25th anniversary profiles

100 Pages·2014·22.1 MB·English

AUGUST 2014 Volume 26 Number 8
AAAdddvvvaaannnccciiinnnggg DDDeeevvveeelllooopppmmmeeennnttt &&& MMMaaannnuuufffaaaccctttuuurrriiinnnggg
Years of Pharma
Innovation
PHARMA INVESTMENTS PEER-REVIEWED SOLUBILITY ENHANCEMENT
Key Industry Trends Comparing Manufacturing Lipid-Based Drug Delivery
Process Options
Our comprehensive offering:
RTF® syringe systems
| High-quality ready-to-fill syringes
| Innovative accessories
| Proprietary baked-on siliconization
www.gerresheimer.com
mbcyyelaaallcgonkewnta ES468222_PTE0814_CV2_FP.pgs 07.22.2014 19:50 ADV
August 2014
Pharmaceutical Technology Europe is the authoritative Advancing Development & Manufacturing
source of peer-reviewed research and expert analyses for
scientists, engineers, and managers engaged in process
PharmTech.com
development, manufacturing, formulation and drug
delivery, API synthesis, analytical technology and testing,
packaging, IT, outsourcing, and regulatory compliance Cover: DSGpro/Getty Images
in the pharmaceutical and biotechnology industries. Art direction: Dan Ward
78 84 91
PharmTech.com
Special Anniversary Section Features
INDUSTRY TRENDS 78 Investment Update
Pharma Investments Reflect Key Industry Trends
16 Technology and QbD Drive Pharma Development
91 Solubility Forum
SUPPLY CHAIN
Bioavailability Enhancement with
18 Supply-Chain Security from a European Perspective Lipid-Based Drug-Delivery Systems
20 Supply-Chain Security of Pharmaceutical
Starting Materials
Peer-Reviewed
22 How Excipient Supplier Certification Helps
Pharmaceutical Supply Chain in Europe 84 Comparing Manufacturing Process Options
The authors describe a method based on a techno-
24 Pharmaceutical Manufacturing and Supply-Chain
economic optimisation procedure that supports
Trends to 2020
process development by providing a systematic
SOLID DOSAGE approach to investigating and comparatively
25 Surveying the Landscape of Solid-Dosage evaluating various manufacturing approaches.
Manufacturing
SOFTGELS
Columns and Regulars
32 Softgels on the Horizon
PREFILLED SYRINGES 6 Editor’s Comment
Tracking the Pulse of the Pharmaceutical Industry
34 Advances in Prefilled Syringe Manufacturing
8 Drug Development
FACILITY DESIGN
No Signs of a Slowdown in Mergers
38 Viewing Changes in Pharmaceutical Facility Design
12 European Regulatory Watch
SINGLE USE
Collaboration and Innovation in European Medicine Regulation
40 Single-Use Technology—From Evolution to Revolution
94 Troubleshooting
PACKAGING
Complying with Revised Weighing Guidelines
42 Packaging Provides Safety and Security
98 Ad Index
ANALYTICAL TECHNOLOGIES
44 From QC to QbD and Beyond
BIOSIMILARS
46 Biosimilars—A New Era Unfolds
OUTSOURCING
Read more PharmTech Europe 25th Anniversary
48 Outsourcing Grows in Europe
coverage online at www.pharmtech.com/pte25
ANNIVERSARY PROFILES
50 Corporate Profiles
Pharmaceutical Technology Europe AugusT 2014 3
mbcyyelaaallcgonkewnta ES468634_PTE0814_003.pgs 07.23.2014 17:03 ADV
EDITORIAL ADVISORY BOARD
Published by
PharmTech Europe Global Correspondents Kevin Altria Thomas Menzel
Editor Jane Wan Associate Director, Menzel Fluid Solutions AG
Adeline Siew, PhD (Asia, [email protected]) Pharmaceutical Development Jim Miller
[email protected] S(Eeuarno pMei,l msmo i [email protected]) GlaxoSmithKline R&D President,PharmSource
PharmTech Group Hellen Berger Reinhard Baumfalk Information Services
Editorial Director (Latin and South America, Vice-President, R&D Colin Minchom
Rita Peters [email protected]) Instrumentation & Control Vice-President, Particle Design
[email protected] Sartorius AG Hovione
Art Director
Managing Editor Dan Ward Rafael Beerbohm Clifford S. Mintz
Susan Haigney Head of Quality Systems President and Founder
[email protected] Publisher Boehringer Ingelheim GmbH BioInsights
Manufacturing Editor Mmitcrahcaeeyl @Traadcveaynstar.com Gabriele Betz Ian Pearson
Jennifer Markarian Department of Executive General Manager—
[email protected] Sales Manager Pharmaceutical Sciences Consulting, Derell Consultants
Chris Lawson University of Basel, Switzerland Tim Peterson
Community Manager Tel. [phone] Phil Borman
