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Pfizer: Difference between revisions
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In July 2006, [[Jeff Kindler]] was named [[chief executive officer]] of the company, replacing [[Henry McKinnell]].<ref name="longshot" /><ref>{{Cite news |date=July 28, 2006 |title=Pfizer names new CEO |work=CNN |url=https://money.cnn.com/2006/07/28/news/companies/pfizer_ceo/index.htm}}</ref> | In July 2006, [[Jeff Kindler]] was named [[chief executive officer]] of the company, replacing [[Henry McKinnell]].<ref name="longshot" /><ref>{{Cite news |date=July 28, 2006 |title=Pfizer names new CEO |work=CNN |url=https://money.cnn.com/2006/07/28/news/companies/pfizer_ceo/index.htm}}</ref> | ||
On December 3, 2006, Pfizer ceased development of [[torcetrapib]], a drug that increases production of [[high density lipoprotein|HDL]], which reduces [[low density lipoprotein|LDL]] thought to be correlated to heart disease. During a [[Phase III clinical trial]] involving 15,000 patients, more deaths than expected occurred in the group that took the medicine, and the [[mortality rate]] of patients taking the combination of torcetrapib and Lipitor (82 deaths during the study) was 60% higher than those taking Lipitor alone (52 deaths during the study). Lipitor alone was not implicated in the results, but Pfizer lost nearly $1{{nbsp}}billion developing the failed drug and its stock price dropped 11% on the day of the announcement.<ref>{{Cite news |last1=Berenson |first1=Alex |last2=Pollack |first2=Andrew |date=December 5, 2006 |title=Pfizer Shares Plummet on Loss of a Promising Heart Drug |work=The New York Times |url=https://www.nytimes.com/2006/12/05/health/05pfizer.html |url-access=limited}}</ref><ref>{{Cite news |last=Berenson |first=Alex |date=December 3, 2006 |title=Pfizer Ends Studies on Drug for Heart Disease |work=The New York Times |url=https://www.nytimes.com/2006/12/03/health/03pfizer.html |url-access=limited |authorlink=Alex Berenson}}</ref><ref>{{Cite news |last=Agovino |first=Theresa |date=December 3, 2006 |title=Pfizer ends cholesterol drug development |publisher=[[The Seattle Times]] |agency= | On December 3, 2006, Pfizer ceased development of [[torcetrapib]], a drug that increases production of [[high density lipoprotein|HDL]], which reduces [[low density lipoprotein|LDL]] thought to be correlated to heart disease. During a [[Phase III clinical trial]] involving 15,000 patients, more deaths than expected occurred in the group that took the medicine, and the [[mortality rate]] of patients taking the combination of torcetrapib and Lipitor (82 deaths during the study) was 60% higher than those taking Lipitor alone (52 deaths during the study). Lipitor alone was not implicated in the results, but Pfizer lost nearly $1{{nbsp}}billion developing the failed drug and its stock price dropped 11% on the day of the announcement.<ref>{{Cite news |last1=Berenson |first1=Alex |last2=Pollack |first2=Andrew |date=December 5, 2006 |title=Pfizer Shares Plummet on Loss of a Promising Heart Drug |work=The New York Times |url=https://www.nytimes.com/2006/12/05/health/05pfizer.html |url-access=limited}}</ref><ref>{{Cite news |last=Berenson |first=Alex |date=December 3, 2006 |title=Pfizer Ends Studies on Drug for Heart Disease |work=The New York Times |url=https://www.nytimes.com/2006/12/03/health/03pfizer.html |url-access=limited |authorlink=Alex Berenson}}</ref><ref>{{Cite news |last=Agovino |first=Theresa |date=December 3, 2006 |title=Pfizer ends cholesterol drug development |publisher=[[The Seattle Times]] |agency=Associated Press |url=https://www.seattletimes.com/nation-world/cholesterol-drug-trials-are-halted/}}</ref><ref>{{cite journal |last1=Tanne |first1=Janice Hopkins |title=Pfizer stops clinical trials of heart drug |journal=BMJ |date=16 December 2006 |volume=333 |issue=7581 |pages=1237.2–1237 |doi=10.1136/bmj.39059.438044.DB |pmid=17170401 |pmc=1702474}}</ref> | ||
