DealBook: Allergan to Buy MAP Pharmaceuticals for $958 Million

Allergan has agreed to pay nearly $1 billion to acquire MAP Pharmaceuticals and gain full control of its experimental treatment for migraine headaches, the two companies announced Tuesday night.

The purchase price of $25 a share in cash is a 60 percent premium over MAP’s closing price on Tuesday of $15.58 a share. The deal, valued at $958 million in total, suggests that Allergan has considerable faith that MAP’s new migraine treatment will win regulatory approval from the Food and Drug Administration by the agency’s deadline of April 15.

The two companies said the deal had been unanimously approved by the boards of both companies and was expected to close in the second quarter.

Allergan already had the rights to help market the migraine drug, known as Levadex, in the United States and Canada, but after an acquisition it would have control of all the profits and costs globally.

Allergan is most known for Botox, a form of the botulinum toxin, which is used for cosmetic purposes as well as medical ones, including the treatment of chronic migraines with the goal of reducing the frequency of headaches. By contrast, Levadex is meant to treat migraines after they occur, making it complementary to Botox, Allergan said.

Levadex is actually a new form of an old drug, known as dihydroergotamine, or DHE, which has been used to treat severe migraine attacks for decades. DHE is typically given by intravenous infusion, requiring patients to get to a hospital at a time when many would rather remain in a dark quiet room.

Levadex, by contrast, is breathed into the lungs using an inhaler similar to one used for asthma, allowing people to use it at home.

The F.D.A. declined to approve Levadex last March, though MAP said the rejection was related to manufacturing and questions about use of the inhaler, not the safety and efficacy of the drug. It resubmitted its application, with additional data and answers to questions from the F.D.A., in October.

Levadex would be the first approved product for MAP, which is based in Mountain View, Calif.

Allergan said that if Levadex is approved by April, the transaction would dilute earnings by about 7 cents a share in 2013 and add to earnings in the second half of 2014.

Allergan was advised by Goldman Sachs and the law firm Gibson, Dunn & Crutcher. MAP was advised by Centerview Partners and the law firm Latham & Watkins.

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County official calls car leasing contract procedure 'embarrassing'









Auditors reviewing a $1.75-million car leasing contract given to a company with a politically connected lobbying firm found that Los Angeles County officials had failed to create a "truly competitive" process, but that there was no evidence of improper influence.


Investigators with the county auditor-controller's office reviewed the Enterprise Rent-a-Car contract at the request of Supervisor Michael D. Antonovich. A report by KCET-TV had raised questions about the way the business was awarded.


Enterprise was given a sole-source, five-year deal in March to provide 60 leased  vehicles to the county's Community Development Commission and to maintain the agency's existing fleet. Commission staff projected that outsourcing the fleet services would save about $300,000 a year.





The Nov. 28 report on KCET's "SoCal Connected" focused on the lobbying firm Englander Knabe & Allen and questioned whether its clients — including Enterprise — got an unfair advantage because partner Matt Knabe is the son of county Supervisor Don Knabe, who voted along with all the other supervisors to award the contract.


Both Knabes have said that their relationship has never posed a conflict, and a spokesman for the Englander firm has said Matt Knabe never lobbies his father directly.


The auditor-controller found no evidence of attempts to influence the rental car award. Matt Knabe told investigators that no one from his firm had lobbied on the contract, and the commission's executive director said he was "100% confident" the supervisor's son did not influence the process.


"The report shows that Matt acted professionally and used no undue influence in his dealings with the county," said Englander partner Eric Rose.


But the review did find that county staff did an "inadequate" job of trying to find other potential bidders.


Asked by KCET what vendors had been contacted and given a chance to compete for the business, a county analyst created a list to make it appear the department had reached out to 50 companies. In fact, only 16 firms had been contacted, auditors found. Enterprise was the only company that responded to the email request, and staff made no follow-up attempt to contact the other firms.


According to the auditor's report, the count of 50 vendors was originally used as a "place holder" in a template document and never corrected. By the time the contract was awarded, the contract analyst "felt he could not correct the number without embarrassment."


