazine . A major shortcoming of hydralazine monotherapy was that it lost its effectiveness over time ( tachyphylaxis ). In the mid-1950s Karl H. Beyer, James M. Sprague, John E. Baer, and Frederick C. Novello of Merck and Co. discovered and developed chlorothiazide , which remains
17940-453: The mid-1800s. By the late 1880s, German dye manufacturers had perfected the purification of individual organic compounds from tar and other mineral sources and had also established rudimentary methods in organic chemical synthesis . The development of synthetic chemical methods allowed scientists to systematically vary the structure of chemical substances, and growth in the emerging science of pharmacology expanded their ability to evaluate
18096-524: The more popular drugs being diazepam (Valium), alprazolam (Xanax), clonazepam (Klonopin), and lorazepam (Ativan). Due to their far superior safety and therapeutic properties, benzodiazepines have largely replaced the use of barbiturates in medicine, except in certain special cases. When it was later discovered that benzodiazepines, like barbiturates, significantly lose their effectiveness and can have serious side effects when taken long-term, Heather Ashton researched benzodiazepine dependence and developed
18252-452: The most notable achievement of the period being Jonas Salk 's 1954 development of the polio vaccine under the funding of the non-profit National Foundation for Infantile Paralysis . The vaccine process was never patented but was instead given to pharmaceutical companies to manufacture as a low-cost generic . In 1960 Maurice Hilleman of Merck Sharp & Dohme identified the SV40 virus, which
18408-439: The most widely used antihypertensive drug today. This development was associated with a substantial decline in the mortality rate among people with hypertension. The inventors were recognized by a Public Health Lasker Award in 1975 for "the saving of untold thousands of lives and the alleviation of the suffering of millions of victims of hypertension". A 2009 Cochrane review concluded that thiazide antihypertensive drugs reduce
18564-462: The need for more comprehensive regulation and provided the driving force for the passage of new laws. On 12 September 1960, an American licensee, the William S. Merrell Company of Cincinnati, submitted a new drug application for Kevadon ( thalidomide ), a sedative that had been marketed in Europe since 1956. The FDA medical officer in charge of reviewing the compound, Frances Kelsey , believed that
18720-500: The other hand, often focus on a specific aspect such as discovering drug candidates or developing formulations. Often, collaborative agreements between research organizations and large pharmaceutical companies are formed to explore the potential of new drug substances. More recently, multi-nationals are increasingly relying on contract research organizations to manage drug development. Drug discovery and development are very expensive; of all compounds investigated for use in humans only
18876-429: The pH of the extract allowed a relatively pure grade of insulin to be produced. Under pressure from Toronto University and a potential patent challenge by academic scientists who had independently developed a similar purification method, an agreement was reached for non-exclusive production of insulin by multiple companies. Prior to the discovery and widespread availability of insulin therapy the life expectancy of diabetics
19032-532: The pending merger with Celgene. Transaction to close in the third quarter of 2019, subject to regulatory approvals. Newly issued BMS shares and CVRs will commence trading on the New York Stock Exchange, with the CVRs trading under the symbol 'BMYRT'. The strategic divestment of the company's consumer health business, UPSA, to Taisho completed in 2019. UPSA focused product delivery on France and
19188-401: The pill, and by 1965 the number had increased to 6.5 million. The availability of a convenient form of temporary contraceptive led to dramatic changes in social mores including expanding the range of lifestyle options available to women, reducing the reliance of women on men for contraceptive practice, encouraging the delay of marriage, and increasing pre-marital co-habitation. In the U.S.,
19344-801: The plant to produce penicillin for the World War II Allied forces . After the war, the company renamed the plant Bristol Laboratories in 1945 and entered the civilian antibiotics market, where it faced competition from Squibb. Penicillin production at the East Syracuse plant ended in 2005, when it became less expensive to produce overseas. As of 2010, the facility was used for the manufacturing process development and production of other biologic medicines for clinical trials and commercial use. In 1989, Bristol-Myers and Squibb merged and became Bristol-Myers Squibb. In 1999, then-U.S. President Bill Clinton awarded Bristol-Myers Squibb
