News Article | February 28, 2017
Infants with a genetic polymorphism of the serotonin transporter gene may be more susceptible to a psychosocial intervention designed to promote maternal-infant attachment in South Africa, according to a study in PLOS Medicine. In a study led by Mark Tomlinson from Stellenbosch University, South Africa, with lead author Barak Morgan from the University of Cape Town, South Africa and colleagues, data from a randomized controlled trial were reanalysed in light of new genetic data. In the study, researchers reanalysed data from a randomized controlled trial that was originally published in 2009. This had found that infants whose mothers were visited by lay community workers to provide support and guidance in parenting were significantly more likely to be securely attached to their primary caregiver after 18 months. Using genetic data collected from 220 participants when they were 13 years of age (approximately half of those who participated in the original trial) the researchers were able to compare attachment rates for participants with different polymorphisms of the serotonin transporter gene. Individuals with the short form of the gene, which is involved in nerve signalling in the brain, have previously been found to be sensitive to psychosocial interventions. The researchers found that, for those with the short allele of the serotonin transporter gene, the probability of secure attachment being observed for those who received the intervention was 84% (95% CI [73%, 94%]), compared to 58% (95% CI [43%, 72%]) in the control group. For those with two copies of the long allele of the serotonin transporter gene, the probability of secure attachment being observed for those who received the intervention was 70% (95% CI [59%, 81%]), compared to 71% (95% CI [60%, 82%]) of infants in the control group. The researchers note, "[b]eyond illuminating the role of genetic differential susceptibility in early childhood development, the current finding also speaks to a fundamental issue in the quest to understand and mitigate the developmental effects of poverty through psychosocial intervention. The near large effect size reported here for the intervention in children with susceptible genotypes [...] is at variance with the general conclusion that psychosocial interventions in the context of poverty produce only small to medium effect sizes [...] Without taking account of genetic susceptibility, it is possible that other intervention studies have, at least in some subpopulations, underestimated the impact of their interventions, as we originally did. By the same token [...] other studies might also have underestimated the negative impact on susceptible subpopulations of not receiving an intervention [...] In short, averaging outcomes across all participants may well lead to an invalid conclusion about the efficacy of an intervention. The researchers also note, "[a]n important limitation of this study is that we were not able to follow-up all cases of the individuals from the original trial, and there were missing data for attachment and genotype. In total, our primary analysis included 49% (220/449) of the original sample of children whose mothers were randomized to treatment and control conditions. Although the intervention and control groups were highly similar in our follow-up sample, and the follow-up sample was generally very similar to the original sample, there was some evidence of selective loss to follow-up on two variables [...] This means that randomization within our follow-up subsample may have been imperfect. Attribution of the primary outcome to causal effects of treatment in the present subsample should therefore be treated with caution. This study was supported by a grant from Grand Challenges Canada, grant reference #0066-03). The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript. MT is a member of the Editorial Board of PLOS Medicine. PF received an honorarium for providing a workshop on attachment at the Meeting of Minds Conference, organised by Shire Pharmaceuticals. Morgan B, Kumsta R, Fearon P, Moser D, Skeen S, Cooper P, et al. (2017) Serotonin transporter gene (SLC6A4) polymorphism and susceptibility to a home-visiting maternal-infant attachment intervention delivered by community health workers in South Africa: Reanalysis of a randomized controlled trial. PLoS Med 14(2): e1002237. doi:10.1371/journal.pmed.1002237 Global Risk Governance Program, Department of Public Law, University of Cape Town, Rondebosch, South Africa NRF Centre of Excellence in Human Development, DVC Research Office, University of Witwatersrand, Johannesburg, South Africa Neonatal Unit, Department of Women's and Children's Health, Karolinska Institute, Stockholm, Sweden Department of Genetic Psychology, Faculty of Psychology, Ruhr University Bochum, Bochum, Germany Research Department of Clinical, Educational and Health Psychology, Faculty of Brain Sciences, University College London, London, United Kingdom Department of Psychology, Stellenbosch University, Stellenbosch, South Africa School of Psychology and Clinical Language Sciences, University of Reading, Reading, United Kingdom Department of Psychology, University of Cape Town, Rondebosch, South Africa Department of Psychology, Western University, London, Ontario, Canada IN YOUR COVERAGE PLEASE USE THIS URL TO PROVIDE ACCESS TO THE FREELY AVAILABLE PAPER: http://journals.
