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August 11, 2014
11:58 EDTLLY, MNKD, NVO, SNYMannKind rallies after inking licensing agreement with Sanofi
Shares of MannKind (MNKD), a development-stage biopharmaceutical company, are rallying after the company announced that it has formed an exclusive licensing agreement for the development and commercialization of Afrezza inhaled insulin with drug giant Sanofi (SNY). WHAT'S NEW: MannKind and Sanofi this morning said they would develop and commercialize Afrezza for adults with diabetes. The companies plan to launch Afrezza in the United States in the first quarter of 2015. Under the terms of the agreement, MannKind will receive an upfront payment of $150M and potential milestone payments of up to $775M. Sanofi will be responsible for global commercial, regulatory and development activities, while MannKind will manufacture Afrezza at its manufacturing facility in Danbury, Connecticut. The companies are also planning to collaborate to expand manufacturing capacity to meet global demand as necessary. Sanofi and MannKind will share profits and losses on a global basis, with Sanofi retaining 65% and MannKind receiving 35%. Sanofi has agreed to advance to MannKind its share of the collaboration's expenses up to a limit of $175M, the companies said. WHAT'S NOTABLE: MannKind also reported its second quarter earnings this morning. Second quarter losses per share were (19c), missing analysts' consensus expectation of (12c). Total operating expenses for the quarter were $69.8M versus $41.6M in the year-ago period and research and development expenses increased by $10.2M to $37.3M compared to the same quarter in 2013. ANALYST REACTION: Piper Jaffray, which has a Neutral rating on MannKind shares, views the Sanofi partnership as "impressive" given the "meaningful" upfront payment, shared economics and an advance of expenses. Piper believes investors will view the partnership and terms favorably. PRICE ACTION: Near noon, MannKind shares were up 91c, or 11%, to $9.04, while Sanofi shares were up 7c, or 0.1%, to $52.39. OTHERS TO WATCH: Novo Nordisk (NVO) and Eli Lilly (LLY) also make fast-acting insulin.
News For MNKD;SNY;NVO;LLY From The Last 14 Days
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December 1, 2015
11:41 EDTSNYSanofi downgraded to Equal Weight from Overweight at Morgan Stanley
10:00 EDTLLYOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Alcatel-Lucent (ALU) upgraded to Outperform from Neutral at Credit Suisse... Allstate (ALL) upgraded to Neutral from Sell at Citi... Campbell Soup (CPB) upgraded to Buy from Hold at Argus... Cenovus Energy (CVE) upgraded to Neutral from Sell at Goldman... Computer Programs (CPSI) upgraded to Hold from Sell at Deutsche Bank... Concho Resources (CXO) upgraded to Strong Buy from Outperform at Raymond James... Conn's (CONN) upgraded to Buy from Hold at Stifel... Delta Lloyd (DLLLY) upgraded to Neutral from Underweight at JPMorgan... Eli Lilly (LLY) assumed with an Overweight from Equal Weight at Barclays... HF Financial (HFFC) upgraded to Buy from Hold at Sandler O'Neill... Johnson & Johnson (JNJ) upgraded to Overweight from Equal Weight at Barclays... KPN (KKPNY) upgraded to Buy from Neutral at Nomura... Merck (MRK) assumed with an Overweight from Equal Weight at Barclays... Monsanto (MON) upgraded to Overweight from Neutral at Atlantic Equities... Nokia (NOK) upgraded to Outperform from Neutral at Credit Suisse... Parkway Properties (PKY) upgraded to Buy from Hold at Stifel... Pioneer Natural (PXD) upgraded to Strong Buy from Outperform at Raymond James... Rackspace (RAX) upgraded to Outperform from Sector Perform at RBC Capital... TerraForm Power (TERP) upgraded to Outperform from Perform at Oppenheimer... Windstream (WIN) upgraded to Outperform from Market Perform at Raymond James... Yum! Brands (YUM) upgraded to Outperform from Market Perform at Cowen.