19500-430: The potential to total up to $ 975 million. In May 2015, Dr. Giovanni Caforio became CEO of the company; Caforio was formerly the company's COO and succeeded Andreotti upon his retirement. Andreotti subsequently succeeded James Cornelius as executive chairman upon his retirement. In late February 2017, The Wall Street Journal and Fortune , among others, reported that activist investor Carl Icahn had taken
19656-807: The practice of offering excess inventory to customers to create higher sales numbers. The company has since settled with the United States Department of Justice and Securities and Exchange Commission , agreeing to pay $ 150 million, while neither admitting nor denying guilt. On 24 October 2002, Bristol-Myers Squibb Co. restated earnings downward for parts of 2000 and 2001, while revising 2002 earnings upward because of its massive inventory backlog imbroglio that spurred two government investigations. On 15 March 2004, Bristol-Myers Squibb Co. adjusted upward its fourth-quarter and full-year 2003 results after reversing an earlier decision about how to deal with accounting errors made in prior years. As part of
19812-424: The president of global product development and design. Schmukler led the team that completed the company's strategic transformation to a specialty biopharmaceutical company that had begun in 2007. As of 2011, the company had a dozen manufacturing facilities and six product development sites. Citing major developments and a market capitalization of US$ 87 billion and stock appreciation of 61.4%, Bristol-Myers Squibb
19968-439: The previous 20 trading days ended on 6 January. On 29 June, BMS extended its portfolio of diabetes treatments when it agreed to buy Amylin Pharmaceuticals for around US$ 5.3 billion in cash and pay US$ 1.7 billion to Eli Lilly to cover Amylin's debt and its outstanding collaboration-related obligations. AstraZeneca , which already collaborated on several diabetes treatments with BMS, agreed to pay US$ 3.4 billion in cash for
20124-590: The rest of Europe. As early as 2005, the company had divested individual consumer products, and its US- and Canada-focused consumer products business. In August, the Amgen announced it would acquire the Otezla drug programme from Celgene for $ 13.4 billion, as part of Celgene and BMS's merger deal. In February 2020, BMS and partner Biomotiv launched a new company called Anteros Pharmaceuticals, which focuses on creating inflammation and fibrosis medicines. In August,
20280-402: The right to continue development of Amylin's products. Two years later, the company divested Amylin to AstraZeneca. In April 2014, BMS announced its acquisition of iPierian for up to $ 725 million. In February 2015, the company acquired Flexus Biosciences for $ 1.25 billion. As part of this deal, BMS will gain full rights to Flexus' lead small molecule IDO1-inhibitor , F001287. In November,
20436-486: The risk of death ( RR 0.89), stroke (RR 0.63), coronary heart disease (RR 0.84), and cardiovascular events (RR 0.70) in people with high blood pressure. In the ensuring years other classes of antihypertensive drug were developed and found wide acceptance in combination therapy, including loop diuretics (Lasix/ furosemide , Hoechst Pharmaceuticals , 1963), beta blockers ( ICI Pharmaceuticals , 1964) ACE inhibitors , and angiotensin receptor blockers . ACE inhibitors reduce
20592-479: The risk of new onset kidney disease [RR 0.71] and death [RR 0.84] in diabetic patients, irrespective of whether they have hypertension. Prior to the Second World war, birth control was prohibited in many countries, and in the United States even the discussion of contraceptive methods sometimes led to prosecution under Comstock laws . The history of the development of oral contraceptives is thus closely tied to
20748-426: The robotic production of CAR-T treatments of which it has two approved. In September 2023, BMS announced it would pay Zenas BioPharma $ 50m upfront for a strategic license and collaboration to develop and commercialise obexelimab , a novel, bi-functional antibody for autoimmune diseases. In October 2023, BMS agreed to acquire Mirati Therapeutics , an American biotechnology company that develops targeted therapies for
20904-654: The safety of the inoculation was marginal and it was not widely used. The United States recorded 206,000 cases of diphtheria in 1921, resulting in 15,520 deaths. In 1923, parallel efforts by Gaston Ramon at the Pasteur Institute and Alexander Glenny at the Wellcome Research Laboratories (later part of GlaxoSmithKline ) led to the discovery that a safer vaccine could be produced by treating diphtheria toxin with formaldehyde . In 1944, Maurice Hilleman of Squibb Pharmaceuticals developed
