Key Developments For Merck & Co., Inc.
Merck & Co., Inc. (MRK) (NYSE Arca)
Merck & Co., Inc. Announces Quarterly Dividends And New $3 Billion Share Repurchase Program
Merck & Co., Inc. announced that its Board of Directors has declared a quarterly dividend of $0.38 per share on the Company's common stock for the first quarter of 2010. Payment will be made on January 8, 2010 to common stockholders of record at the close of business on December 15, 2009. The Board of Directors also declared a quarterly dividend of $3.75 per share on the Company's mandatory convertible preferred stock for the first quarter of 2010. Payment will be made on February 15, 2010 to preferred stockholders of record at the close of business on February 1, 2010. In addition, the Company also announced that its Board of Directors has approved purchases over time of up to $3 billion of the Company's common stock for its treasury. Treasury stock purchases will be made on the open market or in block transactions or in privately negotiated transactions.
Merck & Co., Inc. Wins Summary Judgment In Second Federal Bellwether Case Involving FOSAMAX (Alendronate Sodium)
Merck & Co., Inc. announced that .S. District Court Judge John F. Keenan granted summary judgment in Merck's favor in Flemingsv. Merck. Flemings is the second of three cases involving FOSAMAX (alendronate sodium) designated by the federal MDL court as a bellwether trial case. In granting summary judgment in Flemings and dismissing all of the plaintiff`s claims, Judge Keenan ruled that the physician relied upon by Ms. Flemings (Dr. Rose) was unqualified to render an opinion and that Ms. Flemings failed to present sufficient evidence to support her contention that FOSAMAX caused her to sustain osteonecrosis of the jaw (ONJ). It is clear that Dr. Rose's opinion is derived from a subjective belief rather than from scientific knowledge and methodologies, wrote Judge Keenan. Dr. Rose is not qualified as an expert under Rule 702 and his opinion is inadmissible under Daubert. Plaintiff has offered no other evidence to establish that FOSAMAX caused her to develop ONJ, and therefore her failure to warn claim is insufficient as a matter of law. Merck is represented in the Flemings case by Venable LLP and Hughes Hubbard & Reed LLP.
Merck & Co., Inc. Wins Summary Judgment In Texas Attorney General's Lawsuit Involving VIOXX
Merck & Co., Inc. announced that Travis County, Texas District Court Judge Scott H. Jenkins granted Merck's motion for summary judgment, dismissing all claims in a VIOXX-related lawsuit filed on behalf of the State of Texas. In that case, which was filed in 2005 by the Texas Attorney General's Office, the state sought damages and penalties from Merck for alleged violations of the Texas Medicaid Fraud Prevention Act (TMFPA), including a refund of all monies that the state had spent on VIOXX. In its motion for summary judgment, Merck maintained, among other things, that the evidence showed that the Company acted responsibly and truthfully in its communications about VIOXX with the State of Texas, doctors in the state and the U.S. Food and Drug Administration. Merck further pointed out that the TMFPA was not designed to apply to claims such as those brought by the state, and that the state had failed to elicit any evidence demonstrating that Merck had caused the state damages. After reviewing the briefs of the parties and hearing oral argument, the court rejected the state's claims, dismissing each of them with prejudice. Merck vigorously defended the lawsuit for over four years in Texas state court in Austin. By dismissing the claims, the court concluded that a trial of the state's claims was not necessary. A trial in the case filed against Merck by the Louisiana Attorney General is scheduled to begin in federal court in New Orleans on April 12, 2010.
Merck & Co., Inc. Receives CHMP Positive Opinion For New Fertility Treatment, ELONVA
Merck & Co., Inc. announced the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMEA) has recommended approval of ELONVA (corifollitropin alfa injection) as a treatment in controlled ovarian stimulation (COS) in combination with a GnRH antagonist for the development of multiple follicles in women participating in an assisted reproductive technology (ART) program. If approved by the European Commission, Merck would receive marketing authorization for ELONVA with unified labeling valid in all European Union Member States. ELONVA is the first in the class of sustained follicle stimulants (SFS). Due to its ability to initiate and sustain multiple follicular growth for an entire week, a single subcutaneous injection of the recommended dose of ELONVA may replace the first seven injections of any daily recombinant follicle stimulating hormone (rFSH) preparation in a COS treatment cycle.
Merck & Co., Inc. Announces Higher Dose Of Merck`s COZAAR Significantly Reduced Deaths And Hospitalizations Due To Heart Failure In Investigational Study
Merck & Co., Inc. announced that In an investigational study, Merck's medicine COZAAR (losartan potassium tablets) 150 mg, administered once daily, significantly reduced the risk of all cause death or hospitalization due to heart failure compared to a lower 50 mg once daily dose of COZAAR. The Merck-sponsored study compared the safety and efficacy of two doses of COZAAR in patients with chronic heart failure and reduced cardiac function who were intolerant of angiotensin converting enzyme (ACE) inhibitors. The results of the study, called HEAAL Heart failure Endpoint evaluation of the A-II-Antagonist Losartan. COZAAR is not indicated in the U.S. for the treatment of patients with chronic heart failure and is not approved for use, for any indication, at the 150 mg dose used in the HEAAL study. COZAAR is an angiotensin II antagonist (AIIA), cardiovascular medicine approved for three indications: Study results demonstrated COZAAR administered in a 150 mg once daily dose, when compared with COZAAR 50 mg per day, significantly reduced the risk of the primary composite endpoint in patients with reduced left ventricular ejection fraction (LVEF); and reduced ACE inhibitor intolerance (p=0.027).
