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March 18, 2014
07:28 EDTRHHBY, ABT, JNJ, LH, DHR, DGXCLFS review potential negative for Quest, LabCorp, says Piper Jaffray
Piper Jaffray views the Centers for Medicare & Medicaid Services' plan to revalue Clinical Lab Fee Schedule test codes as a potential negative for Quest Diagnostics (DGX) and LabCorp (LH) as well as diagnostic manufacturers like Abbott (ABT), Danaher (DHR), Johnson & Johnson (JNJ) and Roche (RHHBY). Piper says Quest and LabCorp both have around 12% of revenue exposure to CLFS, which it feels presents risk for additional reimbursement pressure in FY15. The review follows an Office of Inspector General report that found CMS paid between 18%-30% higher for 20 high volume/high expenditure tests than state and federal plans.
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May 20, 2015
10:26 EDTJNJJanssen acquires licence from Novo Nordisk for autoimmune disease development
Novo Nordisk (NVO) announced it has signed an agreement with Janssen Biotech (JNJ) under which Janssen will acquire an exclusive global license to further develop and commercialize a clinical program focused on therapy within autoimmune diseases. The program targets modulation of certain immune cells via a cell surface receptor, specifically the NKG2D receptor. Terms of the agreement have not been disclosed.
09:07 EDTJNJJohnson & Johnson says exploring eight new indications for Imbruvica
Imbruvica is jointly developed and commercialized by Pharmacyclics (PCYC) and Johnson & Johnson (JNJ) subsidiary Janssen Biotech. AbbVie (ABBV) is in the process of acquiring Pharmacyclics.
08:49 EDTJNJJohnson & Johnson: Priorities for free cash flow include dividends, repurchases
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08:30 EDTJNJAchillion price target lowered to $16 from $25 at Leerink
Leerink says Achillion's deal with Johnson & Johnson (JNJ) increases the probability that it will be a competitive commercial-stage player in hepatitis C. The firm believes the collaboration limits share downside as well as upside by making the "home-run scenario of great combo data leading to an acquisition less likely." It lowered its price target for Achillion shares to $16 and keeps an Outperform rating on the name.
08:15 EDTJNJJohnson & Johnson CEO Alex Gorsky says won't pursue pure-play strategy
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08:02 EDTJNJJohnson & Johnson to hold a meeting
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07:51 EDTJNJAchillion shares remain undervalued after HCV pact with J&J, says Cowen
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07:33 EDTJNJJ&J to file more than 10 new '$1B potenital' products by 2019
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07:30 EDTJNJAchillion downgraded on valuation at JMP Securities
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06:17 EDTJNJAchillion downgraded to Neutral from Buy at UBS
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May 19, 2015
16:10 EDTJNJAchillion enters into collaboration for HCV with Janssen
Achillion (ACHN) announced that it has entered into a worldwide license and collaboration arrangement with Janssen Pharmaceuticals, one of the Janssen Pharmaceutical Companies of Johnson & Johnson (JNJ), to develop and commercialize one or more of Achillion's lead hepatitis C virus, or HCV, assets which include ACH-3102, ACH-3422, and sovaprevir. Under the terms of the agreement, Achillion will grant Janssen an exclusive, worldwide license to develop and, upon regulatory approval, commercialize HCV products and regimens containing one or more of Achillion's HCV assets. Achillion is eligible to receive a number of payments based upon achievement of specified development, regulatory and sales milestones. Achillion is also eligible to receive tiered royalty percentages between mid-teens and low-twenties based upon future worldwide sales. Janssen will be responsible for all of the development costs within the collaboration and all subsequent costs related to commercialization of the HCV assets. A key objective of the collaboration will be to develop a short-duration, highly effective, pan-genotypic, oral regimen for the treatment of HCV. An initial regimen that will be explored will feature Achillion's ACH-3102, a second-generation NS5A inhibitor currently in Phase 2 clinical studies that has been granted Fast Track designation by the U.S. Food and Drug Administration, in combination with an NS3/4A HCV protease inhibitor plus an NS5B HCV polymerase inhibitor from the collaboration. Additionally, in an equity transaction separate to the exclusive license and collaboration arrangement, Johnson & Johnson Innovation – JJDC, Inc. will invest $225M in Achillion and, in return, receive approximately 18.4M newly issued, unregistered shares of Achillion at a price of $12.25 per share. The transactions, including the equity sale, are subject to customary closing conditions, including termination or expiration of any applicable waiting periods under the Hart-Scott-Rodino Act. Transitional clinical development and technology transfer activities under the collaboration are expected to take place over the next several months.