21060-528: The symptoms produced by pancreas removal. Soon, the extract was demonstrated to work in people, but development of insulin therapy as a routine medical procedure was delayed by difficulties in producing the material in sufficient quantity and with reproducible purity. The researchers sought assistance from industrial collaborators at Eli Lilly and Co. based on the company's experience with large scale purification of biological materials. Chemist George B. Walden of Eli Lilly and Company found that careful adjustment of
21216-418: The tetracyclines (discovered at Lederle Laboratories, now a part of Pfizer ), erythromycin (discovered at Eli Lilly and Co.) and their extension to an increasingly wide range of bacterial pathogens. Streptomycin, discovered during a Merck-funded research program in Selman Waksman's laboratory at Rutgers in 1943, became the first effective treatment for tuberculosis. At the time of its discovery, sanitoriums for
21372-494: The trade name Adrenalin . Injected epinephrine proved to be especially efficacious for the acute treatment of asthma attacks, and an inhaled version was sold in the United States until 2011 ( Primatene Mist ). By 1929 epinephrine had been formulated into an inhaler for use in the treatment of nasal congestion. While highly effective, the requirement for injection limited the use of epinephrine and orally active derivatives were sought. A structurally similar compound, ephedrine ,
21528-593: The transaction the company will gain commercial rights to Acerta's irreversible oral Bruton's tyrosine kinase inhibitor, acalabrutinib (ACP-196), which is currently in Phase III development for B-cell blood cancers and in Phase I or II clinical trials in solid tumours. In 2015, it was the eighth-largest drug company in the world based on sales revenue. In July 2017, the company's CEO Pascal Soriot said that Brexit would not affect its commitment to its current plans in
21684-418: The treatment of a number of autoimmune diseases, which could generate up to US$ 122.5 million for Orca. The company also announced its plan to spend US$ 40 million creating a new subsidiary focused on small molecule anti-infectives – primarily in the research of the gyrase inhibitor, AZD0914 , which is currently in Phase II for the treatment of gonorrhea . The company underwrote twenty out of thirty-two seats of
21840-522: The treatment of cancer, in an all-cash deal worth $ 4.8 billion, and an additional $ 1 billion in milestone payment. The acquisition was completed in January 2024. In December 2023, BMS signed an agreement for the acquisition of Karuna Therapeutics for an equity value totaling $ 14 billion. The acquisition included Karuna's lead asset, KarXT , an investigational muscarinic antipsychotic combination of Xanomeline and Trospium . In November 2023,
21996-456: The world based on sales and ranked seventh based on R&D investment. In January EVP Pam Cheng stated that AstraZeneca has ignited startup of duplicate QA testing facility in Sweden and has initiated hiring in Sweden. In February 2018, AstraZeneca announced it was spinning off six early-stage experimental drugs into a new biotechnology company, known as Viela Bio, valued at US$ 250 million. On 6 December 2018, AstraZeneca purchased nearly 8% of
22152-617: The world's largest penicillin plant in New Brunswick, New Jersey . In 1887, Hamilton College graduates William McLaren Bristol and John Ripley Myers purchased the Clinton Pharmaceutical company of Clinton , New York. In May 1898, they decided to rename it Bristol, Myers and Company . Following Myers' death in 1899, Bristol changed the name to the Bristol-Myers Corporation . During
22308-439: Was a year of layoffs for at least 10,000 people across 129 public biotech firms globally, albeit most small firms; this was a significant increase in reductions versus 2022 was in part due to worsening global financial conditions and a reduction in investment by "generalist investors". Private firms also saw a significant reduction in venture capital investment in 2023, continuing a downward trend started in 2021, which also led to
22464-456: Was announced that the company would acquire LogicBio Therapeutics, which was active in clinical-stage genomic medicine . In November 2022, it was announced AstraZeneca had acquired the Amsterdam -headquartered clinical-stage biotechnology company, Neogene Therapeutics. In January, AstraZeneca announced it would acquire CinCor Pharma for $ 1.8 billion. In November 2023, AstraZeneca launched
22620-404: Was approved in Japan as monotherapy for non-small cell lung cancer . On 3 January 2004 Dr Robert Nolan, a former director of AstraZeneca, formed the management team of ZI Medical. In 2005, the company acquired KuDOS Pharmaceuticals, a UK biotech company, for £120 million. and entered into an anti-cancer collaboration agreement with Astex It also announced that it had become a Diamond Member of
