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Pharma Titan Pfizer Shuts Down Neuroscience Division

Pfizer,the world's largest pharmaceutical company,has decided to close its neuroscience-discovery and early development programmes,the company announced Saturday.That means it is halting research in nine projects,including some for Alzheimer's and Parkinson's diseases,resulting in the loss of around 300 jobs in Massachusetts and Connecticut.*
To be candid,an internal review concluded the results just weren't materialising as had been hoped.The company said:
This was an exercise to re-allocate spend across those areas where our pipeline,and our expertise,is strongest.*
The move is a blow to those suffering from these devastating illnesses and their caregivers.At the same time,however,Pfizer,which is headquartered in New York,says it will soon invest in a new venture capital fund to stimulate research in such neurological conditions,and will continue to seek treatments for rare illnesses.*
Pfizer,Inc (PFE)

Pfizer Seeks Quick Profits From Cancer Drugs

The world's largest drugmaker,Pfizer,has purchased Medivation for 14 billion dollars,or about 81.50 a share.It's expected to be immediately accretive,adding about .05 a share in the first full year after close with additional accretion and growth anticipated thereafter,Pfizer said.It may vault the New York-based firm into a leading position in oncology.*
The addition of Medivation will strengthen Pfizer's Innovative Health business and accelerate its pathway to a leadership position in oncology,one of our key focus areas,which
we believe will drive greater growth and scale of that business over the long-term,said Pfizer CEO Ian Read.*
The big prize for Pfizer was Medivation's drug XTANDI,an androgen receptor-which blocks multiple steps in the androgen reception signaling pathway within the tumour cell of advanced metastatic prostrate cancer,XTANDI has generated about 2.2 billion in worldwide net sales the past four quarters.Other Medivation prospects in the pipeline include two development stage oncology assets,tulazuparib for breast cancer and pidilmizumab for large B cell lymphoma and other blood cancers.*
Cancer is the second leading cause of death in the US and in the top 10 of killers worldwide,Pfizer pointed out.*
Meivation (MEDI);Pfizer (PFE)

Pfizer,Cellectis Ink Cancer Immunotherapy Pact

Pfizer,the world's largest pharmaceutical company,has signed a deal with French biotech firm Cellectis to develop and commercialise CAR-T immunotherapies in the field of oncology directed at several targets.Cellectis' CAR-T technology utilises engineered T-cells from a single donor for use in multiple patients,rather than engineering a patient's own T-cells to target tumour cells.*
Cellectis' CAR-Ts are off-the-shelf products which can be industrialised and standardised.They may be shipped in advance and would be accessible to cancer centers all over the world without the need for a local CAR-T processing facility,which is an enormous advantage.*
Cellectis plans to open a US site for this collaboration with New York-based Pfizer.Cellectis CEO Andre Chulika,PhD,said we look forward to working closely with the team at Pfizer on researching and developing novel CAR-T therapies that could potentially change the way cancer is treated.
Mikael Dolsten,MD,PhD,Pfizer President of R&D,added that combining the innovation and scientific expertise of Cellectis with Pfizer's deep oncology and immunology experience creates a world-class partnership designed to deliver a new generation of CAR-T immunotherapies for cancer patients with urgent medical needs.*
Cellectis will receive an upfront payment of 80 million dollars plus R&D costs.It will also receive development,regulatory and commercial milestone payments of 185 million per Pfizer product,as well as tiered roylaties on net sales.Pfizer will also purchase about 10% of Cellectis capital through newly issued shares of Cellectis,pending shareholder approval.*
Pfizer(PFE),Cellectis(ALCLS:EN Paris)

MedImmune and Progenics Combat Deadly Bacteria

MedImmune,the biotech division of British pharma titan AstraZeneca,has signed an in-licensing agreement with Progenics Pharmaceuticals,Inc for Progenics' Clostridium difficile late stage preclinical program.Clostridium infections are the leading cause of hospital acquired infections in the US,resulting in 20,000 deaths and 1 billion dollars in health care costs annually.
Clostridium causes severe diarrhea and significantly lengthens hospital stays,leading to poorer outcomes.MedImmune will assess the efficacy and treatment of the disease with monoclonal antibodies that target toxins which mediate it.
MedImmune Senior Vice President and Infectious Disease iMed Head Steve Projan said the program fits strategically within our infectious disease portfolio and adds to our existing programs that aim to prevent and treat serious bacterial infections,particularly among high risk patients.Progenics CEO Mark R. Baker added that Progenics is pleased to have this potential candidate in MedImmune's hands,where it has the potential to improve human health.
About 500,000 cases of Clostridium are diagnosed in the US annually,mostly affecting hospital patients.Up to 28% of cases are community-acquired through contaminated soil,water,pets,cattle and foods.The bacteria not only damage the gut lining;but prevent the regrowth of normal,healthy bacteria in the gut as well. Progenics' antibodies are highly potent against most strains found in the US and Asia,and potent against hypervirulent strains,which are largely responsible for the disease's growth rate,preliminary findings suggest.
MedImmune,based in Gaithersburg,Maryland,employs about 3500 people worldwide.Progenics is a biotech firm located in Tarrytown,New York.
AstraZeneca(AZN),Progenics(PGNX)