Between 2007 and 2010, Pfizer spent $3.3{{nbsp}}million on investigations and legal fees and recovered about $5.1{{nbsp}}million, and had another $5{{nbsp}}million of pending recoveries from civil lawsuits against makers of [[counterfeit]] prescription drugs. Pfizer has hired customs and narcotics experts worldwide to track down fakes and assemble evidence that can be used to pursue civil suits for [[trademark infringement]].<ref>{{Cite news |last=Bennett |first=Simeon |date=July 8, 2010 |title=Pfizer: Civil Suits for Drug Counterfeiters |work=[[Bloomberg Businessweek]] |url=https://www.bloomberg.com/news/articles/2010-07-08/pfizer-civil-suits-for-drug-counterfeiters |url-access=limited}}</ref> | Between 2007 and 2010, Pfizer spent $3.3{{nbsp}}million on investigations and legal fees and recovered about $5.1{{nbsp}}million, and had another $5{{nbsp}}million of pending recoveries from civil lawsuits against makers of [[counterfeit]] prescription drugs. Pfizer has hired customs and narcotics experts worldwide to track down fakes and assemble evidence that can be used to pursue civil suits for [[trademark infringement]].<ref>{{Cite news |last=Bennett |first=Simeon |date=July 8, 2010 |title=Pfizer: Civil Suits for Drug Counterfeiters |work=[[Bloomberg Businessweek]] |url=https://www.bloomberg.com/news/articles/2010-07-08/pfizer-civil-suits-for-drug-counterfeiters |url-access=limited}}</ref> | ||
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On September 4, 2012, the FDA approved [[bosutinib]] (Bosulif) for [[chronic myelogenous leukemia]] (CML), a rare type of [[leukemia]] and a blood and [[bone marrow]] disease that affects primarily older adults.<ref>{{Cite news |url=https://www.reuters.com/article/us-pfizer-leukemia/fda-approves-pfizer-leukemia-drug-idUSBRE88314720120904 |title=FDA approves Pfizer leukemia drug |first=Anna |last=Yukhananov |work=Reuters |date=September 4, 2012}}</ref> In November 2012, Pfizer received approval from the [[Food and Drug Administration]] for Xeljanz, a [[tofacitinib]], for [[rheumatoid arthritis]] and [[ulcerative colitis]].<ref>{{Cite web |url=https://www.accessdata.fda.gov/drugsatfda_docs/nda/2012/203214orig1s000toc.cfm |title=Drug Approval Package |publisher=[[Food and Drug Administration]]}}</ref> The drug had sales of $1.77{{nbsp}}billion in 2018, and in January 2019, it was the top drug in the United States for [[direct-to-consumer advertising]], passing [[adalimumab]] (Humira).<ref>{{Cite magazine |title=Pfizer switches RA patients to lower dose of fast-growing Xeljanz as safety issues arise in postmarketing study |url=https://www.fiercepharma.com/pharma/postmarketing-study-pfizer-switches-ra-patients-to-lower-xeljanz-dose-safety-concerns |magazine=Fierce Pharma |first=Eric |last=Sagonowsky |date=February 20, 2019}}</ref> | On September 4, 2012, the FDA approved [[bosutinib]] (Bosulif) for [[chronic myelogenous leukemia]] (CML), a rare type of [[leukemia]] and a blood and [[bone marrow]] disease that affects primarily older adults.<ref>{{Cite news |url=https://www.reuters.com/article/us-pfizer-leukemia/fda-approves-pfizer-leukemia-drug-idUSBRE88314720120904 |title=FDA approves Pfizer leukemia drug |first=Anna |last=Yukhananov |work=Reuters |date=September 4, 2012}}</ref> In November 2012, Pfizer received approval from the [[Food and Drug Administration]] for Xeljanz, a [[tofacitinib]], for [[rheumatoid arthritis]] and [[ulcerative colitis]].