GE blueprints $165M biologics facilities; Tarveda to partner with Madrigal in $163M deal
GE Healthcare, which has been focusing on reengineering the way biologics are made, is investing $165 million in four turnkey “off the shelf” facilities to be managed by its customers in Ireland. These new facilities will create 500 new jobs.
Months after changing its name from Blend Therapeutics to Tarveda, the rebooted biotech has struck a deal to collaborate with Madrigal Pharmaceuticals on new cancer drugs. Madrigal is in line for up to $163 million in milestones. Madrigal merged into Synta last spring.
Shares of Depomed shot up at the end of last week after Reuters reported that it will be entertaining buyout offers.