News Article | December 7, 2016
According to Stratistics MRC, the Regenerative Medicine Market is estimated at $20.07 billion in 2015 and is projected to reach $101.3 billion by 2022 growing at a CAGR of 26.0% from 2015 to 2022. Growing research applications, growing demand in tissue engineering, biomaterials and stem cell therapy systems are some of the factors driving the market growth. However, high cost associated with biomaterials will be a major factor to restrict the market growth. The stem cells application and advancements in nanotechnology will further drive the market over the forecast period. Gene therapies segment is expected to be the fastest emerging technology due to tremendous potential of gene therapy in minimizing immune rejections, which commonly occur after transplantations. Asia-Pacific would be the fastest growing region for regenerative medicine market. Europe and North America together accounted for over 3/4th of the market revenue and anticipated to be most profitable regional market. Some of the key players in the market include Shire Pharmaceuticals, Advanced Cell Technology, Inc, Genzyme, Athersys, Inc., Kinetic Concepts, Inc., NuVasive Inc., Stem cells, Inc., Cytori Therapeutics, Inc., Cytomedix Inc., Mesoblast Ltd. , Zimmer Holdings, Inc., Orthofix, DePuy Synthes Inc., Cell Medica and CryoLife. Regions Covered: • North America o US o Canada o Mexico • Europe o Germany o France o Italy o UK o Spain o Rest of Europe • Asia Pacific o Japan o China o India o Australia o New Zealand o Rest of Asia Pacific • Rest of the World o Middle East o Brazil o Argentina o South Africa o Egypt What our report offers: - Market share assessments for the regional and country level segments - Market share analysis of the top industry players - Strategic recommendations for the new entrants - Market forecasts for a minimum of 7 years of all the mentioned segments, sub segments and the regional markets - Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations) - Strategic recommendations in key business segments based on the market estimations - Competitive landscaping mapping the key common trends - Company profiling with detailed strategies, financials, and recent developments - Supply chain trends mapping the latest technological advancements For more information, please visit https://www.wiseguyreports.com/sample-request/456590-regenerative-medicine-global-market-outlook-2015-2022
News Article | February 15, 2017
BASEL, Switzerland--(BUSINESS WIRE)--Therachon AG, a biotechnology company focused on rare genetic diseases, announced today the strengthening of its Board of Directors and executive management team. Hans Schikan, Pharm.D., will the join the Board as a non-executive director. Richard Porter, Ph.D., is announced as the Chief Operating Officer and Jeffrey Stavenhagen, Ph.D. as Vice President of Biology. “I am delighted to have Drs. Schikan, Porter and Stavenhagen join our team,” said Luca Santarelli, M.D., Therachon’s Chief Executive Officer and Director. “The addition of these three tenured biopharmaceutical executives extends and deepens our scientific and business expertise. With their experience and successful track record, I am confident that we will be able to harness the full therapeutic potential of our drug candidate, TA-46, for children suffering from achondroplasia.” “I am thrilled to welcome these three industry leaders to our Board and management team,” said Thomas Woiwode, Ph.D., Managing Director at Versant Ventures and Chairman of the Board at Therachon. “Hans, Richard and Jeffrey understand the potential and hope Therachon brings to patients suffering from rare, genetic diseases. Under Luca’s leadership and with the recent completion of our $40 million Series A financing, Therachon is now well positioned to accelerate TA-46 into the clinic.” Hans Schikan currently serves as Chairman at Asceneuron (Switzerland), Complix (Belgium) and InteRNA (Netherlands), and is a non-executive director at Hansa Medical (Sweden), Swedish Orphan Biovitrum (Sweden), Wilson Therapeutics (Sweden) and Dutch Top Sector Life Sciences & Health (Netherlands). Previously, he was the CEO of Prosensa, which used RNA modulation to treat rare diseases such as Duchenne muscular dystrophy (DMD). While at Prosensa, he oversaw the M&A transaction with BioMarin for up to $840 million. Prior to that, he held senior strategic and commercial positions at Genzyme and Organon. Hans Schikan received his Pharm.D. from the University of Utrecht (Netherlands). Richard Porter brings over 20 years of experience working across multiple therapeutic areas in the pharmaceutical and biotech industries. He spent over 14 years at Roche in positions of increasing responsibility, most recently as the Global Head of Operations Management for Neuroscience Ophthalmology and Rare Diseases. He has also served as a Product General Manager in the Emerging Business Unit at Shire Pharmaceuticals, and held scientific leadership positions at Vernalis and ASTRA. He has brought multiple projects through development and brings