Australia's CSL to up R&D expenditure
Australian drugmaker CSL says that it will increase is R&D expenditure in an effort to broaden its product pipeline. Company chief executive Brian McNamee, who made the announcement, also said that the firm was unlikely to make any further acquisitions in the immediate future.
Recently (Marketletter January 1 & 8), the company's subsidiary, ZLB Behring, agreed to purchase the organ transplant drug CytoGam (cytomegalovirus immune globulin intravenous) from the USA's MedImmune. At the time, the firm explained that the drug would provide it with an additional revenue stream.
Mr McNamee said that the firm's net profit rose 46% to $257.0 million for the six months ended December 31, 2006, attributing the growth to higher prices and collection center closures.
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