Health & Fitness
Health and Fitness
Health and Fitness
Fri, May 21, 2010
Thu, May 20, 2010 Teva Pharmaceutical Industries, AstraZeneca, Merck, SLM Corporation and Nelnet
CHICAGO--([ BUSINESS WIRE ])--Zacks.com Analyst Blog features: Teva Pharmaceutical Industries (Nasdaq: [ TEVA ]), AstraZeneca (NYSE: [ AZN ]), Merck (NYSE: [ MRK ]), SLM Corporation (NYSE: [ SLM ]) and Nelnet Inc. (NYSE: [ NNI ]).
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Here are highlights from Wednesdaya™s Analyst Blog:
Teva Settles with AstraZeneca
Teva Pharmaceutical Industries (Nasdaq: [ TEVA ]) recently entered into an agreement with AstraZeneca (NYSE: [ AZN ]) to settle their litigation regarding the former's generic version of AstraZeneca's Entocort EC (budesonide) capsules. Merck (NYSE: [ MRK ]), which has a partnership with AstraZeneca in the US, is also part of the settlement. Teva was looking to launch its generic version of the product in the US.
Under the terms of the settlement, AstraZeneca granted Teva an exclusive license to enter the US with its generic version on February 15, 2012, subject to regulatory approval. Teva could enter the market earlier in certain circumstances. The companies did not disclose other terms of their agreement.
According to IMS sales data, Entocort EC capsules recorded annual sales of approximately $265 million in the US. This drug is used for the treatment of Crohn's disease also known as granulomatous and colitis.
Teva has been very active in entering into settlement agreements. Some of the important cases settled by the company include the Effexor dispute (it gained the right to launch its generic version in the US no later than July 2010); the Avandia, Avandamet, and Avandaryl dispute (it can launch in the first quarter of 2012); the TriCor case (it can launch in late March 2011); and the Nexium dispute (it can launch in 2014).
SLM Sells Texas Service Center
Student lender SLM Corporation (NYSE: [ SLM ]), which is commonly known as Sallie Mae, has agreed to sell Customer Service Center in Killeen, Texas to Aegis Ltd, which is a part of Essar Group, the Indian conglomerate.
As a part of this deal, 350 customer service representatives and staff members of Sallie Mae will be transferred to Aegis. The other terms of the deal were not disclosed. This agreement is effective June 4, 2010.
The deal was struck as a restructuring effort following the recent legislative changes. Effective from July, Sallie Mae would not be able to originate federal student loans as a result of the signing of the student loan reform legislation by the President in March, which forbids private sector companies from making new federal student loans after June 30, 2010.
Along with Sallie Mae, the new legislation would eliminate the role of other private lenders such as Nelnet Inc. (NYSE: [ NNI ]) in originating federal student loans under the Federal Family Education Loan Program effective July 1, 2010.
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