<ref>{{Cite web |url=https://www.accessdata.fda.gov/drugsatfda_docs/nda/2012/203214orig1s000toc.cfm |title=Drug Approval Package |publisher=[[Food and Drug Administration]]}}</ref> The drug had sales of $1.77{{nbsp}}billion in 2018, and in January 2019, it was the top drug in the United States for [[direct-to-consumer advertising]], passing [[adalimumab]] (Humira).<ref>{{Cite magazine |title=Pfizer switches RA patients to lower dose of fast-growing Xeljanz as safety issues arise in postmarketing study |url=https://www.fiercepharma.com/pharma/postmarketing-study-pfizer-switches-ra-patients-to-lower-xeljanz-dose-safety-concerns |magazine=Fierce Pharma |first=Eric |last=Sagonowsky |date=February 20, 2019}}</ref> | ||
On February 1, 2013, [[Zoetis]], the Agriculture Division of Pfizer and later Pfizer Animal Health, became a [[public company]] via an [[initial public offering]], raising $2.2{{nbsp}}billion.<ref>{{Cite press release |title=Zoetis™ Files IPO Registration Statement |url=https://www.zoetisus.com/news-and-media/zoetis-files-ipo-registration-statement.aspx |publisher=[[Business Wire]] |date=August 13, 2012}}</ref><ref>{{Cite news |url=https://dealbook.nytimes.com/2013/02/01/shares-of-zoetis-surge-on-debut/ |last=J. de la Merced |first=Michael |title=Shares of Zoetis Surge on Debut |work=The New York Times |date=February 1, 2013 |url-access=limited}}</ref><ref>{{Cite news |title=Zoetis Raises $2.2 Billion in IPO |url=https://www.wsj.com/articles/SB10001424127887323701904578276530830057770 |last=Dieterich |first=Chris |work=The Wall Street Journal |date=January 31, 2013 |url-access=subscription}}</ref><ref>{{Cite news |url=https://www.cbsnews.com/news/shares-of-animal-health-company-zoetis-soar-in-ipo/ |title=Shares of animal health company Zoetis soar in IPO |agency= | On February 1, 2013, [[Zoetis]], the Agriculture Division of Pfizer and later Pfizer Animal Health, became a [[public company]] via an [[initial public offering]], raising $2.2{{nbsp}}billion.<ref>{{Cite press release |title=Zoetis™ Files IPO Registration Statement |url=https://www.zoetisus.com/news-and-media/zoetis-files-ipo-registration-statement.aspx |publisher=[[Business Wire]] |date=August 13, 2012}}</ref><ref>{{Cite news |url=https://dealbook.nytimes.com/2013/02/01/shares-of-zoetis-surge-on-debut/ |last=J. de la Merced |first=Michael |title=Shares of Zoetis Surge on Debut |work=The New York Times |date=February 1, 2013 |url-access=limited}}</ref><ref>{{Cite news |title=Zoetis Raises $2.2 Billion in IPO |url=https://www.wsj.com/articles/SB10001424127887323701904578276530830057770 |last=Dieterich |first=Chris |work=The Wall Street Journal |date=January 31, 2013 |url-access=subscription}}</ref><ref>{{Cite news |url=https://www.cbsnews.com/news/shares-of-animal-health-company-zoetis-soar-in-ipo/ |title=Shares of animal health company Zoetis soar in IPO |agency=Associated Press |publisher=[[CBS News]] |date=February 1, 2013}}</ref> Later in 2013, Pfizer completed the [[corporate spin-off]] of its remaining stake in [[Zoetis]].<ref>{{Cite news |url=https://www.wsj.com/articles/SB10001424127887323975004578498994013821124 |title=Pfizer to Spin Off Remaining Zoetis Stake |first=Peter |last=Loftus |work=The Wall Street Journal |date=May 22, 2013}}</ref><ref>{{Cite news |url=https://www.reuters.com/article/us-pfizer-zoetis/pfizer-to-spin-off-zoetis-stake-to-shareholders-idUSBRE94L0JB20130522 |title=Pfizer to spin off Zoetis stake to shareholders |first1=Caroline |last1=Humer |first2=Ransdell |last2=Pierson |work=Reuters |date=May 22, 2013}}</ref> | ||
