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Best of the Blogs, Biotech: Accretive Health Sent Into Exile in Minnesota Settlement


Plus, Pfizer's robust earnings bode well for animal health IPO.

This column highlights the most interesting and useful biotech news from around the Web every week.

StarTribune: Health
Link: Accretive Is Banned from Minnesota

"Accretive Health (AH) will be barred from operating in Minnesota for two to six years under a settlement agreement announced Monday by Minnesota Attorney General Lori Swanson.

"The agreement ends a six-month legal battle in which Swanson had accused the Chicago consulting firm of deceiving patients, harassing them for money in emergency rooms and mishandling patient data at Fairview and North Memorial hospitals."

Bloomberg Businessweek
Link: Pfizer Plans August IPO Filing as Profits Beat Estimates
"Pfizer Inc. (PFE), the world's largest drugmaker, said it will file in mid-August to sell as much as 20% of its animal-health unit in an initial public offering. The company also reported profit that beat analyst estimates as a result of cost cutting.

"Net income rose 25% to $3.25 billion, or $.43 a share, New York-based Pfizer said today in a statement. Earnings excluding one-time items beat by $.08 the average estimate of $.54 of 15 analysts compiled by Bloomberg."

The Street
Link: Amarin Insiders Rush to Sell Stock One Day After Fish-Oil Pill Approval

"Six Amarin (AMRN) insiders sold company stock valued at more than $12 million on June 27 -- one day after US regulators approved the prescription fish-oil pill Vascepa.

"The timing of the Amarin insider sales -- led by CEO Joe Zakrzewski ($2.2 million), President John Thero ($4.3 million) and Director Carl Gordon ($5.4 million representing his investment fund Orbimed Advisors) -- are likely to trigger alarm bells for ordinary investors trying to figure out the future direction of the company."

The Seattle Times
Link: Dendreon Restructuring to Cost 600 Jobs
"Dendreon (DNDN) said Monday it will slash costs through a 'strategic restructuring' that includes cutting 600 employees and contractors during the next 12 months.

"The Seattle biotechnology company plans to shutter its New Jersey processing center, the first of three it built to handle the delicate process of energizing a prostate-cancer patient's own immune cells to better fight cancer when reinfused into the patient."

Seeking Alpha
Link: Arena Transfers BELVIQ to Eisai -- What It Means
"Arena Pharmaceuticals
(ARNA) and Eisai (ESALY) announced today that they have completed the transfer of the BELVIQ new drug application from Arena to Eisai.…

"The most interesting part of the regulation is that the new owner has to agree to take over 'agreements, promises, and conditions made by the former owner.' This includes all post marketing studies and all pharmacovigilance (reporting of adverse events to FDA) requirements."
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