Pfizer dumps 3 projects in Q2 pipeline pruning; Teva seals 12-year lease on new NJ headquarters
→ Pfizer $PFE has added to the list of drugs being culled from the industry pipeline today. Its list of projects and therapies that are being dropped includes the EU registration of Sutent as a renal cell carcinoma adjuvant, and two early-stage Phase I programs for diabetes (PF-06342674) and cancer (PF-06747775).
→ Officially putting its foot down in its new home of New Jersey, Teva has signed a 12-year lease that would kickstart the overhaul of a 360,000 square-foot office building in Parsippany, NJ. “They are looking to move in as quickly as possible,” Harvey Rosenblatt, whose company owns and manages the property, told NJ Advance Media. “But it is an astronomical build-out process.”
Teva will be paying $9 million in rent while pocketing $40 million in incentives the state government had offered. The headquarter relocation is part of a dramatic shakeup under way at the Israeli generics giant, where new CEO Kåre Schultz has outlined plans to carve out $3 billion in spending — shutting nearly half of the 80 sites it owns and slashing jobs. As part of its agreement with New Jersey, Teva is expecting to transfer and create 843 jobs and retain 232 existing positions.
Back at its current headquarters, the company plans to retain 500 to 600 employees at its R&D facility in West Chester, PA, NJ Advance Media reported.
→ Eli Lilly has enjoyed its 3-year alliance with Dana-Farber on cancer drug R&D, so much so that the pharma giant has opted to extend the collaboration for another 3 years.