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News Breaks
June 9, 2014
11:29 EDTIDIX, GILD, JNJ, ABBV, ACHNHCV players moving after Merck buys Idenix
Shares of several companies that have developed hepatitis C, or HCV, treatments are rising after one such company, Idenix (IDIX), agreed to be acquired by Merck (MRK). Meanwhile, shares of Gilead (GILD) are falling after an analyst wrote that Merck could be in a better position to extract royalties from Gilead following the acquisition. WHAT'S NEW: Merck and Idenix reported this morning that Idenix would be acquired by Merck for $24.50 per share or $3.85B. The purchase price is more than triple the company's closing price on Friday. Idenix has developed a number of HCV treatments. In an interview with Reuters, Merck's R&D chief, Roger Perlmutter said that Indenix's experimental drug, IDX21437, could cure patients with every genotype of HCV within four to six weeks, the news service reported. Currently viewed by many as the leading HCV treatment, Gilead's Solvaldi must be taken for 12 weeks by most patients, according to Gilead's website. REACTION: In an article published by The Street today, blogger Adam Feuerstein wrote that Achillion Pharmaceuticals (ACHN), which has developed its own HCV drugs, could be the next takeover target in the space. Like Gilead's Sovaldi, Achillion's ACH-3422 is a nucleotide, Feurstein noted. After CNBC reported that Johnson & Johnson (JNJ) and Abbvie (ABBV) both made unsuccessful bids for Idenix, Feurstein believes that investors are betting that Achillion could be acquired by Johnson & Johnson or Abbvie. Meanwhile, in a note to investors earlier today, Dr. Joshua Schimmer, an analyst at research firm Piper Jaffray, wrote that some investors believe that Merck acquired Idenix partly to strengthen its hand in patent litigation against Gilead. Patents were likely a key factor in Merck's purchase of Idenix, but analysts have always expected Gielad to pay Merck a royalty on Sovaldi sales, the analyst wrote. Moreover, Sovaldi is likely to constitute a much lower percentage of Gilead's HCV sales going forward as the company develops new combination therapies, Schimmer contended. He kept an Overweight rating on the stock. PRICE ACTION: In late morning trading, Achillion climbed 39% to $4, Gilead dropped 4% to $79, and Idenix soared 230% to $24.
News For IDIX;GILD;JNJ;ABBV;ACHN From The Last 14 Days
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September 23, 2014
10:54 EDTABBVStocks, analysts react to Treasury inversion crackdown
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09:13 EDTABBVOn The Fly: Pre-market Movers
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08:07 EDTJNJ, GILDFDA Pediatric Advisory Committee to hold a meeting
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08:03 EDTABBVAbbVie to present several oncology pipeline studies
AbbVie announced that data from several clinical studies evaluating potential new medicines in the company's oncology pipeline will be presented at the upcoming 2014 European Society of Medical Oncology Annual Congress, September 26-30, in Madrid, Spain. Data being presented include results from a Phase 2 study evaluating the safety and efficacy of veliparib, or ABT-888, a poly polymerase inhibitor, in combination with two broad-acting chemotherapeutic medicines in patients with non-small cell lung cancer. Results from a Phase 1 study of ABT-414 in patients with newly diagnosed glioblastoma multiforme will also be presented during an oral presentation. Reference Link
September 22, 2014
09:15 EDTGILDIntercept recent weakness a buying opportunity, says Summer Street
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07:50 EDTJNJDoctors continue to use morcellators despite FDA warning, J&J halt, WSJ says
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07:07 EDTJNJSynageva appoints Robert Bazemore as COO
Synageva announced the appointment of Robert Bazemore as Chief Operating Officer. Bazemore will oversee the planned global commercial launch of the company's lead program, sebelipase alfa for LAL Deficiency, and will have responsibility for the company's global commercial, market access and medical affairs operations. Bazemore last served at Johnson & Johnson (JNJ) in varoius roles including Vice President, Ethicon New Growth Platforms and President of Janssen Biotech, a part of the Janssen Pharmaceutical Companies of Johnson & Johnson.
September 19, 2014
11:26 EDTGILDStocks with call strike movement; TSLA GILD
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09:37 EDTGILDActive equity options trading on open
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06:25 EDTGILDGilead granted marketing aurhotization from European Commission for Zydelig
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06:11 EDTGILDGilead price target raised to $139 from $111 at Citigroup
Citigroup raised its price target for Gilead shares to $139 saying management looks "very optimistic" that FY15 hepatitis C treatment volumes could be up substantially over FY14 rates globally. Citi also expects recent buybacks to boost Q4 earnings substantially and that future stock buybacks will drive appreciation. The firm keeps a Buy rating on Gilead.
September 18, 2014
12:12 EDTGILDStocks with call strike movement; PIR GILD
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11:15 EDTABBVRepros sinks after panel backs tests for testosterone therapies
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08:17 EDTGILDGilead trial failure not material, says FBR Capital
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06:10 EDTABBVFDA panel votes 20-1 to study changes to testosterone therapies
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September 17, 2014
11:52 EDTGILDStocks with call strike movement; X GILD
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08:36 EDTJNJJanssen-Cilag announces results from post-hoc canagliflozin analysis
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08:12 EDTJNJJanssen-Cilag announces results from Phase 3 Invokana trial
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06:04 EDTGILDGilead's simtuzumab Phase 2 study for pancreatic cancer does not meet endpoint
Gilead announced results from a Phase 2 study evaluating simtuzumab, an investigational inhibitor of lysyl oxidase-like-2, in combination with gemcitabine for patients with previously untreated advanced pancreatic cancer. In the study, the addition of simtuzumab to gemcitabine did not significantly increase progression-free survival compared to placebo plus gemcitabine. There was no difference in adverse events between patients taking simtuzumab versus placebo. Simtuzumab is being evaluated in several ongoing Phase 2 trials, including for advanced colorectal cancer, myelofibrosis, as monotherapy for idiopathic pulmonary fibrosis, and for liver fibrosis. Other agents in Gileadís oncology pipeline are currently being evaluated in clinical trials for the treatment of pancreatic cancer.
September 16, 2014
07:31 EDTJNJEuropean Association for Study of Diabetes to hold annual meeting
50th Annual Meeting of EASD to be held in Vienna, Austria on September 15-19.
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