Dive Brief:
- Medicines Co. is potentially pursuing a sale, according to a report from Bloomberg. The news outlet cited sources familiar with the discussion and emphasized no final decision had been made.
- Shares moved up on the news, but moderated as trading progress on Wednesday.
- The New Jersey-based company has had a rough year after its blood thinner Angiomax went off patent.
Dive Insight:
This news comes as Medicines Co.'s sales have slumped considerably. In the first nine months of 2015, sales of Angiomax totaled about $213 million, compared to $470 million over the same period in 2014.
The company recorded a net loss of roughly $32 million in 2014, but that figure has ballooned to $147 million just through the first nine months of 2015.
Medicines Co. recently announced its first-in-class PCSK9 inhibitor has advanced to a Phase 2 trial. This drug, known as ALN-PCSsc, has a different mode of action than other anti-PCSK9 drugs. Rather than using monoclonal antibodies to bind to PCSK9 in the blood, ALN-PCSsc works to turn off PCSK9 synthesis.
Additionally, the drugmaker has an experimental antibiotic, Carbavance, progressing through phase 3 studies, according to its website.
In December 2015, Mallinckrodt acquired three hemostasis products from Medicines Co. for $175 million upfront and $235 million in milestone payments. The deal was expected to close in Q1 2016, giving Medicines Co. some much-needed cash.