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News For MCK;CAH;ABC;GSK From The Last 14 Days
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October 8, 2015
07:08 EDTGSKCodexis earns $6.5M milestone payment from GlaxoSmithKline
Codexis (CDXS) announced that it successfully completed Wave 2 of the transfer of its proprietary CodeEvolver protein engineering platform technology to GlaxoSmithKline (GSK) in Q3 of 2015. Codexis expects to receive a $6.5M payment from GSK for completion of this milestone in Q4. Codexis has received a $6M upfront payment and a $5M Wave 1 technology transfer milestone payment from GSK since announcing the technology collaboration and license agreement with GSK in July 2014. The agreement grants GSK a license to use Codexis' CodeEvolver platform technology to develop novel enzymes for use in the manufacture of GSK's pharmaceutical and health care products. The CodeEvolver platform technology has been installed and is operational at a GSK facility in Pennsylvania. Codexis is eligible to receive an additional $7.5M payment from GSK subject to the satisfactory completion of the final CodeEvolver technology transfer milestone. Codexis also has the potential to receive numerous additional contingent milestone payments under the agreement with GSK that range from $5.75M-$38.5M per project based on GSK's successful application of the licensed technology. In addition, Codexis will be eligible to receive royalties based on net sales, if any, of a limited set of products developed by GSK using Codexis' CodeEvolver protein engineering platform technology.
October 6, 2015
13:32 EDTGSKBiotechs plummet with TPP seen as industry negative
Biotechs are falling intraday after reports that the Trans-Pacific Partnership, or TPP, has language that the exclusivity period for bioligics, or drugs derived from a biological sources, would be eight years, less than the twelve years it is currently in the United States. WHAT'S NOTABLE: In the U.S., biologics are protected from competition by follow-on products for twelve years from the time they are first granted marketing approval by the U.S. Food and Drug Administration, a protection that is distinct from patent protection. Recent reports on the TPP suggest that the protection will last five years with an additional safety monitoring period of up to three years before a biosimilar can be registered, which would effectively be an eight year exclusivity period. ANALYST REACTION: Piper Jaffray analyst Joshua Schimmer, however, said the development is a "step forward," especially since it does not overrule the 12 years' exclusivity for the drugs in the U.S. While the sector asked for twelve years' exclusivity to match the U.S., eight years is a "reasonable compromise," the analyst argued. His top picks were Alexion (ALXN), Celgene (CELG), and Amgen (AMGN) in the large-cap space, GW Pharmaceuticals (GWPH) and bluebird bio (BLUE) among mid-caps, and Flex Pharma (FLKS), Lion Biotechnologies (LBIO), Otonomy (OTIC), and Ignyta (RXDX) in the small-cap sector. Further, Schimmer stated that more names look "increasingly compelling" amid the selloff. NOTABLE DECLINERS: Alexion is lower by 2.53%, Celgene is down 4.32%, Amgen is declining 1.91%, Biogen (BIIB) is down 3.4%, and Gilead Sciences (GILD) is falling 2.22%. STOCKS TO WATCH: Other publicly traded companies in the pharmaceutical space include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY).
07:15 EDTABCAmerisourceBergen to host conference call
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07:03 EDTABCAmerisourceBergen to acquire PharMEDium Healthcare for $2.575B in cash
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07:02 EDTABCAmerisourceBergen to acquire PharMEDium Healthcare for $2.575B in cash
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October 4, 2015
19:07 EDTCAHCardinal Health sees Cordis acquisition adding more than 20c to FY17 EPS
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October 2, 2015
11:18 EDTABCMorgan Stanley downgrades select pharma stocks amid drug price scrutiny
Morgan Stanley downgraded several stocks in the pharmaceutical sector, dropping drugmakers Valeant (VRX), Gilead (GILD) and Regeneron (REGN) to Equal Weight from Overweight. The firm also downgraded specialty pharmacy Diplomat Pharmacy (DPLO) to Equal Weight and cut its rating on drug distributor AmerisourceBergen (ABC) to Underweight, the firm's equivalent of a sell rating. WHAT'S NEW: Democrats' scrutiny of high drug prices may continue, warned Morgan Stanley analyst David Risinger. As a result, it is hard to predict when Valeant, which generated 14% of its Q2 sales rise from price increases, will see its P/E multiple rise, Risinger believes. The company's lower multiple will hinder its ability to conduct M&A and swap or issue equity, according to Risinger, who set a $200 price target on the stock. Morgan Stanley analyst Matthew Harrison downgraded Gilead, noting that U.S. hepatitis C volume growth has dropped in the last few months. Although Harrison thinks that the U.S. hepatitis C market is still strong, he believes that the data could cause the Street to become concerned about Gilead's fourth quarter and 2016 outlook. He set a $127 price target on the shares. Harrison also downgraded Regeneron, stating his belief that two other drug makers, Alexion (ALXN) and Vertex (VRTX), have stronger near-term appreciation potential. He added that Regeneron has a number of potential negative catalysts, including drug pricing concerns and his belief, based on physician feedback, that the launch of the company's cholesterol drug, Praluent, could miss expectations. He set a $593 price target on the shares. AmerisourceBergen, which provides pharmaceutical sourcing and distribution service to healthcare providers, is the most levered to branded price inflation and that attribute could weigh on the shares, said Risinger, who cut his price target to $93 from $120 on the stock. The uncertain outlook for drug prices could keep the stock range-bound, added the analyst. PRICE ACTION: In morning trading, Valeant dropped 2.3% to $175.50, Gilead declined 1% to $97.26, Regeneron was flat near to $472 per share and AmerisourceBergen slid 1.3% to $93.25.
