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News Breaks
July 15, 2014
07:35 EDTLLY, BMY, MRK, PRGOPerrigo potential buyers list could be limited, says Jefferies
After Globes reported that Perrigo retained an investment bank to assist with a potential merger, Jefferies says the list of potential buyers could be limited since the store brand business is fundamentally a high volume, lower margin model. The firm notes U.S. companies that currently do not have large over-the-counter divisions include Bristol-Myers (BMY), Eli Lilly (LLY) and Merck (MRK). Jefferies views the merger speculation surrounding Perrigo as not surprising given the company's strong long-term fundamentals and attractive Irish domicile. It has a Buy rating on the stock with a $160 price target.
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July 15, 2014
08:06 EDTLLYAnthera Pharmaceuticals to host conference call
Management discusses the acquisition of Sollpura (liprotamase) for Exocrine Pancreatic Insufficiency from Eli Lilly & Company on a conference call to be held on July 15 at 8:30 am.
07:48 EDTPRGOPerrigo could be acquired, says RBC Capital
After Globes suggested that Perrigo has hired an investment bank to sell the company. RBC Capital thinks the company has several attributes that could appeal to potential acquirers, including its ability to serve as an inversion vehicle. However, the firm believes that Perrigo could also acquire another company instead. RBC Capital keeps a $160 price target and Outperform rating on the shares.
07:35 EDTLLY, PRGO, MRK, BMYPerrigo potential buyers list could be limited, says Jefferies
After Globes reported that Perrigo retained an investment bank to assist with a potential merger, Jefferies says the list of potential buyers could be limited since the store brand business is fundamentally a high volume, lower margin model. The firm notes U.S. companies that currently do not have large over-the-counter divisions include Bristol-Myers (BMY), Eli Lilly (LLY) and Merck (MRK). Jefferies views the merger speculation surrounding Perrigo as not surprising given the company's strong long-term fundamentals and attractive Irish domicile. It has a Buy rating on the stock with a $160 price target.
05:47 EDTLLYEli Lilly announces results from five datasets from Alzheimer's disease study
Eli Lilly announced results from an analyses of five datasets evaluating the relationship between cognitive and functional impairment in patients with mild Alzheimer's disease in the natural course of the disease. Analysis findings demonstrate that cognitive deficits predict subsequent functional deficits and suggest that cognitive decline experienced by patients is followed by an observable related decline in function, consistent with previously proposed hypotheses. These data were presented today at the Alzheimer's Association International Conference 2014 in Copenhagen, Denmark as part of the featured research session, "Statistics in the Race against Alzheimer's Disease." Hong Liu-Seifert, Ph.D., study research advisor at Eli Lilly stated, "These data support the concept that decline in cognition is later reflected in changes in function. This suggests that with treatments that target the underlying neuropathology of disease, effects on function may take longer to observe in clinical studies. Currently available scales were not developed to assess subtle functional changes or treatment effects on these deficits in patients with early or mild Alzheimer's disease, and there is debate as to how much variability exists in these scales globally. Therefore, we support discussion of alternative ways to demonstrate clinical meaningfulness in early or mild Alzheimer's disease."
July 14, 2014
16:45 EDTLLYAnthera Pharmaceuticals acquires Sollpura from Eli Lilly
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16:30 EDTPRGOOn The Fly: Closing Wrap
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10:49 EDTPRGOPerrigo hires bank, seeks merger with large peer, Globes says
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10:48 EDTPRGOPerrigo calls active on circulation of Globes report
Perrigo July 145, 150 and 155 calls are active on total call volume of 1500 contracts (300 puts) following the circulation of Globes report. July call option implied volatility 50, August is at 40, November is at 31; compared to its 26-week average of 29 according to Track Data. Active call volume suggests traders taking positions for large near term price movement.
10:38 EDTPRGOPerrigo move higher attributed to circulation of Globes report
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07:23 EDTLLYAlzheimer's Association to hold a conference
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July 13, 2014
13:11 EDTLLYLilly study finds combination therapy better in removing amyloid-beta protein
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July 11, 2014
10:00 EDTPRGOOn The Fly: Analyst Downgrade Summary
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09:15 EDTPRGOPerrigo downgraded to Equal Weight from Overweight at Morgan Stanley
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July 10, 2014
16:12 EDTMRKMedivation names Dawn Svoronos as Chief Commercial Officer
Medivation (MDVN) announced Dawn Svoronos has been appointed as its chief commercial officer, reporting to David Hung, M.D., founder, CEO and president of Medivation. Svoronos currently is a member of Medivation's Board of Directors and is a former president of Europe and Canada for Merck & Co. (MRK), where she oversaw commercial operations in approximately 30 EU and EU accession countries. Svoronos will lead Medivation's commercial organization on an interim basis and will participate in the company's search for a permanent chief commercial officer. Cheryl Cohen, Medivation's former chief commercial officer, has left the company to pursue other opportunities.
12:43 EDTBMYBristol-Myers announces plans for Q3 submission of Opdivo BLA
Bristol-Myers Squibb announced earlier that, following discussions with the FDA, the company is planning a Q3 submission of a Biologics Licensing Application for Opdivo for previously treated advanced melanoma. This will mark the second tumor type for which Bristol-Myers Squibb has a regulatory submission underway for Opdivo in the U.S. “We continue to collaborate closely with the FDA on Opdivo and the planned submission in advanced melanoma represents an important step forward in our company’s commitment to deliver innovative treatment options for patients with cancer,” said Michael Giordano, MD, Head of Oncology Development, Bristol-Myers Squibb. The advanced melanoma BLA is based on data from Checkmate -037, a multinational, multicenter, randomized open-label Phase 3 trial evaluating Opdivo compared to dacarbazine or carboplatin/paclitaxel in patients with unresectable or metastatic melanoma who have been previously treated with Yervoy and, if BRAF-mutation positive, a BRAF inhibitor regimen. Bristol-Myers Squibb has proposed the name Opdivo, which, if approved by health authorities, will serve as the trade name for nivolumab.
10:46 EDTPRGOPerrigo management to meet with Guggenheim
Meeting to be held in New York on July 16 hosted by Guggenheim.
July 8, 2014
13:46 EDTLLYSanofi files patent infringement suit against Eli Lilly, Reuters says
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08:49 EDTPRGOPerrigo receives final approval for ibuprofen and phenylephrine tablets from FDA
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07:20 EDTBMYBristol-Myers price target lowered to $55 from $62 at Leerink
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07:17 EDTBMY, MRKLeerink raises immuno-oncology market forecast to $36B
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