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Jul. 28, 2015, 2:38 AM
- So what's Allergan (NYSE:AGN) doing with all that cash from the Teva deal? CEO Brent Saunders plans to use the money to increase the size of the firm's existing drug business, expand into new therapy areas and pursue larger deals.
- When asked if Allergan planned to spend the cash within 18 months, Saunders replied that he would, as long as the company could maintain its investment-grade credit rating.
- Possible targets: Biogen (NASDAQ:BIIB), AbbVie (NYSE:ABBV) and Amgen (NASDAQ:AMGN).
- Previously: Teva to buy Allergan Generics for $40.5B (Jul. 27 2015)
Jul. 27, 2015, 9:14 AM
Jul. 27, 2015, 7:09 AM
- Mylan (NASDAQ:MYL) drops 12% premarket on increased volume in response to Teva's (NYSE:TEVA) $40.5B deal for Allergan's (NYSE:AGN) generics business, dashing investors' hopes that it would pursue its hostile bid for Mylan.
- In a statement, Mylan reaffirms its interest in Perrigo. A vote on the combination by Mylan shareholders is expected to happen in the next few weeks.
Jul. 27, 2015, 5:29 AM
- Besides for its recent deal with Teva, Allergan (NYSE:AGN) said on Sunday it would acquire biotech company Naurex, which is developing a fast-acting antidepressant.
- "Depression remains one of the largest unmet areas of medical need. When you think about existing therapies, they have modest effects with lots of side effects," said Brent Saunders, Allergan's chief executive.
- The $560M all-cash transaction is expected to close by year-end.
Jul. 27, 2015, 5:19 AM
- Teva Pharmaceuticals (NYSE:TEVA) has agreed to buy the generic-drug business of Allergan (NYSE:AGN) for about $40.5B in cash and stock, ending its effort to acquire rival Mylan (NASDAQ:MYL).
- Allergan will receive $33.75B in cash and shares in Teva valued at $6.75B, giving it a 10% stake in the enlarged company.
- The acquisition further extends a wave of mergers that has swept over the healthcare industry. Pharmaceutical deals so far this year have topped $180B, on pace to beat the $200B announced in 2014.
- TEVA +12.1% premarket
Jul. 27, 2015, 3:40 AM| Jul. 27, 2015, 3:40 AM
Jul. 26, 2015, 6:37 AM
- Teva Pharmaceuticals (NYSE:TEVA) is in advanced talks to buy Allergan's (NYSE:AGN) generic drug business following an unsuccessful effort to acquire Mylan (NASDAQ:MYL), WSJ reports.
- A deal for the business, valued at about $45B, could be announced as early as Monday and would extend the recent wave of mergers that has swept over the healthcare industry.
- Previously: Bloomberg: Allergan thinking of selling/spinning off generics business (Jul. 24 2015)
Jul. 24, 2015, 6:42 PM
- Allergan (NYSE:AGN) is "leaning toward keeping [its] branded-drugs business and spinning off or selling parts or all of [its] generics business," sources tell Bloomberg. The drug giant is said to be working with advisors on a potential plan.
- Bloomberg adds it's "unclear" if Allergan has found a potential buyer for the generics business, which accounts for about a third of its revenue. The company is 4 months removed from closing its merger with Actavis.
- AGN +1% AH to $311.24. Q2 results arrive on Aug. 6.
Jul. 21, 2015, 11:07 AM
- CymaBay (CBAY) initiated with Overweight rating and $4 (58% upside) price target by Piper Jaffray.
- Seres Therapeutics (MCRB -10.3%) initiated with Neutral rating and $36 (5% downside risk) price target by Goldman Sachs.
- Catabasis Pharmaceuticals (CATB +2.5%) initiated with Outperform rating and $27 (93% upside) price target by Wedbush.
- Cellectis (CLLS -2.9%) initiated with Buy rating and $50 (33% upside) price target by BofA Merrill Lynch.
- Zeltiq Aesthetics (ZLTQ -1%) initiated with Overweight rating and $35 (13% upside) price target by Piper Jaffray.
- Lantheus (LNTH +5.4%) initiated with Outperform rating and $10 (38% upside) price target by Credit Suisse.
- Allergan (AGN -1%) downgraded to Outperform from Top Pick by RBC Capital. Price target maintained at $361 (14% upside).
Jul. 13, 2015, 7:56 AM
Jul. 7, 2015, 7:52 AM
- Allergan (NYSE:AGN) acquires the worldwide rights to Merck's (NYSE:MRK) investigational small molecule oral calcitonin gene-related peptide (CGRP) receptor agonists which are under development for the treatment and prevention of migraine.
- Under the terms of the agreement, Allergan will pay Merck an upfront fee of $250M, half when the deal clears antitrust review and half in April 2016. Merck will be eligible for development and commercial milestones and tiered double-digit royalties. Allergan will be responsible for the full development costs of the CGRP programs as well as manufacturing and commercialization.
