New Jer­sey's bait worked: Af­ter promise of $40M in in­cen­tives, Te­va is mov­ing its HQ

It’s of­fi­cial — the car­rot New Jer­sey dan­gled in front of Te­va has sealed the com­pa­ny’s fate. It will move its US head­quar­ters to Par­sip­pa­ny-Troy Hills, NJ, af­ter the state agreed to give the com­pa­ny $40 mil­lion in tax cred­its, New Jer­sey Gov. Phil Mur­phy said in a state­ment to­day.

To make the move, Te­va is ex­pand­ing its ex­ist­ing Par­sip­pa­ny-Troy Hills lo­ca­tion to en­com­pass 350,000 square feet and ex­pects to “trans­fer and cre­ate 843 jobs and re­tain 232 ex­ist­ing po­si­tions.” The me­di­an an­nu­al wage as­so­ci­at­ed with the more than 1,000 po­si­tions is $128,073.

Kåre Schultz

Te­va, of course, is un­der­go­ing a dra­con­ian shake­up un­der new CEO Kåre Schultz, who has out­lined gen­er­al plans to carve out $3 bil­lion in spend­ing at the Is­rael-based com­pa­ny. That led to WARN no­tices in Penn­syl­va­nia in Jan­u­ary cov­er­ing more than 200 jobs that are be­ing axed in and around their cur­rent head­quar­ters in North Wales, PA. And more may fol­low.

Al­to­geth­er Schultz plans to close dozens of fa­cil­i­ties around the world, shut­ting near­ly half of the 80 sites Te­va owns. And 14,000 jobs are on the chop­ping block.

Bren­dan O’Grady

The tax cuts New Jer­sey dan­gled in front of Te­va were con­di­tion­al on pre­serv­ing 1,000 jobs. New Jer­sey be­lieves that re­lo­ca­tion will be worth a net ben­e­fit of $247 mil­lion over 20 years — which is more or less in­fin­i­ty in the phar­ma busi­ness.

Ac­cord­ing to the Philadel­phia Busi­ness Jour­nal, the com­pa­ny has about 2,000 staffers scat­tered around Penn­syl­va­nia.

“While Te­va will re­tain a sig­nif­i­cant pres­ence in Penn­syl­va­nia, re­duc­ing the num­ber of sites sup­ports our dri­ve to con­tin­ue to im­prove pro­duc­tiv­i­ty and ef­fi­cien­cies,” said Bren­dan O’Grady, ex­ec­u­tive VP and head of North Amer­i­ca Com­mer­cial. 

O’Grady didn’t note how many peo­ple Te­va will fire in North Wales, or giv­en the choice of mov­ing to Par­sip­pa­ny — a 90-minute dri­ve from North Wales.

The New Jer­sey Eco­nom­ic De­vel­op­ment Au­thor­i­ty (EDA) ap­proved tax breaks in June worth $4 mil­lion a year for each of the next 10 years for Te­va in or­der to pro­tect “jobs at risk” in a “pri­or­i­ty area.” New Jer­sey has tar­get­ed biotech jobs as a growth area.

The Avance Clinical leadership team: CEO Yvonne Lungershausen, Sandrien Louwaars - Director Business Development Operations, Gabriel Kremmidiotis - Chief Scientific Officer, Ben Edwards - Chief Strategy Officer

How Aus­tralia De­liv­ers Rapid Start-up and 43.5% Re­bate for Ear­ly Phase On­col­o­gy Tri­als

About Avance Clinical

Avance Clinical is an Australian owned Contract Research Organisation that has been providing high-quality clinical research services to the local and international drug development industry for 20 years. They specialise in working with biotech companies to execute Phase 1 and Phase 2 clinical trials to deliver high-quality outcomes fit for global regulatory standards.

As oncology sponsors look internationally to speed-up trials after unprecedented COVID-19 suspensions and delays, Australia, which has led the world in minimizing the pandemic’s impact, stands out as an attractive destination for early phase trials. This in combination with the streamlined regulatory system and the financial benefits including a very favourable exchange rate and the R & D cash rebate makes Australia the perfect location for accelerating biotech clinical programs.

Pablo Legorreta, founder and CEO of Royalty Pharma AG, speaks at the annual Milken Institute Global Conference in Beverly Hills, California (Patrick T. Fallon/Bloomberg via Getty Images)

Cap­i­tal­iz­ing Pablo: The world’s biggest drug roy­al­ty buy­er is go­ing pub­lic. And the low-key CEO di­vulges a few se­crets along the way

Pablo Legorreta is one of the most influential players in biopharma you likely never heard of.

