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News Breaks
March 14, 2014
14:18 EDTCELGCelgene lower after U.K. draft guidance on Revlimid use
Shares of drug maker Celgene (CELG) are sinking after a U.K. guidance body refused, in a preliminary decision, to recommend expanded use of the company's Revlimid drug in the country. WHAT'S NEW: The U.K.'s National Institute for Health and Care Excellence, or NICE, declined to recommend the use of Revlimid by multiple myeloma patients who had been treated one time with another drug, bortezomib. Instead, NICE will recommend that Revlimid only be given to patients who have received two or more prior therapies, the regulator stated. Celgene failed to present data comparing the effectiveness of Revlimid to other drugs, and it is unclear if Revlimid is as effective as giving patients a second round of bortezomib, NICE stated. Additionally, Celgene's own model showed that the drug would not be cost effective at this stage, NICE added. ANALYST REACTION: In a note to investors earlier today, Wells Fargo analyst Dr. Brian Abrahams wrote that the weakness in Celgene's stock today may also have been triggered by the scheduling of a hearing in a patent case on April 29, which was earlier than previously expected. However, the scheduling of the hearing was known two days ago, the analyst stated. The hearing could be important in judging how long Celgene will have exclusive rights to Revlimid, but the outcome will not be known for another year or more, the analyst believes. Abrahams also said the U.K.'s decision is not significant, since the country is more stringent than other nations in these matters. The country is likely to change its decision in the future, based on data from a study of Revlimid, according to the analyst. Abrahams recommended that investors buy Celgene shares on today's weakness and added the stock to the firm's Priority Stock List. PRICE ACTION: In afternoon trading, Celgene fell $5.44, or 3.5%, to $150.56.
News For CELG From The Last 14 Days
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April 24, 2015
10:59 EDTCELGCelgene call activity attributed to vague takeover speculation
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10:22 EDTCELGRumor: Celgene active on vague takeover speculation
Celgene (CELG) shares are active on speculation Bristol-Myers (BMY) may be interested in acquiring the company.
05:39 EDTCELGCelgene announces strategic collaboration with AstraZeneca
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April 23, 2015
17:45 EDTCELGCelgene announces fulfillment of approval requirements for POMALYST
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09:20 EDTCELGCelgene patent latest to be challenged by Hayman Capital's Bass
The Coalition For Affordable Drugs, a group linked to Hayman Capital's Kyle Bass, has requested an Inter Partes Review of Claims 110 of U.S. Patent No. 6,045,501 held by Celgene (CELG), according to a USPTO filing. The 501 patent claims methods for delivering a drug, including a teratogenic drug, to a patient while preventing the exposure of a fetus or other contraindicated individuals to the drug. The patent is related to the company's Revlimid drug. BACKGROUND: Previously, the same coalition requested an Inter Partes Review of patents held by Pharmacyclics (PCYC), Acorda Therapeutics (ACOR), Shire (SHPG) and Jazz Pharmaceuticals (JAZZ). On January 7, Reuters reported that Bass planned to take "around 15 pharmaceutical companies with a combined market capitalization of $450B" into an Inter Partes Review for extending patents in questionable ways, citing a presentation made by Bass in Oslo. PRICE ACTION: Shares of Celgene are down 0.5% to $114.92 in pre-market trading.
April 15, 2015
17:08 EDTCELGCelgene announces phase 2 Apremilast data
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April 13, 2015
09:34 EDTCELGActive equity options trading on open
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05:09 EDTCELGCelgene to purchase 14.35M shares of Mesoblast stock for A$3.82 per share
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April 12, 2015
19:33 EDTCELGCelgene takes stake in Australia's Mesoblast, the Australian says
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