22776-531: Was developed by Smith, Kline and French as a nasal decongestant under the trade name Benzedrine Inhaler. Amphetamine was eventually developed for the treatment of narcolepsy , post-encephalitic parkinsonism , and mood elevation in depression and other psychiatric indications. It received approval as a New and Nonofficial Remedy from the American Medical Association for these uses in 1937, and remained in common use for depression until
22932-459: Was followed in 1906 by the Pure Food and Drugs Act , which forbade the interstate distribution of adulterated or misbranded foods and drugs. A drug was considered misbranded if it contained alcohol, morphine, opium, cocaine, or any of several other potentially dangerous or addictive drugs, and if its label failed to indicate the quantity or proportion of such drugs. The government's attempts to use
23088-459: Was formed by a large group of doctors and apothecaries in Södertälje. Throughout the twentieth century, it grew into the largest pharmaceutical company in Sweden. Its British counterpart, Zeneca PLC was formed in 1993 when ICI divested its pharmaceuticals businesses; Astra AB and Zeneca PLC merged six years later, with the chosen headquarters in the United Kingdom. AstraZeneca's primary listing
23244-535: Was founded in 1858 by Edward Robinson Squibb in Brooklyn , New York. Squibb was known as an advocate of quality control and high purity standards early within the pharmaceutical industry. He went on to self-publish an alternative to the U.S. Pharmacopeia titled Squibb's Ephemeris of Materia Medica, after failing to convince the American Medical Association to incorporate higher purity standards. Materia Medica , Squibb products, and Edward Squibb's opinion on
23400-892: Was founded in 1999 through the merger of the Swedish Astra AB and the British Zeneca Group (itself formed by the demerger of the pharmaceutical operations of Imperial Chemical Industries in 1993). Since the merger it has been among the world's largest pharmaceutical companies and has made numerous corporate acquisitions, including Cambridge Antibody Technology (in 2006), MedImmune (in 2007), Spirogen (in 2013) and Definiens (by MedImmune in 2014). It has its research and development concentrated in three strategic centres: Cambridge, England; Gothenburg , Sweden and Gaithersburg in Maryland , U.S. AstraZeneca traces its earliest corporate history to 1913, when Astra AB
23556-481: Was identified by Japanese chemists in the Ma Huang plant and marketed by Eli Lilly as an oral treatment for asthma. Following the work of Henry Dale and George Barger at Burroughs-Wellcome , academic chemist Gordon Alles synthesized amphetamine and tested it in asthma patients in 1929. The drug proved to have only modest anti-asthma effects but produced sensations of exhilaration and palpitations. Amphetamine
23712-496: Was later shown to cause tumors in many mammalian species. It was later determined that SV40 was present as a contaminant in polio vaccine lots that had been administered to 90% of the children in the United States. The contamination appears to have originated both in the original cell stock and in monkey tissue used for production. In 2004 the National Cancer Institute announced that it had concluded that SV40
23868-448: Was only a few months. The development of drugs for the treatment of infectious diseases was a major focus of early research and development efforts; in 1900, pneumonia, tuberculosis, and diarrhea were the three leading causes of death in the United States and mortality in the first year of life exceeded 10%. In 1911 arsphenamine , the first synthetic anti-infective drug, was developed by Paul Ehrlich and chemist Alfred Bertheim of
24024-535: Was pursued broadly by industrial scientists, including Bayer scientists Josef Klarer, Fritz Mietzsch, and Gerhard Domagk . This work, also based on the testing of compounds available from the German dye industry, led to the development of Prontosil , the first representative of the sulfonamide class of antibiotics . Compared to arsphenamine, the sulfonamides had a broader spectrum of activity and were far less toxic, rendering them useful for infections caused by pathogens such as streptococci . In 1939, Domagk received
24180-482: Was ranked as the best drug company of 2013 by Forbes magazine . In December 2014, the company received FDA approval for the use of the PD-1 inhibitor nivolumab (Opdivo) in treating patients whose skin cancer cannot be removed or have not responded to previous drug therapies. In February 2015, the company initiated a research partnership with Rigel Pharmaceuticals which could generate more than $ 339 million. In March,
24336-462: Was valued at over US$ 81.6 billion in October 2018. In 2018, 85% of the company's revenues came from just five products. In 2018, Bristol-Myers Squibb spent 36% of its total revenue on R&D expenses. Bristol-Myers Squibb ranked 145th on the Fortune 500 list of the largest United States corporations by revenue in 2018. Bristol Myers Squibb reported Total CO2e emissions (Direct + Indirect) for
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