Investigators also found that the agency violated its own policy by not advertising the contract on the commission's or the county's websites, and that the contract should have gone through a full bidding process.


In addition, several vendors that contract officials emailed to invite interest had no "realistic potential" to provide a leased fleet to the county in the first place, the review concluded.


Investigators wrote that they couldn't determine whether the commission could have gotten a better deal but said "the potential for greater savings from a more competitive process appears to be plausible."


County auditor-controller Wendy Watanabe called the situation "embarrassing" but chalked up the issues to incompetence rather than intentional steering.


"I think they got lazy, they took a shortcut, and they didn't think it was that big of a deal," she said.


Watanabe said the investigation had focused on the Enterprise contract, so she could not say whether there was a broader issue with the agency's contracting process.


Commission representatives could not be reached Monday. The commission was slated to respond to the report's findings within 30 days.


abby.sewell@latimes.com





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BlackBerry Z10 compared to iPhone 5 on camera [video]






Alongside BGR’s own extensive BlackBerry 10 walkthrough, Austrian website Telekom Presse has uploaded another video comparing Research in Motion’s (RIMM) not-so-secret BlackBerry Z10 smartphone to the iPhone 5. The company’s upcoming BlackBerry 10 operating system seems to be a mix between iOS and Android, while adding some unique features. The video showcases the BlackBerry voice assistant app, multitasking and app switching, the app drawer, and the device’s business and home profiles.


[More from BGR: BlackBerry 10 OS walkthrough, BlackBerry Z10 pricing]






Despite the fact that the handset is still running beta software it appears to be exceptionally fast, even besting the iPhone 5 in some scenarios.


[More from BGR: Rumored Xbox 720 specs: 8-core processor, 8GB of RAM, 800MHz GPU]


The BlackBerry Z10 smartphone is said to be equipped with a 4.2-inch HD display, 16GB of internal storage, an 8-megapixel rear camera, 2GB of RAM, NFC, 4G LTE and an 1,800 mAh battery.


RIM will unveil the device along with a second BlackBerry 10 phone at a press conference on January 30th. The BlackBerry Z10, iPhone 5 comparison video follows below.


This article was originally published on BGR.com


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Dish Closing 300 More Blockbuster Stores






NEW YORK (TheWrap.com) – Dish Network is closing another 300 Blockbuster video stores in the next few weeks, bringing its total number of locations to about 500, the company announced Monday.


The move comes after Blockbuster closings last year that included the shutdown of 500 locations last February. The company said Monday, as it did last year, that it would close unprofitable stores.






No locations for the closings have been announced. Some of the stores are reaching the end of their building leases, while others will close because of their performance, Dish spokesman John W. Hall told TheWrap.


The closures come as little surprise as more consumers watch streaming videos or buy them on-demand through their cable company rather than trekking to the brick-and-mortar stores that were so packed with customers in the 1990s.


Dish, which purchased the video chain for $ 320 million in 2011, is increasingly using Blockbuster’s remaining physical locations to hawk its Dish services.


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The Week: A Roundup of This Week’s Science News





“Science,” a colleague once said at a meeting, “is a mighty enterprise, which is really rather quite topical.” He was so right: as we continue to enhance our coverage of the scientific world, we always aim to keep the latest news front and center.




His observation seemed like a nice way to introduce this column, which will highlight the week’s developments in health and science news and glance at what’s ahead. This past week, for instance, the mighty enterprise of science addressed itself to such newsy topics as the flu (there’s still time to get vaccinated!), and mental illness and gun control.


In addition to the big-headline stories that invite wisdom from scientists, each week there is a drumbeat of purely scientific and medical news that emerges from academic journals, fieldwork and elsewhere. These developments, from the quirky to the abstruse, often make their way into the daily news cycle, depending on the strength of the research behind them. (Well, that’s how we judge them, anyway.)


