Mark Timney Purdue from Youtube

Ex-Pur­due CEO stands to earn a huge wind­fall in No­var­tis' buy­out of the Med­i­cines Co

Mark Tim­ney, the ex-Pur­due Phar­ma CEO named in dozens of law­suits against the Oxy­Con­tin mak­er, stands to earn over $85 mil­lion in No­var­tis’s $9.7 bil­lion buy­out of the Med­i­cines Com­pa­ny.

Tim­ney joined the Med­i­cines Com­pa­ny as CEO in De­cem­ber, af­ter four years helm­ing the com­pa­ny broad­ly con­sid­ered to be at the heart of the opi­oid abuse cri­sis. SEC fil­ings from the time of his hire show he agreed to pur­chase $500,000 worth of stock at the time and was al­so grant­ed one mil­lion per­for­mance and time-vest­ed stock op­tions.

Every em­ploy­ee stock op­tion will vest per the agree­ment and No­var­tis is of­fer­ing $85 per share. With 30,000 shares he owned as of a Sep­tem­ber fil­ing and pur­chased for $21.60 a share, Tim­ney could take home a lit­tle over $87 mil­lion.

A spokesper­son for the Med­i­cines Com­pa­ny de­clined to com­ment on ex­ec­u­tive com­pen­sa­tion.

Tim­ney re­mains a named de­fen­dant in over 30 on­go­ing law­suits against Pur­due Phar­ma, the drug gi­ant ac­cused of mis­lead­ing doc­tors on the ad­dic­tive­ness of its best-sell­ing drug. Tim­ney, the Con­necti­cut At­tor­ney Gen­er­al’s com­plaint al­leges, di­rect­ed his sales­force to tout the sup­posed abuse-de­ter­rent tech­nol­o­gy in Oxy­Con­tin even as he gave in­ter­nal pre­sen­ta­tions ac­knowl­edg­ing that the tech­nol­o­gy was un­like­ly to work and pa­tients would con­tin­ue to be­come ad­dict­ed.

Tim­ney and his pre­de­ces­sor John Stew­art “par­tic­i­pat­ed di­rect­ly in Pur­due’s un­fair and de­cep­tive acts and prac­tices al­leged in this com­plaint,” the com­plaint al­leges. “They had the au­thor­i­ty to con­trol Pur­due’s busi­ness prac­tices, in­clud­ing com­plete over­sight and con­trol over Pur­due’s cor­po­rate poli­cies and ac­tiv­i­ties. They were ac­tive­ly in­volved in Pur­due’s busi­ness af­fairs and ac­tive­ly par­tic­i­pat­ed in the mak­ing of com­pa­ny pol­i­cy. They knew of the un­fair and de­cep­tive acts and prac­tices al­leged here­in, and their ac­tions and in­ac­tions re­sult­ed in the mis­con­duct.”

The Mass­a­chu­sets com­plaint al­leges “John Stew­art, Mark Tim­ney, and Craig Lan­dau each di­rect­ed Pur­due’s de­cep­tion as CEO of Pur­due Phar­ma.”

Med­i­cines Com­pa­ny spokesman Michael Blash de­fend­ed Tim­ney’s re­sume and work for the biotech in an email to End­points News: “Mark is an ac­com­plished and com­mit­ted health­care leader whose lead­er­ship has served the com­pa­ny well dur­ing this im­por­tant strate­gic phase.”

Biotech and Big Phar­ma: A blue­print for a suc­cess­ful part­ner­ship

Strategic partnerships have long been an important contributor to how drugs are discovered and developed. For decades, big pharma companies have been forming alliances with biotech innovators to increase R&D productivity, expand geographical reach and better manage late-stage commercialization costs.

Noël Brown, Managing Director and Head of Biotechnology Investment Banking, and Greg Wiederrecht, Ph.D., Managing Director in the Global Healthcare Investment Banking Group at RBC Capital Markets, are no strangers to the importance of these tie-ups. Noël has over 20 years of investment banking experience in the industry. Before moving to the banking world in 2015, Greg was the Vice President and Head of External Scientific Affairs (ESA) at Merck, where he was responsible for the scientific assessment of strategic partnership opportunities worldwide.

No­var­tis' sec­ond at­tempt to repli­cate a stun­ning can­cer re­sult falls flat

Novartis’ hopes of turning one of the most surprising trial data points of the last decade into a lung cancer drug has taken another setback.

The Swiss pharma announced Monday that its IL-1 inhibitor canakinumab did not significantly extend the lives or slow the disease progression of patients with previously untreated locally advanced or metastatic non-small cell lung cancer when compared to standard of-care alone.

