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Monday, July 18, 2011

PhillyInc returns with FDA OKing new use for Shire drug

I come back from a week in the woods to find the British dominating the news. Rupert Murdoch, Harry Potter, even the British Open. Did we somehow manage to lose the Revolution while I was gone?

Even the first headline I see this morning involves a U.K.-based company with U.S. headquarters in Wayne. Shire said that the Food & Drug Administration approved its Lialda for use by patients with ulcerative colitis that is in remission. Lialda was first approved in 2007 for patients with active ulcerative colitis. Sales of the drug were $293M in 2010. Here's a link to the news release.

Outside of a spate of housing related data being released this week (housing starts, building permits, existing home sales), I'll be watching these two reports: the Philly Fed's Business Outlook Survey of manufacturers and the Conference Board's Index of Leading Economic Indicators, both on Thursday.

The Philly Fed report was flat-out awful last month, but the LEI for May rose 0.8 percent. Both have forward-looking components that will be dissected for clues as to where we're headed.

Now, where did I put my tie and briefcase?
Posted by Mike Armstrong @ 9:44 AM  Permalink | File Under: Pharma, Biotech | Post a comment
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About Mike Armstrong
Mike Armstrong, a business editor and writer for nearly two decades, is the Inquirer's business columnist and PhillyInc blog editor. Contact Mike via e-mail or at 215-854-2980
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