Transdermal Product
Mmeselannaie@ aSdevnaanstar.com [email protected] Manager, GlaxoSmithKline Development Leader, Drug
Senior Sales Executive Rory Budihandojo Delivery Systems Division, 3M
Contributing Editor Christine Joinson Director, Quality and EHS Audit John Pritchard
Cynthia A. Challener, PhD Tel. [phone] Boehringer-Ingelheim Technical Director
[email protected]
Christopher Burgess Philips Respironics
Managing Director Thomas Rades
Burgess Analytical Consultancy
Professor, Research Chair in
Ryan F. Donnelly Formulation Desgin and Drug De-
Reader in Pharmaceutics livery, University of Copenhagen
Queens University Belfast Jean Paul Remon
Published by Executive Vice-President,
Advanstar Communications (U.K.) Ltd Human Resources Tim Freeman Ghent University, Belgium
4BAri dCgheegsatteer PBauvsiilnlioensss ,Park, Julie Molleston Managing Director Rodolfo Romañach
Freeman Technology
Wrexham Road, Sr Vice-President Professor of Chemistry
Chester CH4 9QH, United Kingdom Tracy Harris Filipe Gaspar University of Puerto Rico,
Tel. [phone]
Fax [phone] Director of Drug Product Puerto Rico
Chief Executive Offcer VPhicaer-mPr/eSsciideenncte, GGreonuepral Manager Technology, Hovione Beatriz San Martin
Joe Loggia Dave Esola Sharon Grimster Senior Associate
Vice-President, Development Field Fisher Waterhouse LLP
Vice-President, Legal
AExdemciuntiisvter aVtiicvee- POrfefsciedre &nt C, Chhieife f Michael Bernstein F Star Siegfried Schmitt
Financial Offcer Anne Marie Healy Principal Consultant
Tom Ehardt VFriacnec-Pisr eHseiiddent, Media Operations University of Dublin, Ireland PAREXEL
Executive Vice-President Deirdre Hurley Stane Srcic
Georgiann DeCenzo Vice-President, Treasurer & Senior Director, Plant Professor
Controller
Adele Hartwick Helsinn Birex University of Ljubljana, Slovenia
Executive Vice-President
Chris DeMoulin Pharmaceuticals Ltd. Griet Van Vaerenbergh
Makarand Jawadekar GEA Process Engineering
Executive Vice-President,
Business Systems Independent Consultant Benoît Verjans
Rebecca Evangelou Henrik Johanning CEO
Senior Vice-President, Arlenda
Compliance, QAtor A/S Andreas Weiler
Editorial: All submissions will be handled with reasonable care, but the publisher assumes no responsibility for safety of Marina Levina Global Technical Sales Director
artwork, photographs, or manuscripts. Every precaution is taken to ensure accuracy, but the publisher cannot accept
responsibility for the accuracy of information supplied herein or for any opinion expressed. Product Owner-OSD, TTC- SAFC
SPhubarsmcraipcteiuotnics:a l Technology Europe is free to qualifed subscribers in Europe. Tablets Technology Cell, GMS Tony Wright
Tthoe a pprpolym fpotrs a. free subscription, or to change your name or address, go to PharmTech.com, click on Subscribe, & follow GlaxoSmithKline CEO
To cancel your subscription or to order back issues, please email your request to [email protected], putting PTE Roberto Margarita Exelsius
in the subject line. Business Development Director
Please quote your subscription number if you have it. Corden Pharma
List Rental: Contact Sarah Darcy; Tel. [phone] Fax [phone]
Reprints: Reprints of all articles in this issue and past issues are available (500 minimum). Luigi G. Martini
Contact Brian Kolb at Wright’s Media, 2407 Timberloch Place, The Woodlands, TX 77380. Telephone: [phone]
ext. 121. Email: [email protected]. Chair of Pharmaceutical
Innovation
Copyright 2014. Advanstar Communications (UK) Ltd. All rights reserved. King’s College London
No part of this publication may be reproduced in any material form (including photocopying or storing it in any medium
by electronic means and whether or not transiently or incidentally to some other use of this publication) without
the written permission of the copyright owner except in accordance with the provisions of the Copyright, Designs & Above is a partial list of the Pharmaceutical Technology brand editorial advisory
Patents Act (UK) 1988 or under the terms of a licence issued by the Copyright Licensing Agency, 90 Tottenham Court members. The full board, which includes advisory members of Pharmaceutical
Road, London W1P 0LP, UK.
