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August 21, 2014
16:40 EDTSCMPSucampo announces exclusive manufacturing, supply agreement for Lubiprostone
Sucampo Pharmaceuticals (SCMP) announced that its subsidiary, Sucampo AG, has signed an exclusive global manufacturing and supply agreement, or EMSA, with its manufacturing and development partner, R-Tech Ueno, for clinical and commercial supplies of AMITIZA, or lubiprostone, in most global markets. Under the new EMSA, Sucampo receives a new, lower price for certain components of or finished product of lubiprostone globally, except for the U.S. and Canada until the collaboration and license agreement with Takeda Pharmaceutical Company (TKPYY), expires in December 31, 2020, and except for Japan until the manufacturing and supply agreement for Japan expires or certain material circumstances occur. Additionally, under the EMSA Sucampo has the right to qualify a back-up supplier for lubiprostone in expanded circumstances, such as an authorized generic, additional formulations, and/or inability to supply product in certain circumstances, among others. The new EMSA supersedes the current manufacturing and supply agreements with R-Tech except in those situations noted above and is effective as of January 1.
News For SCMP From The Last 14 Days
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September 3, 2015
10:04 EDTSCMPOn The Fly: Analyst Initiation Summary
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07:27 EDTSCMPSucampo initiated with a Market Perform at Leerink
Leerink analyst Jason Gerberry started shares of Sucampo Pharmaceuticals with a Market Perform rating and $28 price target. Gerberry views the stock as fully valued and prefers to wait for a better entry point.
August 27, 2015
09:12 EDTSCMPSucampo price target raised to $36 from $31 at H.C. Wainwright
H.C. Wainwright said Sucampo's proposed acquisition of its supplier R-Tech Ueno is about "a lot more" than just lower costs and direct control over the supply chain, noting that Sucampo will also acquire several early pipeline assets via the deal. The firm, which contends that the market has "yet to fully comprehend the impact of this acquisition," raised its price target on Sucampo shares to $36 from $31.
August 26, 2015
07:47 EDTSCMPSucampo to host conference call
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06:19 EDTSCMPSucampo launches tender offer to acquire R-Tech Ueno for $278M
Sucampo Pharmaceuticals announced the launch of an all-cash tender offer in Japan by Sucampo's Japanese subsidiary and the execution of a separate share purchase agreement with certain shareholders of R-Tech Ueno to acquire all outstanding shares of R-Tech Ueno for a total consideration of JPY33 billion, or approximately $278M, inclusive of approximately $54M in cash and 2.5M Sucampo shares, held by R-Tech Ueno. The purchase price reflects a 16% premium over R-Tech Ueno's one-month volume weighted average price and a 16% premium over R-Tech Ueno's three-month volume weighted average price. Assuming a successful completion of the acquisition, for full year 2016, excluding amortization and debt costs related to the proposed transaction, Sucampo expects to achieve net income of $55M to $60M , earnings per share of $1.20 to $1.30, and adjusted EBITDA of $95M to $100M. In addition, Sucampo expects to achieve pre-tax operational synergies of approximately $5M on an annualized basis in 2016. Sucampo does not expect the acquisition to have a material impact on 2015 results given the expected timing of transaction close. R-Tech Ueno is a Japanese pharmaceutical company that manufactures AMITIZA for Sucampo and Sucampo's commercialization partners, Takeda Pharmaceuticals, Mylan N.V. and Harbin Gloria Pharmaceuticals. R-Tech Ueno also receives revenue from sales of RESCULA in Japan. In addition, the company has a diverse pipeline of drug candidates in various stages of development in gastroenterology, ophthalmology, autoimmune and inflammatory diseases, and oncology. In the tender offer, which has been unanimously approved by the Board of Directors of both companies, Sucampo's Japanese subsidiary Sucampo Pharma, LLC will offer JPY1,900 per share in cash for the shares of R-Tech Ueno. Sucampo is expecting to acquire 56% of the outstanding shares of R-Tech Ueno in the tender offer. Separately, Sucampo has entered into agreement with R-Tech Ueno's founders and a related entity to acquire the remaining 44% of R-Tech Ueno shares for JPY1,400 per share; the closing of this share purchase is conditioned on the closing of the tender offer. The tender offer period is expected to end on October 13, 2015, assuming the tender offer achieves the minimum acceptance threshold, regulatory approvals and other customary conditions, subject to our right to extend the offer. Following completion of the tender offer and the closing of the share purchase agreement with the founders, Sucampo will acquire all remaining outstanding shares of R-Tech Ueno not acquired through the tender offer through a squeeze-out process. The squeeze out process may take up to 13 weeks to complete. The aggregate acquisition price of R-Tech Ueno will be approximately $278 million. Sucampo expects to close the acquisition in the fourth quarter of 2015.
August 24, 2015
09:45 EDTSCMPOn The Fly: Analyst Initiation Summary
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07:29 EDTSCMPSucampo initiated with a Buy at H.C. Wainwright
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