09:34 EDTLLYBarclays biopharmaceuticals analysts hold analyst/industry conference call
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08:40 EDTNVOXOMA announces license agreement with Novo Nordisk
XOMA (XOMA) announced it has exclusively licensed the global development and commercialization rights to its XMetA program of allosteric monoclonal antibodies that up-regulate the insulin receptor to Novo Nordisk A/S (NVO). Under the terms of the agreement, XOMA retains commercialization rights for rare disease indications. Novo Nordisk has an option to add these additional rights in rare diseases to its license. XOMA will receive $5.0M in the form of an upfront payment, and the agreement includes up to $290.0M in additional potential development, regulatory and commercial milestones. In addition, XOMA is eligible to receive tiered royalties on product sales.
08:38 EDTSNYSanofi launches 24-count tablet pack of Priftin for LTBI
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07:54 EDTNVOLeerink to hold a bus tour
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07:46 EDTSNYFDA and the Parental Drug Association to co-host a conference
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06:15 EDTSNYUnitedHealth unit prefers Sanofi, Regeneron cholesterol shot, Bloomberg says
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05:43 EDTLLYEli Lilly assumed with an Overweight from Equal Weight at Barclays
Barclays analyst Geoff Meacham upgraded Eli Lilly (LLY) to Overweight after assuming coverage of the name. Good execution for Cyramza and Jardiance should drive continued share outperformance, Meacham tells investors in a research note. He raised his price target for shares to $95 from $75. Lilly closed yesterday down $1.43 to $82.22. The analyst this morning also upgraded Johnson & Johnson (JNJ) and Merck (MRK) to Overweight and downgraded AbbVie (ABBV) to Equal Weight.
November 30, 2015
08:28 EDTSNYSanofi has a conference call hosted by JPMorgan
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08:16 EDTSNYPieris Pharmaceuticals achieves payment milestone in Sanofi collaboration
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November 29, 2015
19:37 EDTSNYSanofi working with Lazard to explore sale of animal health unit, Reuters says
Lazard (LAZ) is working with Sanofi (SNY) to prepare a sale or listing of the company's Merial animal health division, which could value the unit at up to $12.7B, reports Reuters, citing sources. The investment bank is expected to land the lead advisory role for the potential deal, sources told Reuters, which added that the sale would play a "pivotal role" in getting Sanofi "back on track." Reference Link
November 24, 2015
14:43 EDTLLYEli Lilly confirms FDA approval of Portrazza
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11:48 EDTLLYFDA approves Portrazza to treat NSCLC
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05:23 EDTSNYSanofi, Regeneron announce Praluent ODYSSEY OUTCOMES trial enrollment complete
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November 20, 2015
08:08 EDTMNKDMannKind CEO steps down, Alfred Mann appointed as interim CEO
MannKind announced that Hakan Edstrom has stepped down as the president, CEO and as a director of MannKind. The board of MannKind appointed Alfred Mann as interim CEO, effective November 19. Mann will continue to serve as the Executive Chairman of the company. A committee of the board will commence an immediate search for a successor CEO.
06:09 EDTSNYSanofi, AstraZeneca to exchange more than 210,000 compounds
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November 19, 2015
06:34 EDTLLYEli Lilly, Merck expand immuno-oncology collaboration
Eli Lilly (LLY) and Merck (MRK) announced the extension of an existing collaboration to evaluate the safety and efficacy of the combination of Lilly's Alimta and Merck's Keytruda in a pivotal Phase III study in first-line nonsquamous non-small cell lung cancer, or NSCLC. The study will be sponsored by Merck and will be open to patients with NSCLC in the first-line setting, regardless of PD-L1 status. Financial details of the collaboration were not disclosed. The expansion of this oncology clinical trial collaboration comes following the release of encouraging data from a Phase I study, presented earlier this year at the 16th World Congress on Lung Cancer, which evaluated pemetrexed, carboplatin and pembrolizumab in first-line nonsquamous NSCLC.
November 18, 2015
08:11 EDTSNY, LLYIMS Health forecasts global drug spending to increase 30% by 2020 to $1.4T
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06:09 EDTLLYValeant's Addyi sees hardly any sales, Bloomberg says
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