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News Breaks | | | | September 10, 2012 | | 08:31 EDT |  | BIIB, HGSI, GSK | Biogen sells BENLYSTA royalty rights to DRI Capital Managed Fund
Biogen Idec (BIIB) has sold to a DRI Capital managed fund (DRI) its royalty and other rights relating to BENLYSTA to which Biogen Idec is entitled pursuant to a license agreement with Human Genome Sciences (HGSI) and Glaxo Group Limited (GSK). BENLYSTA was approved by the FDA in March 2011 and by the European Medicines Agency in July 2011 to treat systemic lupus erythematosus. Under the terms of the agreement between Biogen Idec and DRI, Human Genome Sciences and Glaxo Group Limited will make royalty payments directly to DRI instead of to Biogen Idec. DRI will in turn pay Biogen Idec a multiple of certain of the royalties received for the period covering October 2011 to September 2014. Following that period, DRI will retain the royalty payments from the sales of BENLYSTA, with certain exceptions, including a one-time contingency payment that could be triggered if the cumulative royalties to DRI exceed an agreed amount. The multiple paid by DRI to Biogen Idec will vary by year and territory in which the royalties are generated. The initial payment by DRI to Biogen Idec, covering the royalty period from October 1, 2011 to March 30, 2012 is approximately $18.3M and will be recognized into income as a gain in the third quarter. Biogen Idec will provide additional information about the full-year 2012 financial impact of this transaction as part of its third-quarter earnings reporting. | |
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News For BIIB;GSK;HGSI From The Last 14 Days Check below for free stories on BIIB;GSK;HGSI the last two weeks. |
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| May 16, 2013 | | 07:29 EDT |  | BIIB | Leerink to host a bus tour
Boston Biopharma Bus Tour travels throughout Boston on May 16-17. | | | May 14, 2013 | | 15:09 EDT | | BIIB | Biogen has a conference call hosted by JPMorgan
JPMorgan Analysts Meacham and Kasimov host a conference call with CEO George Scangos and CFO Paul Clancy on May 17 at 10 am. | | | 07:24 EDT | | GSK | EBD Group to host a conference
BioTrinity 2013 is being held in Newbury, England on May 14-16. | | | May 13, 2013 | | 16:25 EDT |  | GSK | On The Fly: Closing Wrap
Stocks on Wall Street were little changed from their opening levels as investors weighed the potential end of the Fed's quantitative easing program against a better than expected report on retail sales. The Wall Street Journal's Jon Hilsenrath suggested in a report over the weekend that the Federal Reserve has mapped a QE exit strategy. The report paired with the retail sales data left the market lacking conviction in either direction today, as the averages spent the majority of the session range-bound near the flatline. ECONOMIC EVENTS: In the U.S., retail sales rose 0.1% in April, which beat expectations for a 0.3% decline. Retail sales excluding autos, gas, and building materials rose 0.6%, which was also better than expected. Business inventories were flat in March, versus expectations for a 0.3% gain. In Asia, Chinese factory output grew 9.3% annually in April, which was up from 8.9% in March but still missed expectations for a 9.5% growth rate. COMPANY NEWS: The Supreme Court ruled unanimously that Monsanto's (MON) patented genetically altered soybeans are protected and that farmers cannot use them to create new seeds without paying the company... Dell's (DELL) special committee publicly asked for more information from Carl Icahn and Southeastern Asset Management about their proposed leveraged recapitalization. This request follows television interviews by Icahn last Friday in which he discussed his Dell proposal, as well as a weekend report in Barron's saying the Icahn and Southeastern plan could be a better deal for shareholders. MAJOR MOVERS: Among the notable gainers was Theravance (THRX), up $6.26, or 17.92%, to $41.20 after Elan Corporation (ELN) bought a stake in the potential future royalty payments from four respiratory programs partnered with GlaxoSmithKline (GSK) in exchange for $1B in cash. Also higher was Tesla (TSLA), which rose $11.04, or 14.38%, to $87.80 in its third straight double-digit percentage gain following a better-than-expected earnings report last week. Among the noteworthy losers was Barnes & Noble (BKS), down $2.21, or 9.48%, to $21.10 after the blog InsiderMonkey disputed a previous report about Microsoft's (MSFT) interest in the bookseller's NOOK assets. Also lower was JoS. A. Bank (JOSB), down $3.31, or 7.16%, to $42.90 after the company's first quarter earnings view came in below expectations. INDICES: The Dow was down 26.81, or 0.18%, to 15,091.68; the Nasdaq was up 2.21, or 0.06%, to 3,438.79; and the S&P 500 was nearly unchanged at 1,633.77. | | | 12:20 EDT | | GSK | On The Fly: Midday Wrap
 Subscribe for More Information | | | 11:12 EDT |  | BIIB | Biogen MS drug scripts grew 38% week-over-week, says Leerink
Subscribe for More Information | | | 07:34 EDT | | BIIB | Biogen says FDA accepts BLA for Eloctate
Subscribe for More Information | | | 05:44 EDT | | GSK | Elan provides additional information on Elan/Theravance agreement
Subscribe for More Information | | | 05:35 EDT | | GSK | Theravance, Elan enter into $1B royalty participation agreement
Subscribe for More Information | | | May 10, 2013 | | 12:42 EDT | | GSK | GlaxoSmithKline, Theravance confirm FDA approval of Breo Ellipta
Subscribe for More Information | | | | 11:48 EDT |  | GSK | Drugmakers to face pressure on U.S. prices, Reuters says
Subscribe for More Information | | | 11:15 EDT | | GSK | FDA approves Breo Ellipta to treat chronic obstructive pulmonary disease
Subscribe for More Information | | | 08:00 EDT | | BIIB | Biogen should be bought on weakness before Q2 Tecfidera data, says Stifel
Stifel recommends buying Biogen on any weakness before the company reports Q2 Tecfidera sales data. The firm thinks that any continued strength in Tecfidera prescription data will cause analysts to revise their estimates higher, and it keeps a Buy rating on the shares. | | | 06:53 EDT | | GSK | GlaxoSmithKline, Merck to discount cancer vaccine in poor nations, NY Times says
Subscribe for More Information | | | May 9, 2013 | | 16:59 EDT | | BIIB | Isis Pharmaceuticals earns $3.5M from Biogen
Subscribe for More Information | | | May 6, 2013 | | 08:09 EDT | | BIIB | Biogen MS drug on track to top consensus by $400M, says Deutsche Bank
Deutsche Bank says IMS scripts indicate Biogen's multiple sclerosis treatment Tecfidera is on track to top consensus expectations by $400M in 2013. The firm says that if scripts stabilize at current levels, Tecfidera U.S. sales would come in at $651M for 2013, above the consensus of $248M. Deutsche has a Buy rating on shares of Biogen with a $240 price target. | | | 07:49 EDT | | GSK | Bernstein's global pharmaceuticals analyst has analyst/industry conference call
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