Pharma Roundup: GSK Moves Into Egypt, Mum's the Word on Genentech/Roche, and More

(MoneyWatch)  GlaxoSmithKline buys Egpyt operations of Bristol-Myers Squibb -- The deal, costing $210 million, will give GSK a 9 percent share of the country's pharmaceuticals market. GSK is clearly putting its money where its mouth is, having focused its long-term strategy on emerging markets. [Source: FiercePharma]

Genentech plays coy regarding Roche deal -- During an earnings conference call, Genentech CEO Art Levinson said, "We will not be discussing anything further... regarding the Roche proposal [to buy Genentech]." Evidently, their lawyers have told them to keep quiet. There are signs, however--including employee retention spending--that the deal is close. [Source: Pharma's Market]

Pharma cash safe, says Moody's -- The financial research and analysis firm reports that cash reserves and short term investments of nine of the biggest drug companies are in good shape, despite the hostile economy. The caveat is that most (68%) of the money is overseas, so bringing it home would mean big taxes. [Source: WSJ Health Blog]
Public recognition low for pharma philanthropy -- According to an Ipsos News Center report, the pharmaceutical industry suffers from a serious image problem (one in three Americans have an "unfavorable" opinion of the business). People wish drug companies were more altruistic. As Eye on FDA's Mark Senak points out, however, pharma companies engage in plenty of philanthropic activities the public doesn't know about... publicizing these might assist the industry's reputation. [Source: Eye on FDA]