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News Breaks
May 14, 2014
08:32 EDTAZN, LGNDLigand signs research and licensing agreement with Omthera Pharmaceuticals
Ligand Pharmaceuticals (LGND) announced that it has entered into a licensing agreement and research collaboration with Omthera Pharmaceuticals, a wholly-owned subsidiary of AstraZeneca (AZN), for the development of products to treat dyslipidemia, including hypertriglyceridemia. The research collaboration will target the development of novel products that utilize the proprietary Ligand-developed LTP TECHNOLOGY to improve lipid-lowering activity of certain omega-3 fatty acids. Under the terms of the agreement, Ligand will be eligible to receive payments of up to $44.5M upon the achievement of specific milestones, as well as tiered royalties ranging from mid to high single digits of net sales. Omthera is solely responsible for all research and clinical development costs as well as commercialization of any product(s) derived from this collaboration.
News For LGND;AZN From The Last 14 Days
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August 4, 2015
16:10 EDTLGNDLigand appoints Matthew Korenberg as CFO
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16:08 EDTLGNDLigand sees second half of FY15 adj. EPS $1.29-$1.34
Sees second half of FY15 revenues $48.0M-$50.0M. Approximately one-third of this second half revenue and earnings outlook is projected for the Q3.
16:07 EDTLGNDLigand sees FY15 adj. EPS $3.45-$3.50, consensus $2.62
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16:05 EDTLGNDLigand reports Q2 adj. EPS $1.81, may not compare with one estimate 40c
Reports Q2 revenue $18.4M, one estimate $17.01M.
August 3, 2015
05:39 EDTAZNIsis Pharmaceuticals and AstraZeneca collaborate to develop antisense drugs
Isis Pharmaceuticals (ISIS) and AstraZeneca (AZN) announced a strategic collaboration to discover and develop antisense therapies for cardiovascular, metabolic and renal diseases. The new collaboration builds on a broad existing relationship between the two companies and supports AstraZeneca's strategic approach in these therapeutic areas using novel RNA-targeted treatments. It also enables Isis Pharmaceuticals to extend use of its antisense technology to diseases of the kidney. AstraZeneca will pay an upfront fee of $65M to Isis Pharmaceuticals plus development and regulatory milestones for each program that AstraZeneca advances to clinical development. Isis Pharmaceuticals is also eligible to earn tiered double-digit royalties on annual net sales for each program. This transaction is subject to clearances under the Hart-Scott Rodino Antitrust Improvements Act.
July 31, 2015
08:52 EDTLGNDAmgen results highlight Ligand royalty strength, says Roth Capital
Roth Capital notes Amgen (AMGN) reported Q2 Kyprolis sales of $119M compared to its estimate of $117M. The drug, alongside Promacta, represent the majority of Ligand's current royalty stream, the firm tells investors. It believes the growth of Kyprolis highlights Ligand's "strong core royalty bearing asset lineup." Roth keeps a Buy rating on the stock with a $135 price target.
July 30, 2015
09:10 EDTAZNAstraZeneca CEO: Acquisition purchasing prices 'pretty hefty,' Reuters reports
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09:01 EDTLGNDLigand enters license, supply agreement with Sanofi
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07:25 EDTAZNCharles River, AstraZeneca renew strategic partnership agreement
Charles River Laboratories International (CRL) announced that it has extended its initial three-year partnership with AstraZeneca (AZN) for an additional five-year period. Under the agreement, which extends into 2020, Charles River retains its position as AstraZeneca’s preferred strategic partner for outsourced regulated safety assessment and development DMPK.
