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News Breaks
June 1, 2014
13:22 EDTSGEN, ABBV, RHHBYSeattle Genetics announces data from several collaborator ADC programs
Seattle Genetics (SGEN) announced data from several collaborator antibody-drug conjugate, ADC, programs presented at the American Society of Clinical Oncology, ASCO, 50th Annual Meeting being held May 30 to June 3, 2014 in Chicago, IL. AbbVie (ABBV) presented preliminary data from an ongoing phase 1 clinical trial evaluating the ADC ABT-414 in combination with temozolomide in glioblastoma, and Genentech, a member of the Roche Group (RHHBY), is presenting data from five ADC programs, including two oral presentations. In addition, Progenics presented data from an ADC program under evaluation for castration-resistant prostate cancer. All of the collaborator programs utilize Seattle Genetics’ ADC technology. “Researchers at Seattle Genetics have identified and optimized novel components that are fundamental to creating antibody-drug conjugates, including potent cell-killing agents and conditionally stable linker systems,” said Jonathan Drachman, M.D., Chief Medical Officer and Executive Vice President, Research and Development at Seattle Genetics. “Our collaborators are making great progress in advancing novel ADC candidates as evidenced by the encouraging data presentations at ASCO. Seattle Genetics continues to lead the field in developing ADC candidates, which demonstrate the therapeutic potential of our technology broadly through both our proprietary and collaborator programs.”
News For SGEN;ABBV;RHHBY From The Last 14 Days
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July 16, 2014
11:23 EDTRHHBYRoche Alzheimer drug shows mixed results in trial, NYT says
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07:59 EDTABBVTreasury Secretary urges Congress to take action on tax inversions
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06:26 EDTRHHBYBristol-Myers lung cancer trials being underestimated, says Citigroup
After building a statistical model of Bristol-Myers' two critical registration trials for Opdivo in lung cancer, Citigroup believes the market is "materially" underestimating both Phase III trials. Citi says potential Opdivo FDA approval in 2015 in lung cancer would give Bristol-Myers an up to two year lead time versus Merck (MRK) and Roche (RHHBY). The firm estimates 2023 Opdivo revenue at $7B and reiterates a Buy rating on Bristol with a $60 price target.
July 15, 2014
05:37 EDTRHHBYGenentech Avastin granted priority review by FDA
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July 14, 2014
16:30 EDTABBVOn The Fly: Closing Wrap
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16:18 EDTABBVShire shareholders should support latest AbbVie offer, Telegraph says
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11:20 EDTRHHBYExelixis seen as potential target for Roche, TheStreet says
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09:34 EDTABBVAbbVie falls after revised Shire acquisition proposal, levels to watch
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09:16 EDTABBVOn The Fly: Pre-market Movers
HIGHER: Citigroup (C), up 3.6% after reporting better than expected Q2 results, announcing $7B settlement with DOJ and FDIC... Apple (AAPL), up 0.7% after Barclays upgrades stock to Overweight, Morgan Stanley raises Apple estimates above consensus... Shire (SHPG), up 1.6% after receiving revised proposal from AbbVie (ABBV) of GPB 53.20 per share, which it says it would be willing to recommend to Shire shareholders. AbbVie is down 2.8% after the news... Mylan (MYL), up 4% after acquiring Abbott's (ABT) non-U.S. developed markets specialty and branded generics business in all-stock transaction valued at about $5.3B. Abbott up 1.6% after the news... Progenics (PGNX), up 13% after FDA says RELISTOR can be approved on data submitted in sNDA... Exelixis (EXEL), up 13% after announcing coBRIM Phase 3 trial met primary endpoint... URS (URS) up 8% after acquired by AECOM Technology (ACM) for $56.31 per share. AECOM shares alos up 2% after deal announcement... Whiting Petroleum (WLL), up 4.5% after agreeing to acquire Kodiak Oil & Gas (KOG) in a $6B transaction. Kodiak Oil & Gas up 3%... Kandi Technologies (KNDI), up 11% after announcing JV's sale of 4,114 EVs in Q2. LOWER: Riverbed (RVBD), down 4.5% after saying it sees its Q2 adjusted EPS at low end of 26c-28c range... Harmonic (HLIT), down 13% after reporting preliminary Q2 earnings results.. EBay (EBAY), down 0.5% after downgraded at Pacific Crest, confirming partnership plans with Sotheby's (BID).
05:27 EDTABBVShire receives revised proposal from AbbVie of GPB 53.20 per share
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July 13, 2014
17:10 EDTABBVShire said to seek bid of near 53 pounds per share from AbbVie, Reuters says
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July 11, 2014
16:46 EDTABBVStocks end week lower on European, Fed concerns
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14:13 EDTABBVShire, AbbVie didn't commit to further talks, Dow reports
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13:58 EDTABBVShire confirms meeting with AbbVie representatives
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11:54 EDTABBVAbbVie, Shire in active takeover talks, Bloomberg reports
AbbVie (ABBV) and Shire (SHPG) are in active talks about a potential merger after AbbVie raised its takeover offer for a fourth time, Bloomberg reports, citing people with knowledge of the matter. The talks are in the early stage and may not lead to an agreement, sources told Bloomberg. Shares of Shire are up 5%, or $12.04, to $250.65 following the report.
11:34 EDTABBVShire jumps 5% after Bloomberg report on talks with AbbVie
11:33 EDTABBVShire, AbbVie held talks after latest raised takeover offer, Bloomberg says
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06:29 EDTABBVAbbVie encourages largest Shire shareholders to pursue talks, Bloomberg says
Shire (SHPG) is hearing from its largest shareholders who are encouraging the company to come to the table and work out an agreement with AbbVie (ABBV), according to Bloomberg, citing three people familiar with the matter. AbbVie is targeting Shire in a $51.1B takeover offer. Reference Link
July 10, 2014
10:02 EDTRHHBYRoche unit, Merck KGaA to develop companion test for cancer treatment
Ventana Medical Systems, a member of the Roche Group (RHHBY), announced it has entered into an agreement with Merck KGaA (MKGAY), which operates as EMD Serono in the United States and Canada, to collaborate with Merck KGaA's biopharmaceutical division on the development and commercialization of a companion diagnostic for an undisclosed target using Ventana's proprietary diagnostic assays.
09:40 EDTABBVAbbVie, Shire not holding talks at this point as deadline approaches, CNBC says
AbbVie (ABBV) and Shire (SHPG) are not holding talks at this point, according to CNBC's David Faber, citing sources. Shire confirmed two days ago that it has received AbbVie's latest, raised takeover offer and that its board will meet to consider the proposal.
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