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November 15, 2015
18:13 EDTPFEAllergan, Pfizer targeting late November merger deal, FT says
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November 13, 2015
13:57 EDTPFEAppeals court vacates decision invalidating Medicines Co. Angiomax patents
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11:12 EDTPFEPiper sees Pfizer profiting from Allergan deal, worth $50/share even without one
An acquisition of Allergan (AGN) by Pfizer (PFE) would increase the latter company's profits in 2016-2017 and lift its earnings by a large amount by 2019, wrote research firm Piper Jaffray in a note to investors today. WHAT'S NEW: By 2019, an acquisition of Allergan would increase Pfizer's earnings per share by 13%-16%, estimated Piper analyst Richard Purkiss. The deal would be profitable for Pfizer as early as 2016, the analyst believes. Excluding any acquisition, Pfizer is worth over $50 per share, well above analysts' average price target of $40, Purkiss believes. He kept a $52 price target and Overweight rating on Pfizer. WHAT'S NOTABLE: Yesterday dealReporter, noting that an acquisition of Allergan by Pfizer would be "a giant inversion deal," asserted that the U.S. Treasury could look to take steps to limit or discourage those types of transactions. On November 6, research firm Bernstein said that Allergan's strong results, coupled with the weakness of drug stocks, could cause Allergan to be reluctant to sell itself to Pfizer in the near-term. As a result, the firm thinks that the odds of a deal getting done may be lower than many believe. It kept a $385 price target and Outperform rating on Allergan. PRICE ACTION: In late morning trading, Pfizer rose fractionally to $33.47 and Allergan added 1.3% to $303.87.
11:02 EDTCELGCelgene calls active on renewed takeover chatter
Celgene November weekly 111 and 112 calls are active on total call volume of 9K contracts (3K puts) on renewed takeover chatter. November weekly call option implied volatility is at 82, November is at 42, December is at 35; compared to its 52-week range of 23 to 54. Active call volume suggests traders taking positions for large price movement.
10:58 EDTCELGRumor: Celgene moves up on renewed takeover chatter
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10:49 EDTTEVAMylan jumps, Perrigo plunges after hostile takeover bid fails
Shares of Mylan (MYL) jumped after the company's offer to acquire Perrigo (PRGO) failed. Perrigo shares fell after the news. WHAT'S NEW: Mylan's approximately $26B hostile takeover offer for Perrigo officially fell through Friday morning, ending a seven-month ordeal between the two companies. Mylan said that only about 40% of Perrigo's shares were tendered by the company's stockholders, falling short of the 50% required for an acquisition, forcing the offer to lapse after failing to meet its goal by the established deadline. In response to the news, Perrigo Chief Executive Officer Joseph Papa said he was "delighted" that his company's shareholders rejected the offer. "We have said all along that this offer from Mylan was a bad deal for our shareholders, as it significantly undervalued our durable business model and industry-leading future growth prospects," Papa said. Perrigo added that it will immediately commence its previously announced $2B share buyback and that it intends to complete $500M of the planned repurchase by the end of the year. WHAT'S NOTABLE: On July 27, Teva (TEVA) withdrew a takeover offer for Mylan amid Mylan's talks with Perrigo. The Israeli pharmaceutical company opted instead to purchase Allergan's (AGN) generics business. Commenting on its failure to buy Perrigo, Mylan Executive Chairman Robert Coury said in a statement that while the company viewed Perrigo as a "unique and exciting company," it was not required for the future success of the company. Coury said, "We are well-positioned to quickly execute on the next strategic, value-enhancing opportunities for our business, some of which we have already identified." STREET RESEARCH: Citi analyst Liav Abraham upgraded Mylan to Buy and raised her price target for shares to $59 from $52, saying that an overhang has been removed since the company's hostile attempt to buy Perrigo has fallen through. Abraham argued that a combination of the two companies would have been both destructive to both earnings and value for Mylan and that the failed bid will increase management's optionality to pursue other value-enhancing opportunities and enable investors to focus on the company's base business. In addition, RBC Capital Markets analyst Randall Stanicky confirmed a Sector Perform rating for both Mylan and Perrigo with price targets of $60 and $176, respectively. Stanicky said he expects Mylan's stock to gain 10%-15% towards $50 as a result of the news, while Perrigo will probably see a pull-back into the low $140s. The analyst added that the removal of the Mylan bid will drive initial weakness for Perrigo's shares but that the stock can settle close to its current levels. PRICE ACTION: In morning trading, Mylan rallied 12.5% to $48.60 and Perrigo fell 6.92% to $145.72. OTHERS TO WATCH: Teva shares trading in New York increased 0.26%, Allergan was up 0.66%, and Endo (ENDP), with which Reuters reported Perrigo held unsuccessful takeover talks, gained 5.56%.
