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Purdue Pharma, the maker of OxyContin, has agreed to plead guilty to three federal criminal charges for its role in creating the nation's opioid crisis and will pay more than $8 billion and close down the company. The money will go to opioid treatment and abatement programs. The privately held company has agreed to pay a $3.5 billion fine as well as forfeit an additional $2 billion in past profits, in addition to the $2.8 billion it agreed to pay in civil liability.

California Life Sciences Association (CLSA), the trade association representing California’s life sciences industry, today released the 2020 California Life Sciences Sector Report, which shows that California’s life sciences sector directly employed 323,723 people, generated $191.6 billion in revenue, is projected to attract $6.5 billion in venture capital (VC) and received $4.5 billion in funding from the NIH. Produced with PwC US, the 2020 snapshot highlights the strength of California’s biomedical sector – the largest cluster in the world – as evidenced by significant increases in employment, earnings, graduating science and engineering PhDs, VC investment and potential new drugs and medical devices in the pipeline.

Piramal Pharma Limited (PPL), a subsidiary of Piramal Enterprises Limited (“PEL”, NSE: PEL, BSE: 500302, 912460) today received INR 3523.40 Crores on closure of the transaction for 20% equity investment from CA Alchemy Investments (formerly known as CA Clover Intermediate II Investments), an affiliated entity of CAP V Mauritius Limited, an investment fund managed and advised by affiliated entities of The Carlyle Group Inc. (“Carlyle”). The transaction values the Pharma Business at an enterprise value (EV) of US$2,775 million with an upside component of up to US$360 million depending on the company’s FY21 performance. This transaction is one of the largest private equity deals in the Indian pharmaceutical sector. It provides PPL growth capital that enables it to invest in accelerated business growth through both organic and inorganic opportunities.

Torreya, a global advisory firm serving the life sciences industry today released a report comparing the global pharmaceutical industry in 2020 with the industry in 2015. A key finding is that small companies are playing an outsized role in the sector's growth. According to the report, the top eighteen companies comprised three quarters of the industry in 2015, but in 2020 that percentage has dropped to less than half.

ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD) today announced the acquisition of CerSci Therapeutics, a clinical-stage biotechnology company with worldwide rights to a portfolio of novel compounds for neurological conditions, including non-opioid therapies for acute and chronic pain. Under the terms of the agreement, ACADIA acquired all of the outstanding shares of CerSci for $52.5 million, primarily in ACADIA stock. The transaction closed on August 24, 2020. CerSci shareholders may also receive up to $887 million in development, commercialization, and sales milestones in addition to tiered royalties in the mid-single digits based on annual net sales.