extensive experience at both an operational and strategic level. He received his Ph.D. from the University of Southampton and completed his postdoctoral training at the University of Oxford (U.K.) and at the University of Rochester (U.S.). Jeffrey Stavenhagen brings 20 years of scientific leadership experience in both the U.S. and Europe using emerging technology platforms for the development of novel biologics. He most recently was a Senior Director at Lundbeck (Denmark) and led their global biologics program to treat CNS diseases. Prior to that, he served as Director, Molecular Immunology at Amplimmune and held roles of increasing responsibility at MacroGenics. Dr. Stavenhagen started his career as an assistant professor at the University of Dayton in the Department of Biology. He received his Ph.D. in molecular biology from Columbia University and conducted Post-Doctoral research at the Fred Hutchinson Cancer Research Center in Seattle, Washington. Therachon is a global biotechnology company focused on developing medicines for rare, genetic diseases that currently have no available treatments. The company’s lead pipeline candidate, TA-46, is a novel protein therapy in development for achondroplasia, the most common form of short-limbed dwarfism. This rare genetic condition affects about one in 25,000 children and is caused by a genetic mutation of the FGFR3 receptor, which stunts child bone growth. Therachon is committed to translating the promise of its science into new treatments for patients with high unmet medical needs. For more information, visit www.therachon.com.
News Article | February 12, 2017
This year marks the 50th anniversary of Harold Wilson’s memorable broadcast following his government’s devaluation of the pound. “It does not mean, of course, that the pound here in Britain, in your pocket or purse or in your bank, has been devalued,” he said. This, depending on your preference for modern or traditional language, is either a) an alternative fact or b) a brazen fib. Even economists weren’t dozy enough to miss that the fact that the same pound paid for Britain’s imports, meaning that after devaluation it bought fewer goods, and therefore domestic prices would go up. So unless wages rose by as much, the pound in your pocket was worth less. It is similar today, where it is not just increases in the price of Marmite that bean counters want to justify by pointing to weaker sterling – as we will be reminded this week. On Tuesday, we will get the latest inflation data for January when, after a long run of near-zero inflation last year, it is expected to hit a new two-and-a-half-year high of 1.9%. So what does it all mean for the pound in our pockets? Well, pay (data also updated this week) is still thought to be outstripping living costs – at least for now. However, there are fears that wage growth will slow, just as inflation is picking up, and as Wilson quickly discovered, folk tend to notice that. There are numbers from engine maker Rolls-Royce, plus full-year results from Shire Pharmaceuticals, which last month agreed to a $350m settlement over US claims that it used “kickbacks and other unlawful methods” to induce doctors to prescribe one of its drugs. The US Department of Justice says Shire staff unlawfully “induced clinics and physicians with lavish dinners, drinks, entertainment and travel” as well as “unwarranted payments” for speaking engagements and cash credits and rebates to boost sales. Anyway, if there is a good time to get caught paying bungs, this wasn’t it, what with US president Donald Trump already hinting that he may have pharmaceuticals companies in his sights over drug pricing. All of which means that the company will try to talk about financials this week, with the City expecting a big boost to sales this year due to currency movements but also as a result of the integration of recent acquisitions. Time to polish up your curriculum vitae to take advantage of the new opportunities Brexit presents. First up are exciting vacancies being advertised for chief trade negotiation advisers where (depending on your point of view) you can either prepare the UK for a new era of dynamic international trade, or attempt to save the country from itself. The successful candidates can earn £160,000 a year, assuming they can demonstrate “extensive experience of overseeing and leading complex and large-scale trade negotiations on an international basis” – which could be a stretch, given that the EU has been doing all that, leaving few Brits with that experience (unless they served under Ted Heath). Still, no matter. No one is likely to kick up a fuss if the talent is imported. Meanwhile, public sector headhunters will also be out in force, searching for a new member of the Bank of England’s monetary policy committee, following last week’s announcement of Kristin Forbes’s decision to turn down a second term and return to her native US. City gossips suggest that the Bank will prefer that another woman to replace Forbes, in an effort to make sure the committee isn’t viewed as even less diverse.
