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News Breaks
June 19, 2014
08:36 EDTACT, NVSDistrict court rules against Actavis' generic version of Novartis' Exelon
Actavis (ACT) confirmed that the U.S. District Court for the District of Delaware has found certain claims of two U.S. patents valid and infringed by Actavis' generic version of Novartis' (NVS) Exelon Patch. Actavis is reviewing the court's decision and will evaluate all available options, including an appeal. Exelon Patch is a prescription medicine used to treat people with mild to moderate dementia associated with Alzheimer's or Parkinson's disease. Actavis' Abbreviated New Drug Application for its generic version of Exelon Patch is currently pending with the FDA.
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February 23, 2015
11:17 EDTNVSFTC puts conditions on Novartis's proposed acquisition of GSK oncology drugs
According to the FTC, Global pharmaceutical company Novartis (NVS) has agreed to divest all assets related to its BRAF and MEK inhibitor drugs, currently in development, to Boulder, Colorado-based Array BioPharma (ARRY) to settle charges that Novartis’s $16B acquisition of GlaxoSmithKline’s (GSK) portfolio of cancer-treatment drugs would likely be anticompetitive...If the acquisition goes forward as proposed, Novartis would likely delay or terminate development of both its BRAF and MEK inhibitors, as well as the combination product. For that reason, Novartis’s acquisition of GSK’s portfolio of cancer-treatment drugs would likely cause significant competitive harm in the U.S. markets for both the BRAF and MEK inhibitors, ultimately raising prices for consumers and depriving them of potentially superior products. Under the terms of the proposed consent agreement, Novartis is required to provide transitional services to Array BioPharma to ensure that development of the BRAF and MEK inhibitors continues uninterrupted and that competition in BRAF and MEK inhibitor markets is not reduced. Reference Link
07:14 EDTNVSSpectrum says plans to appeal patent suit loss to Novartis unit
Spectrum Pharmaceuticals (SPPI) confirmed in a regulatory filing that on February 20, the U.S. District Court for the District of Nevada ordered that judgment be entered in favor of defendant Sandoz in the matter entitled Spectrum Pharmaceuticals, Inc. et al v. Sandoz Inc. "Spectrum Pharmaceuticals Inc. intends to appeal this decision and the ultimate outcome of this litigation remains uncertain," the company stated. Sandoz is the generic pharmaceuticals division of Novartis (NVS).
February 20, 2015
08:46 EDTACTActavis receives final approval for generic version of Subutex
Actavis announced that it has received final approval from the U.S. Food and Drug Administration on its Abbreviated New Drug Application for a generic version of Reckitt Benckiser's Subutex. Actavis intends to begin shipping its product shortly. Subutex is indicated for the treatment of opioid dependence. For the 12 months ending December 31, 2014, Subutex had total U.S. sales of approximately $108M, according to IMS Health data.
08:07 EDTACTActavis price target raised to $340 from $310 at Argus
Argus increased its price target on Actavis as the firm believes that the company is generating strong growth. Argus is upbeat on the company's acquisition of Allergan and keeps a Buy rating on the shares.
07:08 EDTNVSAmerican Academy of Allergy, Asthma and Immunology to hold annual meeting
2015 Annual Meeting of AAAAI is being held in Houston, Texas on February 20-24.
February 19, 2015
09:33 EDTACTActavis should be bought on weakness, says Sterne Agee
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07:44 EDTACTActavis to sell 4.2B ordinary shares and $4.2B convertible preferred shares
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07:40 EDTACTActavis price target raised to $352 from $300 at Canaccord
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07:39 EDTACTActavis price target raised to $328 from $310 at Leerink
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07:28 EDTACTActavis files automatic mixed securities shelf
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07:12 EDTNVSWharton Health Care Club to hold a conference
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February 18, 2015
16:46 EDTACTOn The Fly: Closing Wrap
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12:31 EDTACTOn The Fly: Midday Wrap
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09:48 EDTACTActavis Q4 'exceptional,' taking Allergan name 'wise,' says BMO Capital
BMO Capital says Actavis (ACT) is "firing on all cylinders" after reporting "exceptional" Q4 earnings on the strength of the company's North American Generics and International segment. BMO views the decision to adopt the Allergan (AGN) name as "wise" given the Botox maker's strong reputation. The firm keeps an Outperform rating on Actavis.
07:50 EDTACTActavis CEO says company gave appropriate guidance to analysts
Actavis (ACT) CEO Saunders said he believes that the company did provide appropriate guidance to analysts ahead of its earnings beat. Saunders sees the Allergan (AGN) deal closing by the end of this quarter or early next quarter. Saunders says tying R&D to a percentage of revenue "makes no sense to me," noting that Actavis will spend about $1.7B on R&D next year. Saunders says will do acquisition if opportunity arises, but not planning for M&A right now. Actavis CEO Brent Saunders is speaking on CNBC.
07:01 EDTACTActavis announces intention to adopt 'Allergan' corporate name
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06:48 EDTACTActavis reports 9 mid-to-late-stage compounds in development
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06:34 EDTACTActavis sees Allergan transaction completed in late Q1 or early Q2
06:33 EDTACTActavis sees FY15 standalone EPS $16.30-$17.30, consensus $16.63
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06:31 EDTACTActavis reports Q4 EPS $3.91, consensus $3.67
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