In September 2014, the company acquired Innopharma for $225{{nbsp}}million, plus up to $135{{nbsp}}million in milestone payments, in a deal that expanded Pfizer's range of generic and injectable drugs.<ref>{{Cite magazine |url=https://www.fiercepharma.com/pharma/pfizer-completes-acquisition-of-innopharma |title=Pfizer Completes Acquisition Of InnoPharma |first=Emily |last=Wasserman |magazine=Fierce Pharma |date=September 29, 2014}}</ref><ref>{{Cite news |title=Pfizer to Acquire InnoPharma for Up to $360M |url=https://www.genengnews.com/news/pfizer-to-acquire-innopharma-for-up-to-360m/ |website=genengnews.com |date=July 16, 2014}}</ref> | In September 2014, the company acquired Innopharma for $225{{nbsp}}million, plus up to $135{{nbsp}}million in milestone payments, in a deal that expanded Pfizer's range of generic and injectable drugs.<ref>{{Cite magazine |url=https://www.fiercepharma.com/pharma/pfizer-completes-acquisition-of-innopharma |title=Pfizer Completes Acquisition Of InnoPharma |first=Emily |last=Wasserman |magazine=Fierce Pharma |date=September 29, 2014}}</ref><ref>{{Cite news |title=Pfizer to Acquire InnoPharma for Up to $360M |url=https://www.genengnews.com/news/pfizer-to-acquire-innopharma-for-up-to-360m/ |website=genengnews.com |date=July 16, 2014}}</ref> | ||
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===2012 Celebrex intellectual property settlement=== | ===2012 Celebrex intellectual property settlement=== | ||
[[Brigham Young University]] (BYU) said a professor of chemistry, Dr. [[Daniel L. Simmons]], discovered an enzyme in the 1990s that led towards development of [[Celebrex]]. BYU was originally seeking a 15% royalty on sales, equating to $9.7{{nbsp}}billion. A research agreement had been made between BYU and [[Monsanto]], whose pharmaceutical business was later acquired by Pfizer, to develop a better [[aspirin]]. The enzyme Dr. Simmons claims to have discovered would induce pain and inflammation while causing gastrointestinal problems and Celebrex is used to reduce those issues. A six-year battle ensued because BYU claimed that Pfizer did not give Dr. Simmons credit or compensation, while Pfizer claimed that it had met all obligations regarding the Monsanto agreement. In May 2012, Pfizer settled the allegations, agreeing to pay $450{{nbsp}}million.<ref>{{cite news |url=https://www.nytimes.com/2012/05/02/health/pfizer-settles-byu-lawsuit-over-development-of-celebrex.html |title=Pfizer Settles B.Y.U. Lawsuit Over Development of Celebrex |agency= | [[Brigham Young University]] (BYU) said a professor of chemistry, Dr. [[Daniel L. Simmons]], discovered an enzyme in the 1990s that led towards development of [[Celebrex]]. BYU was originally seeking a 15% royalty on sales, equating to $9.7{{nbsp}}billion. A research agreement had been made between BYU and [[Monsanto]], whose pharmaceutical business was later acquired by Pfizer, to develop a better [[aspirin]]. The enzyme Dr. Simmons claims to have discovered would induce pain and inflammation while causing gastrointestinal problems and Celebrex is used to reduce those issues. A six-year battle ensued because BYU claimed that Pfizer did not give Dr. Simmons credit or compensation, while Pfizer claimed that it had met all obligations regarding the Monsanto agreement. In May 2012, Pfizer settled the allegations, agreeing to pay $450{{nbsp}}million.<ref>{{cite news |url=https://www.nytimes.com/2012/05/02/health/pfizer-settles-byu-lawsuit-over-development-of-celebrex.html |title=Pfizer Settles B.Y.U. Lawsuit Over Development of Celebrex |agency=Associated Press |work=The New York Times |date=May 1, 2012 |url-access=limited}}</ref> | ||
===2011 Nigeria Trovafloxacin lawsuit settlement=== | ===2011 Nigeria Trovafloxacin lawsuit settlement=== | ||