It’s not uncommon for businesses that have hit tough times to undergo a rebrand–and embattled Valeant is thinking about undergoing one of its own.
The company could change its name to help repair its reputation, Valeant boardmember and activist investor Bill Ackman told CNBC Wednesday. One option? Taking on the name of its top business, eyecare giant Bausch & Lomb, the news service’s sources said. Several other names are on the table, though, and the company hasn’t made a final decision on whether it’ll go through with the moniker swap.
Valeant’s reputation could certainly use a boost after the last year-plus, over which it’s faced political pricing pushback and channel-stuffing allegations. The company has already made moves to break with its past, bringing in new CEO Joseph Papa to replace M&A-happy J. Michael Pearson–and, of course, bringing Ackman on board.
But with several investigations into the company underway–and reports saying U.S. prosecutors are building a fraud case against Valeant–the Canadian drugmaker hasn’t been able to put as much of its past behind it as it would have liked.
If Valeant does make a name change, it won’t be the first pharma in recent memory to do so. Last year, after Actavis swallowed Allergan–a company it stole away from hostile suitor Valeant–the generics powerhouse decided to take on the name and identity of its brands-focused acquisition. Since then, the combined Allergan has completed a transformation, selling off its Actavis copycat business to Teva in a $40-billion-plus transaction this summer.
By Carly Helfand
Source: Fierce Pharma
CureVac and the University of Texas’s MD Anderson Cancer Center have announced a co-development and licensing agreement to develop novel messenger ribonucleic acid (mRNA)-based cancer vaccines. The strategic collaboration will focus on the development of differentiated cancer vaccine candidates in selected haematological and solid tumour indications with high unmet medical needs.
FUJIFILM Corporation is planning to invest $1.2 billion to expand the planned FUJIFILM Diosynth Biotechnologies manufacturing facility in Holly Springs, North Carolina, US. This news follows the organisation’s announcement of a $2 billion investment in the facility in March 2021. This additional financial boost totals the investment to over $3.2 billion, FUJIFILM confirmed.
Sanofi’s global restructuring and downsizing is now fully underway, with layoffs stretching to the company’s Belgian offices. Belgian newspaper De Tijd reports that 67 employees have been laid off at a site in Ghent and 32 jobs are on the chopping block at Sanofi’s Belgium HQ in Diegem.