News Article | December 28, 2016
2016 will forever be remembered as the year of the Brexit vote and Donald Trump’s election as US president. Both events sent shock waves through financial markets and will have repercussions for businesses in the year ahead. Even without the political turmoil, 2016 was a dramatic year for business leaders. The collapse of BHS led to intense pressure on Sir Philip Green and demands that he fill the £571m hole in the store chain’s pension fund, while Mike Ashley was summoned before MPs to explain the working practices the Guardian had exposed at Sport Direct’s Derbyshire warehouse. The annual general meeting season started with a bang when two FTSE 100 companies – BP and Smith & Nephew – had their pay schemes voted down. There were also big events in industry, with Nissan securing a post-Brexit deal, approval for the Hinkley Point C nuclear power station and concerns over the commitment of Indian company Tata to its UK steel plants. So as the year draws to close, who were the winners and losers in the business world in 2016 – and who has most at stake in the year ahead? No sooner had 2016 begun, that Marc Bolland, the chief executive of Marks & Spencer, announced he was leaving. His successor, M&S lifer Steve Rowe, scaled back the retailer’s international expansion and announced plans to close stores and convert 45 sites into food-only outlets. By the end of the year, Robert Swannell, the chairman, announced his retirement. It was not long before another chief executive, Katherine Garrett-Cox also left. She walked away from the investment trust firm Alliance Trust in March when her role became obsolete in a restructuring that followed a long-lasting tussle with activist investors. By the end of the year, the Dundee-based firm outlined a dramatic plan to outsource the management of its investment funds. Ruby McGregor-Smith stepped aside after a decade running outsourcing company Mitie. The company said she had doubled profits and revenues during her tenure – but the shine was taken off by a profit warning three weeks earlier that knocked 25% of the share price. Phil Bentley, who used to run British Gas and Cable & Wireless Communications, took over. Bosses at a string of companies faced revolts. Besides BP and Smith & Nephew, companies as diverse as engineering group Weir, Shire Pharmaceuticals, estate agent Foxtons and betting company Paddy Power Betfair were also subjected to pay rebellions. Ashley’s problems began at the end of 2015, when the Guardian revealed how his retail empire was effectively paying below the minimum wage. He spent 2016 dealing with the consequences. The Newcastle United owner was hauled before MPs, and at an open day at his warehouse in Shirebrook, Derbyshire, he stunned observers by producing a wad of £50 notes from his pocket during a security check. The company’s shares have crumbled from about 570p to below 300p. There has been better news for Sports Direct workers, who have been promised back pay. For BHS workers, though, the news was dire. In August, BHS tores closed their doors for the last time after 88 years of trading. A parliamentary inquiry was looking into why the chain collapsed barely a year after being sold by Sir Philip Green to the thrice-bankrupt entrepreneur Dominic Chappell. A damning report by MPs concluded the business had been subjected to “systematic plunder” by former owners. MPs voted to strip Green of his knighthood, although the vote was purely symbolic and carried no official sanction. A deal to plug a £571m deficit in the pension fund is yet to be secured. Navinder Singh Sarao spent most of the year fighting extradition to face charges that he had been “spoofing” markets from his parents’ house in Hounslow, west London. Eventually extradited, Sarao appeared in a Chicago court and pleaded guilty. Martyn Dodgson’s conviction for insider dealing was secured using evidence from bugged offices, CCTV images and a crucial password of “Lamborghini55”. The former Deutsche Bank managing director was jailed for four and half years. His friend Andrew Hind was jailed for three and half years for acting as his middleman. Three others were acquitted. Four former Barclays bankers were sentenced