Many discoveries are hard to unravel. “In a way, science is antithetical to everything that has to do with a newspaper,” the same colleague observed. “You couldn’t imagine anything less consumer-friendly.”


Let’s aim to fix that. Below, a selection of the week’s stories.


DEVELOPMENTS


Health


Strange, but Effective


People with a bacterial infection called Clostridium difficile — which kills 14,000 Americans a year — have a startling cure: a transplant of someone else’s feces into their digestive system, which introduces good bacteria that the gut needs to fight off the bad. For some people, antibiotics don’t fix this problem, but an infusion of diluted stool from a healthy person seems to do the trick.


Genetics


Dig We Must



Hillery Metz and Hopi Hoekstra/Harvard University



Evolutionary biologists at Harvard took a tiny species of deer mice, known for building elaborate burrows with long tunnels, and bred it with another species of deer mice, which builds short-tunneled burrows. Comparing the DNA of the original mice with their offspring, the biologists pinpointed four regions of genetic code that help tell the mice what kind of burrow to construct.


Aerospace


Launch, Then Inflate



Uncredited/Bigelow Aerospace, via Associated Press



NASA signed a contract for an inflatable space habitat — roughly pineapple-shaped, with walls of floppy cloth — that will ideally be appended to the International Space Station in 2015. NASA aims to use the pod to test inflatable technology in space, but the company that builds these things, Bigelow Aerospace, has bigger ambitions: think of a 12-person apartment and laboratory in the sky, with two months’ rent at north of $26 million.


Biology


What’s Green and Flies?



Jodi Rowley/Australian Museum



National Geographic reported on an Australian researcher working in Vietnam who discovered a great-looking new species of flying frog. Described as having flappy forearms (the better for gliding), the three-and-a-half-inch-long frog likes to “parachute” from tree to tree, Jodi Rowley, an amphibian biologist at the Australian Museum in Sydney, told the magazine. She named it Helen’s Flying Frog, for her mother.


Privacy


That’s Joe’s DNA!


People who volunteer their genetic information for the betterment of science — and are assured anonymity — may find that their privacy is not a slam dunk. A researcher who set out to crack the identities of a few men whose genomes appeared in a public database was able to do so using genealogical Web sites (where people upload parts of their genomes to try to find relatives) as well as some simple search tools. He was trying to test the database’s security, but even he did not expect it to be so easy.


Genetics


An On/Off Switch for Disease


Geneticists have long puzzled over what it is that activates a disease in one person but not in another — even in identical twins. Now researchers from Johns Hopkins and the Karolinska Institute in Sweden who studied people with rheumatoid arthritis have identified a pattern of chemical tags that tell genes whether to turn on or not. In rheumatoid arthritis, the immune system attacks the body, and it is thought the tags enable the attack.


Planetary Science


That Red Planet


Everybody loves Mars, and we’re all secretly hoping that NASA’s plucky little rover finds evidence of life there. Meanwhile, a separate NASA craft — the Mars Reconnaissance Orbiter, which has been looping the planet since 2006 — took some pictures of a huge crater that looks as if it once held a lake fed by groundwater. It is too soon to say if the lake held living things, but NASA’s news release did include the happy phrase “clues to subsurface habitability.”


COMING UP


Animal Testing


Retiring Chimps



Emily Wabitsch/European Pressphoto Agency



A lot of people have strong feelings about the use of chimpanzees in biomedical and behavioral experiments, and the National Institutes of Health has been listening. On Tuesday, the agency is to release its recommendations for curtailing chimp research in a big way. This will be but a single step in a long process and it will apply only to the chimps the agency owns, but it may well stir big reactions from many constituencies.


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Bank of Japan Moves to Fight Deflation



TOKYO — The Bank of Japan set an ambitious 2 percent inflation target and pledged to ease monetary policy “decisively” by introducing open-ended asset purchases, following intense pressure from the country’s audacious new prime minister, Shinzo Abe, who has made beating deflation a national priority.


In a joint statement with the government, the central bank said it was doubling its inflation target to 2 percent and said it would “pursue monetary easing and aim to achieve this target at the earliest possible time.”


