Issue Date: January 1, 2007
Forest buys Cerexa
Forest Laboratories will pay $480 million to acquire privately held biopharmaceuticals firm Cerexa. The cornerstone of the deal is ceftaroline acetate, a broad-spectrum cephalosporin antibiotic that will enter Phase III clinical studies this quarter. The drug has already been granted fast-track status by FDA and is expected to reach the market around 2010. Forest is working to counter the earnings loss it expects when generic competition for its antidepressant Lexapro hits the market in 2009.
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