Technology North America, can be found online at www.PharmTech.com/EAB.
Applications for the copyright owner’s permission to reproduce any part of Pharmaceutical Technology publishes contributed technical articles that undergo
this publication should be forwarded in writing to Permissions Dept, Bridge- a rigorous, double-blind peer-review process involving members of our distin-
gate Pavillions, 4A Chester Business Park, Wrexham Road, Chester, CH4 9QH.
Warning: The doing of an unauthorized act in relation to a copyright work guished Editorial Advisory Board. Manuscripts for editorial consideration should
may result in both a civil claim for damages and criminal prosecution. 10% Post be sent directly to Susan Haigney, managing editor, [email protected].
Consumer
Waste
4 Pharmaceutical Technology Europe AugusT 2014 PharmTech.com
mbcylaaacgnkenta ES468636_PTE0814_004.pgs 07.23.2014 17:02 ADV
NEED HELP TO BRING
INSOLUBLE API TO THE
s
market ?
Solving the Insoluble with Dow
Our AFFINISOL™ polymers are uniquely tailored to
address the solubilization performance requirements
of your APIs, whether you have chosen to formulate via
Spray-Dried Dispersion or Hot Melt Extrusion.
• AFFINISOL™ HPMCAS, QbD sample sets offered with
expanded acetyl & succinyl levels;
• N E W AFFINISOL™ HPMCAS High Productivity
facilitating higher throughput in spray-drying;
• N E W AFFINISOL™ HPMC HME, developmental
cellulosic with improved thermal properties, designed
for hot melt extrusion.
You’ve invested a lot into your API. Why not
get the most out of it?
Explore our AFFINISOL™ Portfolio.
www.dowpharmasolutions.com
®™The DOW Diamond Logo and AFFINISOL are trademarks of The Dow Chemical Company © 2014
mbcyyelaaallcgonkewnta ES468080_PTE0814_005_FP.pgs 07.22.2014 16:59 ADV
EDITOR’S COMMENT
Tracking the Pulse of the
Pharmaceutical Industry
You may have noticed stage is set for the dawning of a new era of adoption has been slow, the overarching
that our August biosimilars, particularly in Europe where the paradigm of quality by design and process
issue is thicker than approval pathways for this class of medicines analytical technology is now making
usual. Well, it’s because are now more clearly defined. significant inroads into pharmaceutical
this issue has been The European regulatory landscape for development. Single-use systems that
specially dedicated to pharmaceuticals has also evolved over eliminate cleaning validation steps and
celebrate Pharmaceutical the years. Changing fundamentals, such reduce the risk of cross contamination are
Technology Europe’s as globalisation, the rise of emerging also changing the face of bioprocessing both
25th anniversary. The markets and the propensity for companies upstream and downstream.
past two and a half decades of charting the to outsource manufacturing activities, To mark 25 years of tracking the pulse
progress in pharmaceutical manufacturing have created an increasingly complex of the pharmaceutical industry, our editors
has been an exciting journey, filled with ups pharmaceutical supply chain that is have put together a special anniversary
and downs. The industry has witnessed a vulnerable to adulteration, cargo theft, section, written by the industry, for the
surge in mergers and acquisitions, mostly counterfeiting and product diversion. As a industry. Experts share their retrospective
driven by the need to bridge revenue gaps result, stakeholders are under pressure to and prospective viewpoints on trends and
caused by pharmaceutical blockbusters put in place measures to ensure product advances in pharmaceutical manufacturing.
plunging off the patent cliff. And as Big quality and patient safety. So sit back, relax and enjoy!
Pharma continues to grapple with its With change being the only constant,
productivity crisis, characterised by a severe we are seeing a move away from batch Adeline Siew, PhD
drought in innovation, not to mention the processing as the industry embraces Editor of Pharmaceutical Technology Europe
weakening R&D pipelines, it looks like the continuous manufacturing. And although [email protected]
When
There’s 10-year
warranty!
No Room
for Error
When it comes to measuring humidity
in demanding life science manufacturing
environments, you don’t want to cut corners.