The Bank of Japan also said that it intended to purchase assets indefinitely, promising to stick to a program that has allowed the bank to pump funds into the Japanese economy, even with interest rates at virtually zero. The bank’s board voted to keep its benchmark rate at a range of zero to 0.1 percent.


Since last year, when Mr. Abe was still opposition leader, he has urged the central bank to do more to end deflation, the all-around fall in prices, profit and incomes that has plagued Japan’s economy since the late 1990s. He has stepped up the pressure on the bank after a landslide victory by his Liberal Democratic Party in parliamentary elections in December, which catapulted him to office for the second time since a short-lived stint in 2006-07.


Mr. Abe’s push to increase the monetary supply, among other things, has weakened the yen, a boon to the competitiveness of exporters, which make up much of Japan’s growth. Earlier this month, Mr. Abe also announced a 12 trillion yen emergency stimulus, providing even more tailwind for the Japanese economy. That bright outlook has pushed the Nikkei stock index 20 percent higher since mid-November, when Mr. Abe first campaigned on his expansionary platform.


Mr. Abe’s critics, however, warn that the central bank, which will buy up more government bonds as part of its asset purchase program, will become a printing press for profligate government spending — spending that carries great risks for a country whose public debt is already twice the size of its economy. Critics also say that before flooding a broken system with money, Japan must first tackle structural problems that hurt economic efficiency.


Mr. Abe maintains that deflation will undermine any efforts to grow, and that the government and central bank must act together to get prices rising again. But in a nod to critics, the joint statement said the government would also promote “all possible decisive policy actions for reforming the economic structure” and establish “a sustainable fiscal structure.”


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Gun control draws vigorous debate across California









From shooting ranges to churches, gun control was the subject of vigorous debate over the weekend at various venues across California.


In Sacramento, hundreds rallied in front of the Capitol on Saturday to protest efforts to restrict gun ownership. President Obama has called for an assault weapons ban, a universal background check system for every gun sale and a ban on high-capacity ammunition magazines.


At the Los Angeles Gun Club, range master Joseph Im said the downtown facility had seen an uptick in its ammunition sales since the Sandy Hook shooting and the renewed debate over gun control.





Thomas Brambila, 38, and Tamara Vravis, 43, had come to the range on a first date. Brambila said he had grown up target shooting, although he does not own a gun now because he has young children at home. He called Obama's gun control proposal "misguided."


Vravis said she grew up on a ranch in Minnesota, where guns were common. She agreed with Brambila.


"I think if you really want to get a gun, you can get a gun. It's going to hurt the law-abiding citizens," she said of the move to tighten gun laws.


While some people were celebrating their love of guns, others held events to draw attention to gun violence. A network of churches around the country planned a Gun Violence Prevention Sabbath in response to the Sandy Hook shooting, with services centering on community members who have lost family members to gun violence.


The City of Refuge Church in Gardena held special services Sunday to call for efforts to crack down on gun violence. Hollywood Adventist Church held a smaller gathering of a few dozen Saturday.


Carmen Taylor Jones and Darryl Jones spoke about their 15-year-old daughter, Breon Taylor, who was killed five years ago Saturday when two young men shot through a window into the Lakewood Masonic Lodge, where Breon was one of several hundred young people attending a birthday party. Breon and a 17-year-old boy were killed.


It was the day before Taylor Jones' 45th birthday.


"At that moment, in the twinkling of an eye, everyone's lives, some of their destinies were interrupted," Taylor Jones said.


The gunmen who shot into the party, 16 and 19 at the time, were eventually sentenced to a combined 400 years in prison.


Taylor Jones, who grew up in Watts, said she sees memorials for other young people who were gunned down and worries about the safety of her 15-year-old son.


"When he's with me in South Los Angeles, I almost feel like he's a target, like he has a mark on him," she said.


Taylor Jones said she believes the Sandy Hook massacre got people's attention in a way that individual tragedies like her daughter's death couldn't. She called Obama's gun control proposal "a step in the right direction."


