Merck to Close Plant, Build Biologics Research Facility
Merck said it will close its Kenilworth, NJ manufacturing operation (the former Schering-Plough campus) and lay off 113 employees. The facility will evolve into a research center, focused on discovering and developing biologics.
Eli Lilly Freezes Salaries as Patents Expire
Eli Lilly and Company is freezing salaries for most employees in 2014 to reduce costs. Officials said the company would also reduce bonuses paid out in 2015 for 2014 employee performances.
"This is a difficult, but necessary decision. While we remain confident in our future, we continue to face the most significant challenges in our history. We expect to lose about 20 percent of our global revenue in 2014 because of the expiration of the Cymbalta and Evista patents in the U.S. While we've taken many actions to reduce costs and become a leaner organization, we must do more. We estimate these actions will enable us to save about $400 million through 2016," said Ed Sagebiel, Sr. Director of Corporate Communications
Exim Bank Offers Long Term Finance to Indian Pharma Companies
In a bid to boost export capability of Indian pharmaceutical companies, the Export-Import Bank of India (Exim Bank) has decided to expand the scope of its finance to them for extended repayment periods.Despite having potential to increase their share in global exports, many Indian pharmaceutical companies suffer due to their inability to meet the stringent compliance norms of European countries and the USA.
DPT Laboratories Receives Close-Out Letter From FDA
DPT Laboratories received notification from the U.S. Food and Drug Administration on February 19, 2013 that signaled the completion of their evaluation of DPT's corrective actions taken at its Lakewood, NJ facility
Cytovance Biologics to Expand Production Capabilities in 2013
Cytovance Biologics, Inc., a leading full-service contract manufacturer of mammalian and microbial biologics, announced on Jan. 30 that it will expand its current mammalian production capabilities to include a 1,000L SUB bioreactor, a 5,000L stainless steel bioreactor and an automated fill/finish line.
Teva Plant Fire Turns Deadly in Croatia
One of the two men who were severely injured during an explosion at the production plant of Teva's Pliva on Friday has died. The fire was started by a static electricity spark, according to Ekonom:east Media Group.