05:57 EDTAZNRoche submits filing to FDA for companion diagnostic for NSCLC drug therapy
Roche announced it has submitted the cobas EGFR Mutation Test v2 for Premarket Approval, or PMA, to the FDA, as a companion diagnostic test for AZD9291, an AstraZeneca (AZN) investigational therapy for non-small cell lung cancer patients with an acquired resistant mutation. Patients with non-small cell lung cancer who have adenocarcinoma with tumor containing an EGFR sensitizing mutation show significant benefit from currently available EGFR TKI therapies. However, approximately two-thirds of these patients will relapse and develop drug resistance. In many cases, this resistance is caused by an acquired mutation called T790M. The cobas EGFR v2 test can aid clinicians to appropriately select NSCLC patients who have acquired the T790M mutation and are most likely to benefit from AstraZeneca's novel therapy.
July 28, 2015
07:20 EDTAZNBrookings Institute to hold a public meeting
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July 27, 2015
05:25 EDTAZNGenzyme acquires Caprelsa from AstraZeneca for $300M
Genzyme, a Sanofi (SNY) company, announced that it has entered into a definitive agreement with AstraZeneca (AZN) to acquire Caprelsa, a rare disease therapy, indicated for the treatment of symptomatic or progressive medullary thyroid carcinoma in patients with unresectable locally advanced or metastatic disease. Caprelsa is an oral kinase inhibitor treatment and is currently available in 28 countries. Caprelsa is in Phase III development for differentiated thyroid carcinoma, with the study expected to finish in the second half of 2015. Under the terms of the agreement, Genzyme will pay AstraZeneca up to $300M, including an upfront payment of $165M to acquire the global rights to sell and further develop Caprelsa, and further development and sales milestone payments of up to $135M. The transaction does not include the transfer of any AstraZeneca employees or facilities.
July 24, 2015
12:44 EDTLGNDAmgen announces FDA approval of expanded Kyprolis indication
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12:27 EDTLGNDFDA approves expanded use of Kyprolis in multiple myeloma patients
The FDA announced that on July 24 the administration approved carfilzomib, or Kyprolis, marketed by Onyx Pharmaceuticals, an Amgen (AMGN) subsidiary, in combination with lenalidomide and dexamethasone for the treatment of patients with relapsed multiple myeloma who have received one to three prior lines of therapy. The revised labeling includes new Warnings and Precautions for VTE, cardiac toxicities, acute renal failure, pulmonary toxicities, and hypertension. The increased safety risks, including mortality, for elderly patients is described. Detailed safety information in the prescribing information was also updated for use of carfilzomib monotherapy. Reference Link
09:02 EDTLGNDLigand says Revolade recommended by CHMP for EU approval for SAA
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July 22, 2015
13:58 EDTAZNPiper cuts Array target by only 50c after failed trial
Piper Jaffray analyst Edward Tenthoff says selumetinib for Uveal Melanoma is a small indication and represented only a small part of his valuation for Array BioPharma (ARRY). As such, after partner AstraZeneca (AZN) announced that selumetinib failed in the Phase III trial, the analyst cut his price target for Array by only 50c to $14.50. The primary drivers for Array remain binimetinib and encorafenib in NRAS and BRAF melanoma and low-grade serous ovarian cancer, the analyst tells investors in a research note. He keeps an Overweight rating on the stock.
09:07 EDTAZNOn The Fly: Pre-market Movers
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05:12 EDTAZNAstraZeneca says Phase 3 study of selumetinib did not meet primary endpoint
AstraZeneca (AZN) announced that the Phase 3 SUMIT study of selumetinib in combination with dacarbazine for the treatment of patients with metastatic uveal melanoma did not meet its primary endpoint of progression free survival. This combination therapy showed an adverse event profile generally consistent with current knowledge of the safety profiles of dacarbazine and selumetinib. A full evaluation of the data is ongoing. Selumetinib is a MEK inhibitor in late-stage development, with a primary Phase 3 program in second-line KRAS-mutant advanced non-small cell lung cancer in combination with docetaxel. Selumetinib is also being investigated in a Phase 3 study in differentiated thyroid cancer and in a Phase 2 registration study in patients with neurofibromatosis Type 1. Selumetinib is an oral small molecule MEK inhibitor invented by Array BioPharma (ARRY) and licensed to AstraZeneca in 2003.

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