"It's just time for us to have some very serious conversations," she said.


The Sacramento protest was one of dozens held at state capitals nationwide as politicians push new gun laws.


They keep adding more and more laws," said Wes Holst, who hosts a radio show about guns in Santa Cruz. "More laws don't prevent crime."


Some people waved flags or hoisted signs saying "Hands off my guns" and "Gun laws don't stop criminals, bullets do," and many spoke fearfully of restrictions they say would leave them defenseless against criminals or even a government they view with suspicion.


California has some of the toughest gun laws in the country, and there were no firearms to be seen at Saturday's rally. A few people wore empty holsters.


Daniel Silverman, an information technology consultant who lives in Tracy, Calif., said he organized the Sacramento event as part of a grass-roots campaign called Guns Across America. He said the rally was not connected to Gun Appreciation Day, which was started by a Republican consulting firm in Washington.


He said politicians have unfairly singled out firearms as the cause of violence. A gun, he said, is only "a piece of plastic, aluminum and steel that does no harm in the hands of good men and women."


abby.sewell@latimes.com


chris.megerian@latimes.com





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RIM mulls licensing out software: CEO in paper






FRANKFURT (Reuters) – Research in Motion will look into strategic alliances with other technology companies once it has launched its new BlackBerry 10 models, its chief executive told a German newspaper.


German-born CEO Thorsten Heins told daily Die Welt in an interview published on Monday that the group’s strategic review could lead to the sale of RIM’s hardware production or the sale of licenses to its software, among other options.






“The main thing for now is to successfully introduce Blackberry 10. Then we’ll see,” Heins was quoted as saying.


RIM hopes its re-engineered line of Blackberry 10 touch-screen and keyboard devices will win back market share lost to rivals such as Apple’s iPhone and devices powered by Google’s market-leading Android operating system.


(Reporting by Ludwig Burger; Editing by Mark Potter)


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Manti Te’o to be interviewed by Katie Couric






NEW YORK (AP) — Notre Dame linebacker Manti Te‘o will be interviewed by Katie Couric, the first on-camera interview given by the All-American since news broke about the dead girlfriend hoax.


Te’o and his parents will appear on Couric’s syndicated talk show Thursday. ABC News announced the interview Sunday, but gave no details as to when it will take place and where.






Te’o gave an off-camera interview with ESPN on Friday night. He insists he was the victim of the hoax, not a participant. The Heisman Trophy runner-up said he had an online romance with a woman he never met and in September was informed that the woman died from leukemia.


Te’o told ESPN that the person suspected of being the mastermind of the hoax has contacted him and apologized.


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Well: A Check on Physicals

“Go Beyond Your Father’s Annual Physical. Live Longer, Feel Better”

This sales pitch for the Princeton Longevity Center’s “comprehensive exam” promises, for $5,300, to take “your health beyond the annual physical.” But it is far from certain whether this all-day checkup, and others less inclusive, make a meaningful difference to health or merely provide reassurance to the worried well.

Among physicians, researchers and insurers, there is an ongoing debate as to whether regular checkups really reduce the chances of becoming seriously ill or dying of an illness that would have been treatable had it been detected sooner.

No one questions the importance of regular exams for well babies, children and pregnant women, and the protective value of specific exams, like a Pap smear for sexually active women and a colonoscopy for people over 50. But arguments against the annual physical for all adults have been fueled by a growing number of studies that failed to find a medical benefit.

Some experts note that when something seemingly abnormal is picked up during a routine exam, the result is psychological distress for the patient, further testing that may do more harm than good, and increased medical expenses.

“Part of the problem of looking for abnormalities in perfectly well people is that rather a lot of us have them,” Dr. Margaret McCartney, a Scottish physician, wrote in The Daily Mail, a British newspaper. “Most of them won’t do us any harm.”