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Peter Greenleaf, Aurinia CEO

Af­ter pass­ing on Ac­celeron, Bris­tol My­ers eyes bolt-on ac­qui­si­tion of au­toim­mune spe­cial­ist — re­port

Bristol Myers Squibb is looking to beef up its autoimmune portfolio by scooping up Aurinia Pharmaceuticals, Bloomberg reported.

The recent overtures to Aurinia, relayed by anonymous insiders, came just as Bristol Myers turned down buyout talks with partners at Acceleron — which Merck ultimately struck a deal to acquire for $11.5 billion. Bristol Myers has reportedly decided to cash out on its minority stake, likely bagging $1.3 billion in the process, while keeping the royalty deals on two of Acceleron’s blood disorder drugs.

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NYU surgeon transplants an engineered pig kidney into the outside of a brain-dead patient (Joe Carrotta/NYU Langone Health)

No, sci­en­tists are not any clos­er to pig-to-hu­man trans­plants than they were last week

Steve Holtzman was awoken by a 1 a.m. call from a doctor at Duke University asking if he could put some pigs on a plane and fly them from Ohio to North Carolina that day. A motorcyclist had gotten into a horrific crash, the doctor explained. He believed the pigs’ livers, sutured onto the patient’s skin like an external filter, might be able to tide the young man over until a donor liver became available.

Robert Califf (Pablo Martinez Monsivais, AP Images, File)

As buzz on Califf FDA nom heats up, in­dus­try and agency in­sid­ers of­fer a strong nod for the ‘per­fect’ choice

For once in this long, dramatic road to finding a new FDA commissioner, there’s been some continuity. Both CNN and Politico reported this weekend that Rob Califf met with President Biden to discuss the permanent commish role, following earlier news broken by the Washington Post that all signs point to Califf.

Although there may be a few Democrats who continue to grandstand about the dangers of COI (Califf has worked for Verily, sits on the board of Centessa Pharmaceuticals, and has other ties to industry research), with the pandemic ongoing and the need for some kind of continuity at FDA mounting, Califf is likely to meet the same fate as when he first won Senate confirmation in 2016, by a vote of 89-4 — Bernie Sanders and 6 others didn’t vote.

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AstraZeneca CEO Pascal Soriot (Raphael Lafargue/Abaca/Sipa USA)

A com­bo of As­traZeneca's Imfinzi and chemo wins where oth­ers have failed in piv­otal bil­iary tract test

Looking to run with the big dogs in the PD-(L)1 class, AstraZeneca’s Imfinzi has a tall hill to climb to compete in an increasingly bustling market. An aggressive combo strategy for the drug has paid off so far, and now AstraZeneca is adding another notch to its belt.

A combo of Imfinzi (durvalumab) and chemotherapy significantly extended the lives of first-line patients with advanced biliary tract cancer over chemo alone, according to topline results from the Phase III TOPAZ-1 study revealed Monday.

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Sean Ianchulev, Eyenovia CEO and CMO

Re­cent court de­ci­sion push­es FDA to re­ject and re­clas­si­fy drug-de­vice com­bo, crush­ing shares

Back in April, the FDA lost a crucial court case in which its broad discretion of regulating medical products that might satisfy the legal definitions of either “drug” and/or “medical device” was sharply curtailed.

In addition to the appeals court ruling that Genus Medical Technologies’ contrast agent barium sulfate (aka Vanilla SilQ) should not be considered a drug, as the FDA had initially ruled, but as a medical device, the agency also was forced to spell out which drugs would transition to devices as a result of the ruling.

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Joan Butterton, Merck Research Laboratories VP of global clinical development, infectious diseases (Merck)

Mer­ck­'s ex­per­i­men­tal HIV drug is­la­travir hits with a PhI­II com­bo win and FDA fil­ing plans

Back in March, Merck and Gilead agreed to a partnership to challenge GlaxoSmithKline on long-acting HIV meds — by combining one drug from both Merck and Gilead that had shown potential. While Gilead brought its capsid inhibitor lenacapavir, Merck brought islatravir into the deal — a small molecule that the pharma acquired in 2012 from a small Japanese firm.

While that partnership is ongoing, islatravir is coming out of 2 Phase III pivotal trials with back-to-back successes and plans to beat a quick advance to the FDA.

Gil Beyen, Erytech CEO

A transat­lantic biotech flags a painful PhI­II can­cer flop, wav­ing a white flag

More than 4 years after little Erytech inflated some rare passion for its stock with upbeat Phase IIb data for their lead drug in pancreatic cancer, they’ve let the air out of the party balloons.

The transatlantic biotech $ERYP put the word out Monday morning that its drug eryaspase flopped in a Phase III pivotal for second line metastatic pancreatic cancer, slamming its stock, which plunged more than 30%.