The Vaisala HUMICAP® Humidity and Temperature
Transmitter Series HMT330 is an uncompromising
transmitter you
can depend on for
years of trouble-
free performance.
www.vaisala.com/hmt330
6 Pharmaceutical Technology Europe AugusT 2014 PharmTech.com
mbcyyelaaallcgonkewnta ES468635_PTE0814_006.pgs 07.23.2014 17:03 ADV
VIABLE AIR MONITORING IS
ONETOUCH
JUST AWAY

SMA ONETOUCH® ICS
A FULLY INTEGRATED PLC CONTROLLED VIABLE MONITORING SYSTEM
FEATURES
PRECISE AND CALIBRATED AIR SAMPLING TO EACH SMA ATRIUM
REAL TIME MONITORING AND CONTROL OF ALL SAMPLE PARAMETERS
IMMEDIATE ALARMING FUNCTION ON ANY SAMPLING LOCATION
FULL INTEGRATION OF FACILITY MAPS AND FLOOR PLANS
LEARN MORE AT WWW.STERILE.COM
M VELTEK ASSOCIATES ,INC
1-888-4-STERILE • [email protected]
mbcyyelaaallcgonkewnta ES468097_PTE0814_007_FP.pgs 07.22.2014 17:00 ADV
DRUG DEVELOPMENT
No Signs of a
Slowdown in Mergers
A review of how mergers and acquisitions have shaped the pharmaceutical industry landscape.
An ew round of pharmaceutical industry mergers and will be in a better position to boost new drug output
acquisitions (M&As) are on the horizon, judging by in diverse therapeutic areas. When GlaxoWellcome
the series of announcements and rumours circulating merged with SmithKline Beecham in 2000, one of the
the media during the first half of the year (1, 2). It was R&D advantages cited for the deal was SmithKline
suggested that in one week of April, the total value of Beecham’s exciting genetics research programmes (11).
various rumoured deals was of the order of US$100 For Swiss-based Roche, the 2009 merger with US
billion, illustrating how cash-rich major pharmaceutical Genentech enabled access to the Californian company’s
companies are (2). Many of the larger companies looking strong biotech R&D programme. The post-merger
for deals are themselves the product of a series of company’s R&D programme was considered such
M&As that took place over the past two decades. Critics a success, particularly in oncology, that it led to
Faiz Kermani
have long argued that previous mergers have not made the closure of Roche’s former US research facilities
these companies more efficient, and that their failure in Nutley, New Jersey (12). More recently, the 2011
to achieve the growth targets promised to investors is acquisition of Genzyme by Sanofi has enabled the
why they continue to seek tie ups with other companies company to benefit from the smaller firm’s rare diseases
possessing lucrative blockbuster products and R&D pipeline (13).
promising drug pipelines (3–5). Nevertheless, companies For pharmaceutical companies evaluating M&As,
believe that such deals can add value in the long run the increasing costs to develop and launch new drugs
for their shareholders. In fact, judging by stock market is an ongoing concern. Between 1995 to 2000, the cost
performance, it would appear that the major companies to successfully launch a new drug was estimated at
are performing well financially (6). US$1.1 billion, but by 2002, the associated costs rose
There has been particular interest in Pfizer’s series to approximately US$1.7 billion (14). Increased spending
of bids to acquire AstraZeneca, which were turned on R&D, however, does not guarantee productivity
down and led to intervention by UK politicians seeking given that attrition rates (i.e., failure to enter the next
assurances over local jobs (1, 7). Rumours have also stage of the R&D process) are considerable. Worryingly,
circulated that AbbVie or Amgen might be more suitable the failure rate for drugs in Phase III trials that have
partners for AstraZeneca (8). Interestingly, AbbVie has already shown promise in Phase II trials can be as high
made an offer for Shire, which has so far been rejected as 50% (15). Because high drug failure rates contribute
(9). Despite not being described as a merger or an substantially to R&D costs, only bigger companies can
acquisition, one significant deal was a swap of assets afford to invest in large portfolios, knowing that certain
between GlaxoSmithKline and Novartis, where the drugs will not make it through to approval. Pfizer, which
two companies exchanged parts of their oncology and has grown through a series of M&As over the past
vaccine businesses and also launched a joint venture for decade, was previously able to manage a US$9.4 billion
certain products in the consumer healthcare sector (1). R&D budget in 2010. However, its merger with Wyeth
was believed to have significantly added to its research
A long history of mergers costs, and the company is now trying to scale back its
Historically, the pharmaceutical industry has R&D expenses to around US$7 billion (16).
