In the two years since cancer vaccine maker Dendreon sent its share price into a precipitous decline by pulling the forecast on its debut drug, Provenge, bad news has mounted up. Weak sales drove shares down 30% last year, and the slide has continued in 2013.
Cancer vaccines have so far generated more headlines than health benefits. Even some of the success stories, like Dendreon, have faltered once faced with trying to commercialize an oncology immunotherapy. Yet the vast potential means people continue to talk up the sector.
Sale of plant to Novartis doesn't reverse Dendreon's ill fortunes
Biotech Dendreon, the maker of prostate cancer vaccine Provenge, continues to struggle with earnings even after undertaking a restructuring program which included unloading one of its manufacturing plants.
Analyst makes a dramatic apology, abandons last line of Dendreon defense
ISI Group's Mark Schoenebaum has been one of the few optimists when it comes to the biotech's struggle to sell Provenge. But even Schoenebaum couldn't stay upbeat in the face of Dendreon's first-quarter numbers for Provenge, which has proved a tough sell in the prostate cancer market. And Schoenebaum responded with a remarkable mea culpa for a Wall Street analyst. Read more >>
UPDATED: Novartis buys Dendreon New Jersey plant
Dendreon, still trying to claw its way back to financial security, has found a buyer for its Provenge manufacturing plant in New Jersey. Novartis has agreed to buy the facility for $43 million and take on 100 of its employees.
Sanofi names Gary Nabel chief scientific officer for global R&D
Welcome to this week's roundup of hirings and firings throughout the industry. Please send the good word (or the bad) from your shop to Alison Bryant (email | Twitter) and we will feature it...
The top 10 pharma layoffs of 2012
By the beginning of 2012, the pharma industry had endured one of the biggest shakeouts in the industry's history. Tens of thousands of jobs had been eliminated and most employees had good reason to fear they would be next. Just after the New Year, PharmaIQ reported that a survey revealed that 44% of the people they contacted were afraid of losing their jobs. Click here to read the full report >>
Top 10 Pharma Layoffs of 2012
By the beginning of 2012, the pharma industry had endured one of the biggest shakeouts in the industry's history. Tens of thousands of jobs had been eliminated, and most employees had good reason to fear they would be next. Just after the New Year, PharmaIQ reported that a survey revealed that 44% of the people they contacted were afraid of losing their jobs.
Biotech pioneer Richard Brewer dies of multiple myeloma
Over the years Brewer's storied, 35-year career in the industry included the helm position at Scios, which developed Natrecor ahead of the company's $2.5 billion sale, the chairmanship at Dendreon during its heyday as a pioneering developer, and most recently the top spot at Myrexis, a fledgling biotech based in Utah.
Dendreon closing plant, will double output at two others
Dendreon ($DNDN) CEO John Johnson says the company is setting a new course to profitability. It just doesn't include its New Jersey manufacturing plant and 600 employees company wide.