St. Jude cardiac jobs shifting, getting cut through 2012 (Weekend Rounds)
A review of life science current events reported by MedCity News this week:
St. Jude Medical job cuts to affect 450 by end of 2012. St. Jude Medical (NYSE:STJ) will lay off 450 people by the end of next year as it moves manufacturing of its cardiac rhythm management products from Sweden to Puerto Rico and Malaysia.
The roller coaster of Neoprobe. The hedge fund manager Neoprobe investors love to hate isn’t eager to take credit for the cancer diagnostics company’s free-falling stock price. But Neoprobe’s shares are down 40 percent since short-seller Martin Shkreli began agitating about the company’s radiopharmaceutical, Lymphoseek. Meanwhile, Neoprobe remains on track to file a New Drug Application for Lymphoseek this quarter.
LabCorp to pay $49.5M to settle Medicaid fraud suit. Burlington, North Carolina-based LabCorp disclosed the proposed settlement payment in a securities filing. During today’s second quarter earnings conference call, LabCorp executives did not discuss the lawsuit or the settlement other than to repeat what was disclosed in the filing that said that the company is settling “to avoid the uncertainty and costs associated with prolonged litigation.”
PPD: For sale or not for sale? The Wall Street Journal cited unnamed “people familiar with the matter” in reporting on Sunday that Wilmington, North Carolina-based PPD is exploring a sale. The Journal said the CRO could attract interest from private equity as well as other CROs. That prompted the clinical research organization to publicly state it is not in talks with any other CRO regarding a merger or acquisition.
Categories: Featured Story, MedCity News eNewsletter, SYN, Top Story