10:00 EDTABCOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AGCO (AGCO) downgraded to Underperform from Neutral at BofA/Merrill... AIG (AIG) downgraded to Market Perform with $63 target at FBR Capital... AmerisourceBergen (ABC) downgraded to Underweight from Equal Weight at Morgan Stanley... Astoria Financial (AF) downgraded to Hold from Buy at Sandler O'Neill... Capstone Turbine (CPST) downgraded to Hold from Buy at Craig-Hallum... Diplomat Pharmacy (DPLO) downgraded to Equal Weight from Overweight at Morgan Stanley... Fifth Third (FITB) downgraded to Neutral from Buy at Goldman... Gilead (GILD) downgraded to Equal Weight from Overweight at Morgan Stanley... Henkel (HENKY) downgraded to Neutral from Outperform at Exane BNP Paribas... Horsehead Holding (ZINC) downgraded to Perform from Outperform at Oppenheimer... LPL Financial (LPLA) downgraded to Sell from Neutral at UBS... MYR Group (MYRG) downgraded on electricity outlook at BB&T... Orion Marine (ORN) downgraded on reduced dredging awards at BB&T... QTS Realty Trust (QTS) downgraded to Hold from Buy at Stifel... Quanta Services (PWR) downgraded to Hold from Buy at BB&T... Regeneron (REGN) downgraded to Equal Weight from Overweight at Morgan Stanley... Ryanair (RYAAY) downgraded to Hold from Buy at HSBC... T. Rowe Price (TROW) downgraded to Neutral from Buy at UBS... Telekom Austria (TKAGY) downgraded to Hold from Buy at HSBC... Valeant (VRX) downgraded to Equal Weight from Overweight at Morgan Stanley.
08:37 EDTABCAmerisourceBergen downgraded to Underweight from Equal Weight at Morgan Stanley
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October 1, 2015
10:50 EDTMCK, CAHLeerink healthcare services analyst holds analyst/industry conference call
Analyst Larsen, along with Dan Steiber of D2 Pharma Consulting and James Kenney, Jr., of Harvard Pilgrim Health Care, discuss Hillary Care's potential impact to the Prescription Drug Supply Chain, the impact of the Medicaid rebate program and the uptake of bio-similars and generic launches in 2015 on an Analyst/Industry conference call to be held on October 2 at 12 pm.
08:04 EDTGSKPfizer completes acquisition of Nimerix, Mencevax from GSK
Pfizer (PFE) announced that it has completed the acquisition of GlaxoSmithKline's (GSK) quadrivalent meningococcal ACWY vaccines Nimenrix and Mencevax.
September 30, 2015
12:41 EDTGSKGlaxoSmithKline exercises option for Liquidia Technologies' inhaled therapeutics
Liquidia Technologies announced that GlaxoSmithKline has exercised its option under a Collaboration and Option Agreement signed in 2012 to exclusively license the right to research, develop, and commercialize inhaled therapeutics derived from the company's proprietary PRINT technology. Through this collaboration, Liquidia and GSK will continue to work together with the goal of advancing inhaled therapeutics into clinical studies. According to the agreement signed in June 2012, Liquidia was granted an upfront payment comprised of cash and equity, R&D funding, and potential development milestones and royalties. As a result of the GSK decision to exercise the option, Liquidia will receive an option fee, continued R&D funding, and potential product-based development and regulatory milestone payments. Liquidia has also retained the ability to independently develop an inhaled treatment for a particular disease field.
10:47 EDTCAH, MCK, ABCLeerink analyst/industry conference call date/time changed from October 8 10 am
Healthcare Distribution & Technology Larsen, along with Diplomat Pharmacy Chairman & CEO Hagerman and CFO & Secretary/Treasurer Whelan, provide industry insights including the potential impact of Hillary Care, the influence CMS may have on overall drug pricing and recent stock volatility on an Analyst/Industry conference call now being held at a new date and time of September 30 at 5 pm.
September 28, 2015
07:52 EDTGSKIIR Holdings to hold a conference
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September 27, 2015
16:58 EDTGSKGlaxoSmithKline, Theravance report Phase 3 data on Anoro Ellipta for COPD
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