to between 33 months and six-and-a-half years in jail for conspiring to rig global benchmark interest rates. Just before Christmas, former BlackRock fund manager Mark Lyttleton was jailed for a year after pleading guilty to insider dealing through a Panamanian company in the name of his wife. The pound plunged after the vote to leave the EU and is down 15% against the dollar, a fall not helped by October’s “flash crash” when the currency dived to new 31-year lows. Andrew Bailey’s year started with his unexpected appointment as chief executive of the Financial Conduct Authority. Poached from the Bank of England, where he was one of the deputy governors, Bailey made a number of eye-catching moves after taking the helm in the summer. Crowdfunding, the fund management industry, high-cost consumer credit and the spread-betting industry are in his sights. Executives enjoyed big pay days. Sir Martin Sorrell, chief executive of advertising company WPP, received £70.4m in cash and shares. It was one of the biggest pay deals in UK corporate history – and was opposed by a third of the company’s shareholders. Simon Segars and Mike Muller at ARM Holdings shared a payout of £55m when the British microchip designer was sold to Japan’s SoftBank for £24bn. Angus Thirlwell and Peter Harris, the founders of luxury chocolate maker Hotel Chocolat, received £43m when the business was floated on AIM in May. And after a difficult 2015, Ivan Glasenberg, boss of mining company Glencore, had a good end to 2016 as the share price in the natural resources group rallied from from 85p to about 270p, boosting the value of his personal shareholding from £1bn to £3.2bn. Carmaker Nissan secured a deal from the government to seek tariff-free access to the single market when EU exit negotiations start. The Japanese company announced it would turn its Sunderland factory into one of the biggest car plants in the world, saving more than 7,000 jobs. While the news was good for Nissan workers, the prospects for workers at Tata Steel’s plants were mixed. The Scunthorpe works was saved by a rescue deal in June, led by Greybull, the family investment firm. In Port Talbot, workers are still awaiting confirmation of a deal with the Pensions Regulator. The on-off Hinkley Point C nuclear power station was finally given the go-ahead after the government signed an £18bn contract with French utilities firms EdF and China to start construction at the site in Somerset. The European commission fought back against complex tax arrangements by ruling a sweetheart deal devised by the Irish government had allowed Apple to pay tax of just 0.005% in 2014 and an average rate of 1% over many years. However, the competition commissioner, Margrethe Vestager, later said the full amount may not be payable to Ireland. In the empire-building stakes, supermarket chain Sainsbury’s won control of Argos, Shire Pharmaceuticals took over Baxalta, ABInBev, the world’s biggest brewer, completed its £79bn acquisition of SAB Miller and as the year drew to a close, Rupert Murdoch’s 21st Century Fox lodged an £11.7bn bid to take full control of Sky. The London Stock Exchange and Deutsche Börse also announced a merger. Emma Walmsley Even before she gets started as chief executive of GlaxoSmithKline, Walmsley is already being described as the most powerful woman in the FTSE 100. When she takes charge in March, Walmsley faces shareholders pushing for a breakup of the pharmaceutical business. Her background is in the consumer arm: Sensodyne toothpaste, Horlicks malted drinks and Panadol painkillers. Paula Nickolds Nickolds is taking over as the first female chief executive of John Lewis, replacing Andy Street, who has stepped down to run as the Tory candidate for mayor of Birmingham. Nickolds, who once considered a teaching career, started as a graduate trainee at John Lewis in 1994 and climbed the ladder through buying roles in clothing and furniture, before becoming buying and brand director. In the latter role, Nickolds had responsibility for the all-important Christmas ad, including 2013’s bear and the hare animation. She was named commercial director last year, with responsibility for shops and product development. It’s a big gig, running “middle England’s” favouite department store, but she is taking over at a tricky time: profits slumped 31% to £32m in the first half of this year as the chain struggled to adapt to the shift to online shopping. Bali Padda The Indian-born Briton is the first non-Dane to lead Lego, which has survived in the computer game era by expanding into film franchise merchandise such as Star Wars and Harry Potter. Prices in the UK will be going up 5% at the start of the year as a result of the Brexit-induced fluctuations in the pound. Padda joined in 2004 and has been promoted from chief operations officer. Ross McEwan The New Zealander who runs Royal Bank of Scotland will be hoping to reach a settlement with the Department of Justice over a bond mis-selling scandal and find a buyer for 300 branches that must be sold under state aid penalties imposed by Brussels. Until these are resolved, the Treasury will struggle to sell off its 73% stake in the bank. In February, RBS will announce its ninth consecutive year of losses – which have already topped £50bn since its bailout. Sean Clarke Already six months into his role running Asda, the UK arm of US retail giant Walmart, Clarke has inherited a business that has dropped into third place out of four big UK supermarkets. A Briton who has had a global career, Clarke will need to use all the expertise of the Walmart empire to fight back against the German discounters Aldi and Lidl. Asda’s selling point has been price. Clarke will need to find another reason to get shoppers through the door. Sharon White The head of media regulator Ofcom could be asked to examine the offer by 21st Century Fox to buy Sky and keep BT honest as it separates its Openreach unit, which controls the UK’s broadband infrastructure. Her profile is already rising: mobile operator Three is projecting an image of her as a cartoon superhero on to landmark buildings to encourage her to put a 30% cap on the amount of mobile spectrum that any operator can run. Keith Hellawell The clock is ticking on the former police officer’s tenure as chairman of Sports Direct. In September, 53% of the embattled retailer’s independent shareholders voted against his re-election to the role. In January, another vote will be called. He is likely to survive it – as this time 55% shareholder Mike Ashley gets a say – but he has pledged to stand down if the majority of independent shareholders vote against him at the next AGM. Andy Parker The boss of Capita ended 2016 on a sour note after the outsourcing company issued two profit warnings in three months. The blame is being placed on Brexit and problems with IT for London’s congestion charging zone. The shares dived to 10-year lows, putting pressure on Parker, who has been running the outsourcing company since 2014 and will want to avoid taking the axe to the dividend. Marco Gobbetti The chief executive designate of Burberry will not take the helm until the middle of the year – 12 months after his appointment was announced in a move that marked the end of Christopher Bailey’s unusual dual role as creative director and chief executive. Gobbetti won plaudits while running the French luxury brand Celine, and Bailey, who will become president and focus on his role as creative director, welcomed him with a promise of a “wonderfully collaborative relationship”. 2017 will be the test of that. Jamie Dimon As chief executive of America’s biggest bank, JP Morgan, Dimon’s words and actions will be of particular interest in the UK in 2017. In the run-up to the 23 June referendum, Dimon had warned that 4,000 jobs were at risk if there was a vote for Brexit. The bank employs 19,000 people across the UK in Canary Wharf, Bournemouth and Glasgow and any move by JP Morgan to start shifting jobs could set the tone for other banks. Alex Cruz Six months into taking control of British Airways in a management reshuffle, Cruz ended 2016 having staved off strike action by baggage handlers, check-in staff and cabin crew. The new year brings new challenges: he has already outlined plans to squeeze more passengers on to planes from 2018 and from 11 January will start charging economy customers on short-haul and domestic flights from Heathrow and Gatwick for M&S food.
