Cutting its losses

It's always easier to admit mistakes when someone else has made them. BioMarin Pharmaceutical Inc. is correcting course after what it says was last year's misguided acquisition of Ascent Pediatrics from Medicis Pharmaceutical Corp. The restructuring was prompted by falling sales due to generic competition for Ascent's pediatric corticosteroid asthma drug, Orapred prednisolone oral solution, which was billed as the driver of the acquisition.

"I was not CEO in April 2004" when the acquisition of Ascent was completed, CEO Jean-Jacques Bienaime told BioCentury. "That deal was not a good deal for BioMarin, and that's not a secret." ...