- Specifically, Allergan obtains the rights to two CGRP receptor agonists:
- MK-1602, for the acute treatment of migraine. A Phase 2 study was just completed. After discussing the results with the FDA, a Phase 3 trial should begin in 2016.
- MK-8031, for the prevention of migraine. A Phase 2 trial is expected to commence in 2016.
- In July 2011, Merck discontinued development of an earlier oral CGRP antagonist, Telcagepant (MK-0974), due to potential liver toxicity. MK-1602 and MK-8031 belong to a different chemical series than Telcagepant and have shown no evidence of liver toxicity.
- Migraines affect ~36M Americans.
Jul. 6, 2015, 8:38 AM
- Allergan (NYSE:AGN) acquires South San Francisco-based Oculeve, a development stage device firm focused on treatments for dry eye disease, a condition that affects ~25M Americans. Its lead program is OD-01, a non-invasive neurostimulation device that increases tear production. Allergan intends to conduct two additional pivotal studies prior to FDA submission in 2016. Commercial launch is expected to commence in 2017.
- Under the terms of the deal, Allergan will make an upfront payment of $125M plus commercial milestones specific to OD-01.
- Allergan's 2015 EPS forecast remains unchanged.
Jun. 25, 2015, 8:14 AM
- The Court of Appeal in the UK rules that Eli Lilly's (NYSE:LLY) patent for its Alimta (pemetrexed) vitamin regimen would be indirectly infringed by certain alternate salt forms of pemetrexed proposed by potential competitor Actavis (NYSE:AGN). Lilly's UK patent is in effect until June 2021.
- The Court also held that there is no difference between the law in the UK and that in France, Italy and Spain as it relates to indirect infringement. This reverses the High Court's decision granting declarations of noninfringement over the Alimta vitamin regimen patents in those countries.
- Actavis may seek an appeal to the UK Supreme Court. It may also ask the High Court if a different proposed product would infringe the patent, as it has stated it may do.
- The compounded patents for Alimta will provide exclusivity through December 2015 in Europe. If the Court of Appeal's ruling holds, there is a strong likelihood that the vitamin regimen patents will provide exclusivity in France, Italy and Spain through June 2021.
- Alimta is Lilly's number two seller after Humalog, generating $2.7B in sales the past four quarters.
Jun. 19, 2015, 9:47 AM
- Kythera Biopharmaceuticals (KYTH) announces the commercial availability of Kybella (deoxycholic acid) injection in the U.S. Kybella is the first and only FDA-approved non-surgical treatment for reducing submental fullness, commonly known as double chin.
- The cost to physicians will be $300 per vial or $1,200 for a four-vial pack. The average dose will be 2-3 vials per treatment session (4-6 mL) so patients will need a purse as ample as their extra chin. If the doctor's cost is $600 - 900, then the patient's cost will be a multiple of this.
- The company was just acquired by Allergan (NYSE:AGN) for $75 per share or ~$2.1B.
Jun. 17, 2015, 8:29 AM
- Allergan (NYSE:AGN) acquires Kythera Biopharmaceuticals (NASDAQ:KYTH) for $75 per KYTH share in a cash-and-stock transaction valued at ~$2.1B, specifically 80% in cash and 20% in AGN shares. The deal is expected to be breakeven in 2016 and accretive thereafter.
- Kythera's sole marketed product is Kybella (deoxycholic acid) for the non-surgical contouring of moderate-to-severe submental fullness (double chin). It was cleared by the FDA in April. A key product candidate in development is KYTH-105 (setipiprant) for the prevention of male pattern baldness.
- Allergan will host a conference call this morning at 8:30 am ET to discuss the deal.
- KYTH is up 22% premarket on robust volume.
Jun. 9, 2015, 10:55 AM
- CVS Health (CVS -0.1%) initiated with Outperform rating and $115 (16% upside) price target by Macquarie.
- Galapagos (GLPG -3%) initiated with Overweight rating and $73 (36% upside) price target by Morgan Stanley.
- LifePoint Health (LPNT) initiated with Conviction Buy rating and $92 (25% upside) price target by Goldman Sachs.
- BioMarin Pharmaceutical (BMRN -2.2%) initiated with Overweight rating and $150 (24% upside) price target by Barclays.
- Universal Health Services (UHS +0.2%) initiated with Neutral rating and $140 (10% upside) price target by Goldman Sachs.
- Amsurg (AMSG -0.5%) initiated with Buy rating and $81 (17% upside) price target by Goldman Sachs.
- Momenta Pharmaceuticals (MNTA -2.6%) initiated with Buy rating and $26 (18% upside) price target by Stifel Nicolaus.
- Actavis (ACT -0.6%) initiated with Outperform rating and $344 (16% upside) price target by Raymond James.
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