News Article | February 21, 2017
NEW YORK--(BUSINESS WIRE)--Bristol-Myers Squibb Company (NYSE:BMY) announced today that it has appointed Robert J. Bertolini, Matthew W. Emmens and Theodore R. Samuels to its Board of Directors, effective immediately. In connection with these appointments, the Board will temporarily expand to 14 directors until the 2017 Annual Meeting, to be held on May 2, 2017. Only 11 directors will stand for election at the meeting. Bristol-Myers Squibb also announced that it has entered into an accelerated share repurchase (“ASR”) program to repurchase, in aggregate, $2 billion of Bristol-Myers Squibb’s common stock. Giovanni Caforio, M.D., chief executive officer of Bristol-Myers Squibb, said, “Bristol-Myers Squibb continues to take decisive action to best position the company for growth driven by our leading portfolio of Immuno-Oncology medicines, including Opdivo, and by an exciting diversified portfolio of medicines such as Eliquis and Orencia. We are committed to advancing the promising opportunities represented by our portfolio and pipeline in oncology as well as continuing our efforts to diversify through promising pipeline agents in heart failure, immunoscience and fibrosis. Our new directors add important experience and skills managing large businesses and operations, broaden our overall expertise in the pharmaceutical sector and more broadly in capital markets, and complement extremely well the existing skills on our Board. We look forward to working with them to advance our business strategy. “In addition, the decision to implement an accelerated share repurchase program demonstrates our focus on enhancing shareholder returns as we continue to capitalize on our long-term opportunities,” Caforio continued. “I am pleased to welcome Bob, Matt and Ted to the Board, and know that their unique skill sets and experience will be invaluable to the company going forward,” said Lamberto Andreotti, chairman of the Board. “As I announced in December, I will be retiring as chairman, effective May 2, 2017. I am happy to be leaving with such a strong Board in place and am confident Bristol-Myers Squibb has a bright future.” Bristol-Myers Squibb noted that, since JANA Partners LLC (“JANA”) became a Bristol-Myers Squibb shareholder in the fourth quarter of 2016, members of the Board and management have engaged in discussions with representatives of JANA to better understand their views. Today’s Board appointments follow discussions between the two parties regarding the Board. “These three new independent directors will add valuable industry knowledge and fresh perspectives to the Board, and shareholders stand to reap a substantial benefit from the company's sizable investment in its undervalued shares,” said Barry Rosenstein, founder and managing partner of JANA. “These are two very positive developments for all Bristol-Myers Squibb shareholders.” Togo D. West, Jr., the board’s lead independent director, said, “Bristol Myers-Squibb benefits from a strong Board that comprises leaders who have diverse expertise relevant to the company’s strategy and mission. We welcome Bob, Matt and Ted to the Board and look forward to their contributions.” “Bristol-Myers Squibb is widely regarded as an innovator and a leader with a strong portfolio of assets that will help drive value for shareholders,” said Samuels. “I look forward to working with my colleagues on the Board to continue advancing the company’s important mission.” “I am honored to join the Bristol-Myers Squibb Board and to work alongside some of the great minds in science and medicine,” said Emmens. “With a diverse portfolio and a strong pipeline, I am confident that Bristol-Myers Squibb will continue to find solutions for patients with high unmet medical needs.” “I am pleased to be joining the Board during a period of innovation and scientific discovery,” said Bertolini. “I look forward to joining my fellow directors and the management team in helping Bristol-Myers Squibb with the compelling opportunities ahead.” Accelerated Share Repurchase Bristol-Myers Squibb has entered into an ASR program with each of Morgan Stanley & Co. LLC and Goldman, Sachs & Co. to repurchase, in aggregate, $2 billion of Bristol-Myers Squibb’s common stock. The company expects to fund the repurchase with a combination of debt and cash. Approximately 80 percent of the shares to be repurchased under the transaction will be received by Bristol-Myers Squibb on February 28, 2017. The total number of shares ultimately repurchased under the program will be determined upon final settlement and will be based on a discount to the volume-weighted average price of Bristol-Myers Squibb’s common stock during the ASR period. The program is part of Bristol-Myers Squibb’s existing share repurchase authorization. Bristol-Myers Squibb anticipates that all repurchases under the ASR will be completed by the end of the second quarter of 2017. Bristol-Myers Squibb notes that it is commencing a 10b5-1 plan to facilitate continuous stock repurchase activity by the company. Robert J. Bertolini Bob Bertolini, who currently serves on the boards of Charles River Laboratories and Actelion Pharmaceuticals Ltd., is the former president and CFO of Bausch & Lomb. Previously, Bertolini served as executive vice president and CFO at Schering-Plough Corporation and as a Partner and Pharmaceutical Industry Practice Leader at PricewaterhouseCoopers LLC. He brings extensive financial and accounting expertise and significant strategic and operational leadership experience in the biopharmaceutical industry to the Board of