seen sequential waves of M&As. In 1985, the 10 Another reason to pursue M&As is to increase
largest pharmaceutical companies accounted revenues to help fund larger R&D programmes as well
for approximately 20% of worldwide sales (3). As as to compensate for lost sales from products going
consolidation began to occur within the industry, the off patent. Merging with a company that has a different
top 10 companies were able to significantly expand portfolio of products can strengthen one’s presence
tinhteeirr nsahtaioren aolf m glaorbkaelt .s Tahleiss tarnedn dth huass d coomntininautee dt hteo the iqnu aic pk aerntitcruyl ainrt toh ae rnaepweu tthice raarpeeau otric e avreena .h Feulpr tghaeirnm ore, mages
pprheIansr emmnaat cndeyau yct.ia cIsnae l2 sc0,o 1tm2h,ep t amhneai eginslo rrbeeaaalsc sohhnea dfro e4r 2o p%fu t rh(1se0u )it.no gp a1 0 bompeaceyar abutesine ag tv hianeil asoubtclhehe. rWa crheoeamsnp, Paaf ni“zyree irsa mdliyke-emrlgyae tddoe wb” eist haal lePresh aafdormyrc aec ia mage Source/Getty I
tie-up with another company has been to improve in 2002, a major attraction was the blockbuster drug mage) I
RB&y Dco pmrobdinuincgti vRi&tyD, aplrtohgoruagmhm ite ds,o ceosm npoat nailewsa byesl iwevoer kth. ey Ccoemlebbirneex ,t hbeuitr ist tarlosnog e cnaarbdlieodv athsceu tlwaro p coormtfoplaionsie (1s 7t)o. (Spotlight i
8 Pharmaceutical Technology Europe August 2014 PharmTech.com
mbcyyelaaallcgonkewnta ES468429_PTE0814_008.pgs 07.23.2014 03:32 ADV
mbcyyelaaallcgonkewnta ES468061_PTE0814_009_FP.pgs 07.22.2014 16:58 ADV
Drug Development
Globalisation between Sun Pharmaceutical grading-pharma-in-2013-16-drug-com-
As the pharmaceutical market Industries and Ranbaxy, but the deal panies-ranked/, accessed 1 Jul 2014.
expands internationally, companies was initially halted by the High Court 7. BBC, “Pfizer drops AstraZeneca take-
have realised that carefully of the southern state of Andhra over bid,” www.bbc.com/news/busi-
thought-out M&As can open up new Pradesh (22). Interestingly, Japan’s ness-27572986, accessed 1 Jul 2014.
geographical advantages. Sanofi is Daiichi Sankyo had previously acquired 8. Bloomberg, “Amgen, AbbVie Seen as
one company that has used mergers a 64% share of Ranbaxy but the deal Possible AstraZeneca White Knights,”
in this way. The company was founded proved to be a disappointment and so Press Release, 28 Apr 2014.
in 1973 in France and grew steadily the company is keen to sell its share. 9. The Guardian, “Shire fends off takeover
in Europe through the 1980s through Ranbaxy has been struggling in the bid from US rival AbbVie with growth
acquisitions. In 1994, it acquired US market due to manufacturing- plans,” Press Release, 23 Jun 2014.
Sterling Winthrop, which enabled it related problems, which have led to 10. W. Noor and M. Kleinrock, Pharm Exec
to enter the US market (13). In 2004, action being taken by the FDA (22). 33 (5) 19-29 (2013).
Sanofi merged with Aventis, itself a Daiichi Sankyo’s acquisition of a 11. WSJ, “Glaxo Wellcome Agrees to
top 10 company, which subsequently majority stake in Ranbaxy illustrates Acquire SmithKline Beecham for $75.7
positioned the merged company as a the importance of the due diligence Billion,” http://online.wsj.com/news/
significant global player (13). that outside companies must perform articles/SB948069657140115932,
Although the pharmaceutical before buying a local company. accessed 1 Jul 2014.
markets of US, Europe and Japan Despite the serious challenges facing 12. Reuters, “Analysis: After Roche merger,
still represent the majority of global Ranbaxy, Sun Pharmaceutical appears biotech tail wags big pharma dog,”
sales, emerging markets are growing to see potential from a domestic www.reuters.com/article/2012/07/03/
at a faster annual rate. It has been merger. Certainly, if it goes ahead, the us-roche-genentech-idUS-
predicted that these markets will merged company will dominate the BRE8620FY20120703, accessed
account for nearly a third of the global Indian market. 1 Jul 2014.