09:39 EDTALKSLeerink biotech analyst holds an analyst/industry conference call
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09:37 EDTAZNClovis down 3% after FDA approves AstraZeneca lung cancer drug
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09:34 EDTAZNFDA approves Roche's cobas EGFR Mutation Test
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09:31 EDTAZNFDA approves AstraZeneca non-small cell lung cancer treatment
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06:54 EDTPFEPiper sees Pfizer worth over $50/share on standalone basis
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November 12, 2015
13:45 EDTPFEPfizer, Allergan talks could set off further Treasury action, dealReporter says
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09:02 EDTPRXLPAREXEL, KPU announce joint program for clinical research
PAREXEL International Corporation and Kyoto Pharmaceutical University, or KPU, a private pharmacy and science university, today announced the new Joint Program for Clinical Research and Clinical Trial Management. The academic program offers undergraduate students an accredited, seven-week course designed to prepare them for careers in the biopharmaceutical industry. The collaboration is intended to meet the needs of a growing number of Japanese biopharmaceutical companies conducting clinical research inside and outside of Japan as part of global drug development initiatives. The course combines PAREXEL's extensive regulatory and clinical research expertise with Kyoto Pharmaceutical University's extensive experience developing highly-specialized research abilities in their "pharmacist-scientists" students. All classes will be conducted in English by non-Japanese lecturers from the PAREXEL Academy and are consistent with global clinical trial standards and practices. The first session begins in KPU's fiscal year 2016 and will be offered annually.
November 11, 2015
07:56 EDTPFE, ACORBoston Biotech Conferences to hold a conference
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07:02 EDTTEVAEagle expects to report RYANODEX study results over next few weeks
"We are preparing for three important events at Eagle over the next several weeks, including reporting the results of our clinical study for RYANODEX in Exertional Heat Stroke shortly," said Scott Tarriff, president and CEO of Eagle Pharmaceuticals (EGRX). "Thereafter, we are awaiting approval of two products with December PDUFA dates: our rapidly infused bendamustine product, and our recently licensed Docetaxel Injection Concentrate, Non-Alcohol Formula, which has the potential to be the first alcohol-free docetaxel formulation approved in the US. Looking further ahead, we may receive approval of RTU bivalirudin in March 2016 and our tentatively approved liquid bendamustine in the 500ml bag on May 1st, 2016. Regarding rapidly infused bendamustine, we believe our commercial partner, Teva (TEVA), will convert most or all of the market quickly in what we expect will be a promising launch in 2016. Regarding our other products, with a highly-talented commercial team now in place, we are able to capitalize on the exciting opportunities that lie ahead in order to deliver long term value to shareholders."
November 10, 2015
18:40 EDTPFEAllergan CEO says some peers 'deserve' pricing scrutiny, Bloomberg reports
In a Bloomberg TV interview Tuesday, Allergan (AGN) CEO Brent Saunders said certain drugmakers "deserve" recent scrutiny over drug price hikes. "There are a few companies that were very aggressive and perhaps took it too far, and deserve the attention they are getting. I think it's good. Transparency helps solve some of these issues," said the CEO. Asked whether he would be interested in acquiring embattled Valeant (VRX), Saunders said, "The things we look to buy are really first-in-class drugs, growth assets. There are a few of those in Valeant but there are also a lot of older medicines." Other companies that have received attention on the issue include Retrophin (RTRX), Pfizer's (PFE) Hospira, and Mallinckrodt (MNK). Reference Link
17:34 EDTPFEPfizer, Allergan considering Saunders as CEO of combined company, Bloomberg says
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08:03 EDTALKSAlkermes price target raised to $82 from $75 at Morgan Stanley
Morgan Stanley analyst David Risinger raised his price target for Alkermes to $82 after adding ALKS 8700 for multiple sclerosis into his model. Risinger assumes launch in 2019 and 2020 sales of $240M. The analyst is also "bullish" on ALKS-5461 into this winter's human abuse liability trial results. He expects '5461, being studied for treatment-resistant depression, to show a limited risk of abuse potential relative to buprenorphine. Risinger believes Alkermes' pipeline is progressing and reiterates an Overweight rating on the name. Leerink analyst Paul Matteis last week raised his price target for Alkermes to $84. The biopharmaceutical company focused on central nervous system disorders closed yesterday up 13c to $72.12.
06:21 EDTAZNDr. Reddy's Labs aware of TRO passed by Court for generic esomeprazole product
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06:03 EDTAZNPiper sees Biotech fundamentals as 'strong' despite pricing chatter
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