09:31 EDTLHORIG3N announces strategic collaboration with LabCorp
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08:02 EDTABTAbbott announces CE Mark for new advancement of Absorb stent system
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07:28 EDTLHUBS to hold a conference
Global Healthcare Conference is being held in New York on May 18-20 with webcasted company presentations to begin on May 19 at 8 am; not all company presentations may be webcasted. Webcast Link
May 18, 2015
16:07 EDTRHHBYIllumina files new patent infringement suit against Roche unit
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11:23 EDTABTFitch downgrades Abbott's L-T IDR to A; outlook revised to stable
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10:01 EDTRHHBYOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: A10 Networks (ATEN) upgraded to Overweight from Sector Weight at Pacific Crest... Cal-Maine Foods (CALM) upgraded to Overweight from Equal Weight at Stephens... ChemoCentryx (CCXI) upgraded to Overweight from Neutral at JPMorgan... Cheniere Energy Partners LP (CQP) upgraded to Buy from Neutral at Goldman... Chicago Bridge & Iron (CBI) upgraded to Neutral from Sell at Goldman... Continental Resources (CLR) upgraded to Buy from Neutral at Goldman... Ctrip.com (CTRP) upgraded to Overweight from Neutral at JPMorgan... Emerge Energy (EMES) upgraded to Buy from Neutral at Goldman... FEMSA (FMX) upgraded to Overweight from Equal Weight at Morgan Stanley... GoPro (GPRO) upgraded to Perform from Underperform at Oppenheimer... Holly Energy (HEP) upgraded to Buy from Neutral at Goldman... JP Energy (JPEP) upgraded on better visibility on volumes at RBC Capital... Laredo Petroleum (LPI) upgraded to Neutral from Sell at Goldman... Malvern Bancorp (MLVF) upgraded to Outperform from Market Perform at Keefe Bruyette... Newfield Exploration (NFX) upgraded to Buy from Neutral at Goldman... Norsk Hydro (NHYDY) upgraded to Overweight from Neutral at JPMorgan... Owens-Illinois (OI) upgraded to Neutral from Underperform at BofA/Merrill... Penn National (PENN) upgraded to Buy from Neutral at Goldman... Roche (RHHBY) upgraded to Buy from Neutral at UBS... Schnitzer Steel (SCHN) upgraded on stabilizing headwinds at KeyBanc... Seventy Seven Energy (SSE) upgraded to Buy from Hold at Jefferies... Toll Brothers (TOL) upgraded to Neutral from Underperform at Sterne Agee CRT... United Therapeutics (UTHR) upgraded to Buy from Neutral at BTIG... Volvo (VOLVY) upgraded to Neutral from Underweight at JPMorgan... Zayo Group (ZAYO) upgraded to Buy from Neutral at Goldman.
09:23 EDTRHHBYRoche upgraded to Buy from Neutral at UBS
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08:46 EDTLHLabCorp announces full portfolio of Hep C virus drug resistance assays
LabCorp announced the launch of two new Hepatitis C Virus drug resistance assays. The HCV NS5A and NS5B Drug Resistance Assays expand LabCorp’s portfolio of HCV resistance tests that includes HCV GenoSure NS3/4A, which was launched in 2011. These tests are available through Monogram Biosciences, a member of the LabCorp Specialty Testing Group, and a leader in the development and commercialization of innovative antiviral diagnostics.
07:19 EDTDHRElectric Products Group to hold a conference
EPG 2015 is being held in Longboat Key, Florida on May 18-20 with webcasted company presentations to begin on May 18 at 7:30 am; not all company presentations may be webcasted. Webcast Link
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