pharmaceutical market by 2016 (18); 13. Sanofi, www.sanofi.co.uk.
therefore, companies are looking to Future outlook 14. R. Mahajan and K Gupta, J Pharm
these markets to drive their long- M&As are taking place all the time in Bioallied sci 2 (4) 307–313 (2010).
term growth plans. Although mergers the pharmaceutical sector. Over time, 15. J.A. DiMasi et al., Clin Pharmacol ther
between large organisations can the industry has become increasingly 87 (3) 272–7 (2010).
offer automatic presence in emerging consolidated but there is no sign that 16. Forbes, “Potential Impact On R&D Of
markets, companies have also selected this trend will slow down. Such deals A Pfizer Takeover Of AstraZeneca,”
local players as part of a dedicated have been crucial to the success of the www.forbes.com/sites/johnlamat-
expansion strategy. Between 2008 top 10 pharmaceutical companies as tina/2014/04/21/potential-impact-on-
and 2012, the proportion of major they continue to seek further targets rd-of-a-pfizer-takeover-of-astrazeneca/.
company deals in the emerging to drive expansion. A particularly accessed 1 Jul 2014.
markets was approximately 20%, with important factor for these M&A plans 17. WSJ, “Pfizer to Buy Pharmacia
a high number of targets being sought is expansion into emerging markets, For $60 Billion in Stock,” http://
in Latin America, China and India (19). which continue to represent highly online.wsj.com/news/articles/
Acquiring a domestic company can promising areas for long-term growth. SB1026684057282753560, accessed
give a larger company unique insight 1 Jul 2014.
into the local market as well as References 18. Booz & Co., “Pharma Emerging Markets
specialised infrastructure. 1. The Guardian, “Pharma ‘blockbuster’ 2.0,” www.strategyand.pwc.com/
Sanofi has been making a series rumours swirl after Glaxo and Novartis media/file/Strategyand_Pharma-
of targeted investments to expand deals,” Press Release, 22 Apr 2014. Emerging-Markets-2.0.pdf, accessed
its sales in Latin America. In 2009, 2. Bloomberg, “Pharma Mergers Make 1 Jul 2014.
it bought the Mexican company Sense,” www.bloombergview.com/ 19. Cepton, “Pharmaceuticals Mergers
Laboratorios Kendrick for an articles/2014-04-22/pharma-mergers- & Acquisitions,” www.cepton.net/
undisclosed sum, and then followed make-sense, accessed 1 Jul 2014. CEPTON_M&A_DINA4_150413.pdf,
up with a US$660-million acquisition of 3. P. Danzon et al., NBER Working Paper accessed 1 Jul 2014.
the Brazilian generics company Medley, 10536, www.nber.org/papers/w10536. 20. Sanofi, “Sanofi to Acquire Genfar S.A., a
and in 2012, bought the Colombian pdf, accessed 1 Jul 2013. Leader in Pharmaceutical Medicines in
Genfar (20). As part of its strategy to 4. B. Munos, Nat Rev Drug Discov 8 (12) Colombia,” Press Release, 12 Oct 2012.
become a leader in the Chinese vaccine 959–968 (2009). 21. Novartis, “Novartis completes acqui-
market, in 2011, Novartis acquired a 5. Pharma Manufacturing, “Mergers and sition of majority stake in Zhejiang
majority stake in the Chinese vaccines Acquisitions Have Failed to Build Value Tianyuan expanding vaccines presence
company Zhejiang Tianyuan. The for Pharma,” www.pharmamanufac- in China,” Press Release, 22 Mar 2011.
Chinese firm was one of the largest turing.com/industrynews/2011/076/, 22. WSJ, “Indian Court Temporarily Halts
privately held vaccines companies in accessed 1 Jul 2014. Ranbaxy-Sun Pharmaceutical Merger,”
the country (21). 6. Forbes, “Grading Pharma In 2013: 16 http://online.wsj.com/news/articles/
One proposed merger that will Drug Companies Ranked,” www.forbes. SB100014240527023039481045795334
shape the Indian market is that com/sites/matthewherper/2013/12/31/ 30085443964, accessed 1 Jul 2014. PTE
10 Pharmaceutical Technology Europe August 2014 PharmTech.com
mbyelaallcgokewnta ES468430_PTE0814_010.pgs 07.23.2014 03:32 ADV