Gilead Sciences, Pharmasset and Roche

Share this article:

Gilead Sciences agreed to pay almost $11 billion for biotech firm Pharmasset, which is developing an all-oral therapy for treating hepatitis C virus. Dubbed PSI-7977, the drug just entered Phase III testing, and analysts say it could become the preferred option for care if it works without the injectable drug interferon, which has flulike side effects.

The FDA said Friday that it was revoking its approval of Roche's Avastin (bevacizumab) for breast cancer after concluding that it has not been shown to be safe and effective for that use. Avastin will remain on the market for certain types of colon, lung, kidney and brain cancer, said FDA commissioner Margaret Hamburg. Doctors can still prescribe it off-label for breast cancer, but insurers may no longer pay for the drug, which costs $88,000 a year. Medicare said it would still provide coverage for that use.

Share this article:
You must be a registered member of MMM to post a comment.
close

Next Article in Business Briefs

Email Newsletters

More in Business Briefs

Apple selfies spur diabetes donations

Jazz apples has launched a Crunch to Contribute campaign to raise money for one of two diabetes associations.

Baxter seeks Cambridge, Mass. HQ

Illinois may be tempted to offer tax incentives for the firm to stay put.

FDA wants Alexion to clean up

FDA inspectors have cited the manufacturer of the rare-disease drug Soliris (eculizumab) for poor manufacturing practices.