She cited the medical saga of Brian Mulroney, former prime minister of Canada. A CT scan performed as part of a checkup in 2005 revealed two small lumps in Mr. Mulroney’s lungs. Following surgery, he developed an inflamed pancreas, which landed him in intensive care. He spent six weeks in the hospital, then was readmitted a month later for removal of a cyst on his pancreas caused by the inflammation.

The lumps on his lungs, by the way, were benign. But what if, you may ask, Mr. Mulroney’s lumps had been cancer? Might not the discovery during a routine exam have saved his life?

Logic notwithstanding, the question of benefits versus risks from routine exams can be answered only by well-designed scientific research.

Defining the value of a routine checkup — determining who should get one and how often — is especially important now, because next year the Affordable Care Act will add some 30 million people to the roster of the medically insured, many of whom will be eligible for government-mandated preventive care through an annual exam.

Dr. Ateev Mehrotra of the University of Pittsburgh School of Medicine, who directed a study of annual physicals in 2007, reported that an estimated 44.4 million adults in the United States undergo preventive exams each year. He concluded that if every adult were to receive such an exam, the health care system would be saddled with 145 million more visits every year, consuming 41 percent of all the time primary care doctors spend with patients.

There is already a shortage of such doctors and not nearly enough other health professionals — physician assistants and nurse practitioners — to meet future needs. If you think the wait to see your doctor is too long now, you may want to stock up on some epic novels to keep you occupied in the waiting room in the future.

Few would challenge the axiom that an ounce of prevention is worth a pound of cure. Lacking incontrovertible evidence for the annual physical, this logic has long been used to justify it:

¶ If a thorough exam and conversation about your well-being alerts your doctor to a health problem that is best addressed sooner rather than later, isn’t that better than waiting until the problem becomes too troublesome to ignore?

¶ What if you have a potentially fatal ailment, like heart disease or cancer, that may otherwise be undetected until it is well advanced or incurable?

¶ And wouldn’t it help to uncover risk factors like elevated blood sugar or high cholesterol that could prevent an incipient ailment if they are reversed before causing irreparable damage?

Even if there is no direct medical benefit, many doctors say that having their patients visit once a year helps to maintain a meaningful relationship and alert doctors to changes in patients’ lives that could affect health. It is also an opportunity to give patients needed immunizations and to remind them to get their eyes, teeth and skin checked.

But the long-sacrosanct recommendation that everyone should have an annual physical was challenged yet again recently by researchers at the Nordic Cochrane Center in Copenhagen.

The research team, led by Dr. Lasse T. Krogsboll, analyzed the findings of 14 scientifically designed clinical trials of routine checkups that followed participants for up to 22 years. The team found no benefit to the risk of death or serious illness among seemingly healthy people who had general checkups, compared with people who did not. Their findings were published in November in BMJ (formerly The British Medical Journal).

In introducing their analysis, the Danish team noted that routine exams consist of “combinations of screening tests, few of which have been adequately studied in randomized trials.” Among possible harms from health checks, they listed “overdiagnosis, overtreatment, distress or injury from invasive follow-up tests, distress due to false positive test results, false reassurance due to false negative test results, adverse psychosocial effects due to labeling, and difficulties with getting insurance.”

Furthermore, they wrote, “general health checks are likely to be expensive and may result in lost opportunities to improve other areas of health care.”

In summarizing their results, the team said, “We did not find an effect on total or cause-specific mortality from general health checks in adult populations unselected for risk factors or disease. For the causes of death most likely to be influenced by health checks, cardiovascular mortality and cancer mortality, there were no reductions either.”

What, then, should people do to monitor their health?

Whenever you see your doctor, for any reason, make sure your blood pressure is checked. If a year or more has elapsed since your last blood test, get a new one.

Keep immunizations up to date, and get the screening tests specifically recommended based on your age, gender and known risk factors, including your family and personal medical history.

And if you develop a symptom, like unexplained pain, shortness of breath, digestive problems, a lump, a skin lesion that doesn’t heal, or unusual fatigue or depression, consult your doctor without delay. Seek further help if the initial diagnosis and treatment fails to bring relief.

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