Bristol-Myers Squibb. Matthew W. Emmens Matt Emmens is the former chairman, president and CEO of Vertex Pharmaceuticals. Prior to Vertex, Emmens served as chairman and CEO of Shire Pharmaceuticals and as president and CEO of Astra Merck, the joint venture between Merck and Astra AB. He brings to the Board of Bristol-Myers Squibb more than 40 years of experience in the biopharmaceutical industry, with significant management, business development and operations expertise. Theodore R. Samuels Ted Samuels, who currently serves on the boards of Perrigo Company plc and Stamps.com, has more than 35 years of financial industry experience. As the former president of Capital Guardian Trust Company and a former global equity portfolio manager at Capital Group, Samuels has extensive business and operational experience, particularly with respect to economics, capital markets and investment decision making. Morgan Stanley is serving as financial advisor to Bristol-Myers Squibb and Kirkland & Ellis LLP is serving as legal counsel. Covington & Burling LLP is serving as legal counsel to Bristol-Myers Squibb in connection with the ASR. About Bristol-Myers Squibb Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol-Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube and Facebook. These materials contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as "anticipate," "estimates," "should," "expect," "guidance," "project," "intend," "plan," "believe" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, effects of the continuing implementation of governmental laws and regulations related to Medicare, Medicaid, Medicaid managed care organizations and entities under the Public Health Service 340B program, pharmaceutical rebates and reimbursement, market factors, competitive product development and approvals, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, changes to business or tax planning strategies, difficulties and delays in product development, manufacturing or sales including any potential future recalls, patent positions, the ultimate outcome of any litigation matter, and our level of indebtedness. These factors also include the company’s ability to execute successfully its strategic plans, including its business development strategy, the expiration of patents or data protection on certain products, including assumptions about the company’s ability to retain patent exclusivity of certain products, and the impact and result of governmental investigations. There can be no guarantees with respect to pipeline products that future clinical studies will support the data described in this release, that the compounds will receive necessary regulatory approvals, or that they will prove to be commercially successful; nor are there guarantees that regulatory approvals will be sought, or sought within currently expected timeframes, or that contractual milestones will be achieved. For further details and a discussion of these and other risks and uncertainties, see the company's periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the SEC. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
News Article | November 16, 2016
To bring a new drug to market, life science companies must meet enormous medical information requirements. The burden of information creation, storage and management has grown immensely, now consuming twenty-five cents of every dollar invested in new drug introductions. Countless hours of analysis have been undertaken to control these costs with little net benefit. The result is inefficient systems that simply codify the bad practices of the past and require an army of technocrats to support. For example, most systems today: According to industry insider Tracy Rockney, J.D., Co-founder and Managing Partner of OneSource Regulatory, there is an answer. Speaking at the Author-it Summit for Life Sciences in Philadelphia, Ms. Rockney identified a solution that has reduced cost, increased efficiency and brought products to market faster. Speaking to a large audience of industry colleagues, Rockney described a type of enterprise-level content management system that was developed to meet the demands of the life sciences industry. “We have an enterprise-level problem, and the only real solution is one that solves the entire organization’s business needs,” says Rockney. “What makes this type of system different is that it’s built by information architects who resolved to identify and address enterprise-level needs. These include ease-of-use to promote adoption and built-in regulatory intelligence to increase business benefit.” According to Rockney, this type of enterprise-level, cloud-based solution will enable industry players to eliminate inefficient and expensive siloed medical information systems that slow approvals and global product roll-outs. Her paper on pharmalogical content management is available for download. About Tracy Rockney Tracy Rockney is a respected regulatory leader with more than 20 years of experience in the pharmaceutical industry. She is the Co‑founder and Managing Partner at OneSource Regulatory, a consulting firm specializing in regulatory advertising and promotion, medical review, labeling development and healthcare compliance. Her senior regulatory management experience included her role as Vice President, Regulatory Affairs, Global Labeling, Advertising & Promotion, Regulatory Policy & Intelligence at AbbVie (formerly Abbott Pharmaceuticals), Senior Director, Global Regulatory Affairs at Shire Pharmaceuticals, Director, Regulatory Affairs at Wyeth, and Director, Global Regulatory Strategy at Pfizer.