Pernix Therapeutics Holdings (NASDAQ:PTX) finalizes its acquisition of the U.S. commercial rights to GlaxoSmithKline's (NYSE:GSK) Treximet (sumatriptan/naproxen sodium). Pernix has expanded its sales force to 100 to support the marketing of the product which it plans to launch next month.
Under the terms of the deal, Pernix paid GSK an upfront payment of $250M, an additional payment of $17M upon the resolution of the recent supply constraint and royalty payments of 18% of sales (minimum: $4M/qtr). GSK assigned the product development and commercialization agreement (PDC Agreement) between GSK and Pozen (NASDAQ:POZN) to Pernix.
GasLog (NYSE:GLOG) +3% premarket after reporting in-line Q2 earnings, better than expected Q2 revenues, and a strong outlook for coming years.
GLOG says it estimates contracted charter revenues to rise from $145.4M for FY 2013 to $424.2M for FY 2017 based on contracts in effect as of June 30, 2014 for the eight LNG carriers delivered in 2010, 2013 and through June 30, six LNG carriers acquired from a subsidiary of BG Group and four LNG carriers on order for which time charters have been secured.
GLOG says it has 15 vessels on the water vs. eight at the end of Q1; of the 15, 14 are on multi-year charters.
Sees the medium to long-term outlook for LNG shipping as very positive, and anticipates significant opportunities as the expected ramp-up of new liquefaction capacity around the world is projected to outstrip the number of ships currently on order.
Vestas Wind (OTCPK:VWDRY) reports Q2 net profit of €94M ($125M), compared to a loss of €62M in the same period last year, bringing the wind turbine maker halfway to its first annual profit since 2010.
Q2 EBIT rose to €104M from €12M a year ago; operating margin before special items rose to 7.8% from 1% a year earlier, and Vestas expects EBIT margin to reach at least 6% for the year, up a percentage point from previous guidance.
Q2 revenue totaled €1.34B, up 13% Y/Y from €1.185B; free cash flow was -€21M, which was expected because of a payment to the offshore wind business it divested.
Orders in the quarter gained 18% to 1,932 MW; shipments increased 27% to 1,457 MW.
Reiterates FY 2014 forecasts for revenue of at least €6B and a minimum of €300M of free cash flow.
The 187K square foot cold storage facility and dry warehouse located in Arlington, IL is 100% leased through 2019 to a specialty food importer and distributor. Year 1 NOI should be about $1.5M with annual rent escalations built into the lease. The initial cap rate is 8.1%, and the annualized straight-line cap rate is 8.4%.
Bristol-Myers Squibb (NYSE:BMY) and Celgene (NASDAQ:CELG) collaborate in a Phase 1 clinical trial to evaluate the safety, tolerability and preliminary efficacy of a combination regimen of Bristol-Myers' Opdivo (nivolumab) and Celgene's Abraxane (paclitaxel) as a treatment for HER-2 negative metastatic breast cancer, pancreatic cancer and non-small cell lung cancer (NSCLC).
Opdivo is a cancer immunotherapeutic that uses the body's own immune system to fight cancer while Abraxane works by interfering with cancer cells' ability to divide. The trial will explore if the combination of the two agents leads to an enhanced anti-tumor response.
The clinical trial is slated to begin in Q4 and will be run by Celgene. HER-2 negative breast cancer patients will be treated with Abraxane and Opdivo, pacreatic cancer patients will be treated with the combination plus gemcitabine and NSCLC patients will be treated with the combination plus carboplatin.
Northrop Grumman (NYSE:NOC), Scaled Composites and Virgin Galactic are developing a preliminary design and flight demonstration plan for DARPA's (Defense Advanced Research Projects Agency's) experimental spaceplane XS-1 program.
In addition to its reusable boosters which will afford low-cost launches, the XS-1 will serve as a test-bed for new generation hypersonic aircraft.
Northrop Grumman is defining its concept for XS-1 under a 13-month, phase one contract valued at $3.9M.