Protocols: Private equity buy-in values inVentiv at $3.8B; Celgene denies charity scheme allegations
The CRO inVentiv Health has bagged a buy-in from Advent Health that values the company at $3.8 billion. Advent now becomes a co-owner of the company with Thomas H. Lee Partners and inVentiv will drop its plans for an IPO.
Seattle Genetics and its partner Takeda say they hit their primary endpoint in a Phase III study of Adcetris for patients with cutaneous T-cell lymphoma. The companies called the data “highly statistically significant” in the rate of objective responses which lasted at least four months. Seattle Genetics’ share price, though, barely budged.
Milpitas, CA-based Protagnost Therapeutics has set its terms for a planned IPO, planning to sell 5.8 million shares at $11 to $13 a share.
Former Celgene sales rep Beverly Brown is accusing her ex-employer of scheming to rake off big returns by donating money to charity groups which in turn made sure that patients had access to Revlimed and other Celgene meds in a scheme that was worth billions to the big biotech. Celgene, for its part, said the allegations were all bunk, with its donations intended to make sure people simply had access to meds, according to Bloomberg. There have been a number of allegations recently that charities are being used to cover co-pays, leaving public and private payers to pick up the bulk of the tab.