Over the last 24 years, Legorreta’s Royalty Pharma group has become, by its own reckoning, the biggest buyer of drug royalties in the world. The CEO and founder has bought up a stake in a lengthy list of the world’s biggest drug franchises, spending $18 billion in the process — $2.2 billion last year alone. And he’s become one of the best-paid execs in the industry, reaping $28 million from the cash flow last year while reserving 20% of the cash flow, less expenses, for himself.

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As­traZeneca trum­pets the 'mo­men­tous' da­ta they found for Tagris­so in an ad­ju­vant set­ting for NSCLC — but many of the ex­perts aren’t cheer­ing along

AstraZeneca is rolling out the big guns this evening to provide a salute to their ADAURA data on Tagrisso at ASCO.

Cancer R&D chief José Baselga calls the disease-free survival data for their drug in an adjuvant setting of early stage, epidermal growth factor receptor-mutated NSCLC patients following surgery “momentous.” Roy Herbst, the principal investigator out of Yale, calls it “transformative.”

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Paul Hudson, Sanofi CEO (Getty Images)

Sanofi CEO Paul Hud­son has $23B burn­ing a hole in his pock­et. And here are some hints on how he plans to spend that

Sanofi has reaped $11.1 billion after selling off a big chunk of its Regeneron stock at $515 a share. And now everyone on the M&A side of the business is focused on how CEO Paul Hudson plans to spend it.

After getting stung in France for some awkward politicking — suggesting the US was in the front of the line for Sanofi’s vaccines given American financial support for their work, versus little help from European powers — Hudson now has the much more popular task of managing a major cash cache to pull off something in the order of a big bolt-on. Or two.

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As­traZeneca’s $7B ADC suc­ceeds where Roche failed, im­prov­ing sur­vival in gas­tric can­cer

Another day, another win for Enhertu.

The antibody-drug conjugate AstraZeneca promised up-to $7 billion to partner on has had a quite a few months, beginning with splashy results in a Phase III breast cancer trial, a rapid approval and, earlier this month, breakthrough designations in both non-small cell lung cancer and gastric cancer.

Now, at ASCO, the British pharma and their Japanese partner, Daiichi Sankyo, have shown off the data that led to the gastric cancer designation, which they’ll take back to the FDA. In a pivotal, 187-person Phase II trial, Enhertu shrunk tumors in 42.9% of third-line patients with HER2-positive stomach cancer, compared with 12.5% in a control arm where doctors prescribed their choice of therapy. Progression-free survival was 5.4 months for Enhertu compared to 3.5 months for the control.

Once a gem, now just a rock, Take­da punts PhI­II IBD drug as ri­vals mus­cle ahead

Back in 2016, when then-Shire CEO Flemming Ørnskov picked up a promising clinical-stage IBD drug from Pfizer, the Boston-based biotech dubbed it SHP647 and moved it into the gem section of the pipeline, with rosy expectations of registration-worthy Phase III data ahead.

This was a drug that the EC wanted Takeda to commit to selling off before it gave their blessing to its acquisition of Shire, to settle some deep-seated concerns revolving around the potential market overlap with their blockbuster rival Entyvio. And Takeda, which took on a heavy debt load to buy Shire, clearly wanted the cash to pay down debt.

Sier­ra On­col­o­gy brings on for­mer Aim­mune CEO to the helm; Flag­ship woos ex-No­var­tis ex­ec Fab­rice Chouraqui

Momelotinib-focused Sierra Oncology, which launched a Phase III trial in November for myelofibrosis patients, has made Stephen Dilly its president and CEO, effective June 1. Dilly was previously the CEO at Aimmune from 2014 until what was billed as his retirement in 2018, but now he’s back at the helm of another company and is also a member of Sierra’s board of directors. Additionally, the seasoned vet has held posts at Genentech, Chiron and GSK.

Ear­ly sur­vival da­ta boost Zio­phar­m's 'con­trolled IL-12' im­munother­a­py for glioblas­toma

An unconventional pairing of a gene therapy and an oral drug that promises to attack recurrent or progressive glioblastoma with controlled release of IL-12 has turned up more promising — if early — overall survival data. On top of boosting its case as a monotherapy, the data can also bode well for a combination with Regeneron’s PD-1 inhibitor, Libtayo.

Both the treatment and its developer, Ziopharm Oncology, have come a long way. The stock price peaked in 2015 but cratered in 2016 following a patient death in a Phase I.

As tislelizum­ab gains trac­tion in Chi­na, BeiGene pulls the cur­tain on NSCLC da­ta sup­port­ing the PD-1 drug

In a world now brimming with checkpoint inhibitors, companies often struggle to make a mark given a raft of therapies have already captured a considerable portion of the vast oncology market.

BeiGene’s tislelizumab was the fourth PD(L)-1 inhibitor to secure approval in China — and as it works on expanding its share the company has put out detailed data on the use of the drug in certain patients with lung cancer.