Commercial Real Estate Trends

We're seeing technology change how we do business and real estate is used,said Richard LeFrak of The LeFrak Organization.We're seeing clicks taking the place of bricks.It turns the shopping center more into entertainment and less retail activity.You have to be a little cautious about it-whether,in the long term,they're still gonna be in business.
Tech isn't a bad thing;it's just intruded in the business.It has disrupted the real estate business a little bit.The placement of columns and the power grid have to be rethought now.The traditional model may not apply.
In the Northeast,multifamily residential has very strong demand.Occupancy rates and rentals are going up.
If the Empire State Building goes public,its shares will have an emotional premium.It's an iconic building that symbolises New York.The ESB has been in the families of some of the current owners for a long time.They have an emotional attachment to it.
Miami has had a tremendous resurgence in a very short period of time,confounding the pundits.It's Latin American money and conversions to rentals.The inventory in general is pretty low.They are all-cash buyers now.There is very little new product.Miami is a young place,an exotic city in a first world country,international in character.
The LeFrak Organization owns an extensive portfolio of real property in New York,Los Angeles and London,concentrated in residential and office,but with significant hotel and retail assets as well.It develops and builds the majority of its own portfolio.Founded in 1901,the company also owns oil and gas properties.

Alone in Istanbul:American Mother Still Missing

An American mother of two,Sarai Sierra,33,has been missing in Istanbul,Turkey for more than 10 days now.The Staten Island,New York aspiring photographer was to fly home on January 21,but never made it.
Ms.Sierra had originally planned to make the expedition with a friend.When the friend bowed out,she resolved to go on alone.She meticulously researched how to safely visit Istanbul by herself:where to go and at what time of day.Photos and video show that she dressed in a nondescript way,wearing drab clothing and a hat.
Ms.Sierra also visited Amsterdam,Netherlands and Munich,Germany,then returned to Istanbul,where she stayed in a hostel.She had reportedly planned to meet a man named Taylan,an Internet friend,on a bridge she wanted to photograph.Police are looking for this individual as well.
The Turkish police have formed  a special task force to work the case.They are reviewing thousands of hours of surveillance video from downtown Istanbul for clues as to Ms.Sierra's whereabouts.They also seek her cell phone records.
A group of Turkish citizens have joined the search.The Association For Families With Lost Relatives is distributing fliers with Ms.Sierra's photos along with fliers for their own relatives.Ms.Sierra's husband and brother have flown to Istanbul to help police.Her children are ages 9 and 11.
Turkey is a NATO ally of the US and aspires to join the European Union.

The Flu:Just How Bad Is It This Year-plus prevention tips

So far,42 states have reported influenza cases this season.In New York state,flu hospitalisations are up 169% from 2012.Flu season usually peaks in January or February,but some are saying it seems a bit earlier than normal this year,in their opinion.The predictions of what strains we would see were right on target,based on early indications from Asia.This year's vaccine was based on that information.
The CDC ranks it as a moderate to severe outbreak.
Children,teens and the elderly are most susceptible to the leading strain of the virus this year,H3N2.Other strains occurring include 2009's H1N1 and also influenza B.All three are covered by the vaccine,which is now in short supply in some areas.It is still advisable to be vaccinated.
Urban areas such as New York City are hotbeds of the illness,with their massive and crowded populations.Less crowded states such as Maine and South Dakota are reporting a low incidence of the disease so far.NYC is reporting more than 15,000 cases,as opposed to last year's 4,400.
To help prevent the flu,shared objects such as phones and keyboards should be wiped with disinfectant.Windows should be opened so air droplets containing the virus can be carried out by the breeze.Hands should be sanitised by alcohol-based cleansers to kill the virus.

Shop Talk:New Year 2013

Happy 2013,dear readers.Bonne annee.In observance of the holiday,the normal business post will not be published.
New York just welcomed 2013 with Train,backed by a children's choir, performing John Lennon's "Imagine" in Times Square just before the famous ball descended.
The well-behaved crowd in blue Mad Hatter hats by Nivea lotion was showered with confetti as the massive object,lit by LED lights for the first time,gently reached the ground and there was a lot of kissing all around.Recordings of Frank Sinatra,Ray Charles and Louis Armstrong were played as the NYPD watched over the million-strong gathering.
In a Yahoo poll asking how was the year 2012 for you,34% of the 334,678 respondents said it was great.I'm lucky;while 66% said it was rough.I'm ready for a new start.
Thank you for being my readers and starting the New Year here at this blog.May it be worthy of your aspirations.
Andrew Taylor
Publisher

Airline Industry Jobs

Etihad Airways is hiring for positions in the USA.The national airline of the United Arab Emirates is expanding its operations,soon connecting Washington,DC to their network of over 80 destinations worldwide.They welcome dynamic and talented professionals to join their multi-cultural team.Roles based in DC include Sales Representative;Sales Support;Marketing Coordinator;and Finance Officer.In New York,Human Resource Specialist is needed.For more details and to apply by July 7,2012,please visit careers.etihadairways.com
Etihad Airways:From Abu Dhabi to the world.

Shop Talk

Welcome to new readers in Australia and New York,where I advertised this week.My newsreel colleagues and I work constantly to keep you well-informed,so you can make the best decision for your circumstances.Among those contributing matters of fact to my own research are The Associated Press,Bloomberg,The Washington Post,BBC and MarketWatch,as well as CNBC and The Wall Street Journal.None of us works in a vacuum,which is ultimately for your benefit.I am grateful to all of my fellow business editors and writers for their continual inspiration and assistance.As we approach the U.S. elections,we notice how many polls there are today.The number of national polls has gone from 55 in 2004 to 177 in 2008,but the only poll that counts is the one taken in the voting booth.That is the one that will influence our businesses and investments.

Shop Talk

People are reading this in Sterling,Virginia and Plainview,New York.My readers are true workers.Even in July,they are busy checking into everything.That is appreciated.Have a relaxing weekend.