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Wed, Oct. 22, 9:19 AM| 1 Comment
Tue, Oct. 21, 11:19 AM
Mon, Oct. 6, 10:44 AM
- Privately-held Sunnyvale-CA-based Icon Bioscience announces that the last patient has completed treatment in its pivotal Phase 3 clinical trial of IBI-10090. The firm expects to report top-line data this quarter.
- IBI-10090 is a controlled sustained-release formulation of dexamethasone based on the company's Verisome drug delivery platform. It is administered via a single injection into the anterior chamber of the eye immediately following cataract surgery.
- Some eye therapy-related tickers: (NASDAQ:EYEG)(ALIM)(OTCQX:RHHBY +0.5%)(ABT +1.3%)(OHRP -0.3%)(AKRX +1.1%)(OCUL +1.4%)(NVS +0.2%)(AERI +0.7%)(AGN -0.2%)(REGN)(AAVL +0.4%)
Wed, Oct. 1, 6:36 PM
- Akorn (AKRX -3.8%) acquires the rights to the short-acting bronchodilator Xopenex (levalbuterol HCI) Inhalation Solution from Sunovion Pharmaceuticals for $45M in cash, net of certain liabilities.
- The transaction will add $18M - 20M to Akorn's top line and $0.07 - 0.08 to EPS in 2015 excluding the impact of acquisition-related amortization.
- Per IMS Health, the U.S. market for the branded and generic versions of Xopenex is ~$280M.
Thu, Sep. 11, 4:07 PM
- Akorn (AKRX +3.4%) is supposedly exploring a bid for the U.S. subsidiary of Belgian drugmaker UCB SA, generics firm Kremers Urban Pharmaceuticals, for as much as $2B.
- The transaction would enable it to move its tax domicile overseas.
- According to accounting firm PricewaterhouseCoopers, Akorn's current effective tax rate of ~37% is significantly higher than the industry average of ~23%.
Tue, Aug. 5, 8:47 AM
- Akorn (NASDAQ:AKRX) preliminary Q2 results: Revenues: $150.7M (+95.7%); Gross Profit: $76.7M (+82.2%); Operating Expenses: $60.4M (+205.1%); Operating Income: $16.3M (-26.9%); Net Income: $8.5M (-32.5%); EPS: $0.07 (-36.4%); Quick Assets: $107.9M (+215.5%); Cash Burn: ($3.6M) (-124.8%).
- 2014 Guidance: Revenues: $580M - 600M; GAAP net income: $63M - 69M; GAAP EPS: $0.53 - 0.58; non-GAAP net income: $118 - 125M; non-GAAP EPS: $1.00 - 1.05; CAPEX: $35 - 40M.
Tue, Aug. 5, 6:05 AM
Tue, Aug. 5, 1:53 AM
- The Federal Trade Commission has given U.S. antitrust approval to Akorn's (NASDAQ:AKRX) acquisition of prescription drug-maker VersaPharm on condition that Akorn sell its rights to make a generic version of the tuberculosis drug rifampin.
- Akorn entered into a definitive agreement in May to purchase VersaPharm for $440M.
- Watson Laboratories, a subsidiary of Actavis (NYSE:ACT), has agreed to buy Akorn's rights to rifampin.
- ACT +1.5% AH
Mon, Aug. 4, 5:30 PM
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Fri, Jun. 20, 12:06 PM
- Citing a poor strategic fit with its focus on niche dosage forms, Akorn (AKRX +3.3%) sells its subsidiary ECR Pharmaceuticals to Valeant Pharmaceuticals (VRX +2.9%) for $41M in cash and the assumption of certain liabilities. Akorn acquired the branded drug maker when it purchased Hi-Tech Pharmacal last year.
Fri, May. 9, 11:10 AM
- Akorn (AKRX +3.8%) enters into a definitive agreement to acquire VPI Holdings, the parent company of VersaPharm for $440M cash.
- VersaPharm is a privately-held maker of multi-source prescription drugs focused on niche applications in dermatology, TB and hemophilia. It has a pipeline of over 20 products and 11 ANDAs under regulatory review.
- The acquisition is expected to add $90M - 100M in revenues and $0.10 - 0.12 in EPS, excluding certain items. Akorn will fund the purchase with debt.
Tue, May. 6, 10:07 AM
- Akorn (AKRX -0.7%) revenues: $90.6M (+22.6%); operating income: $23.4M (+25.8%); net income: $9.8M (-9.3%); EPS: $0.08 (-20.0%); cash and equiv at quarter end: $45.6M (+33.3%); CF Ops: $23.4M (+239%).
- 2014 guidance: total revenues: $540M - 560M; gross margin: 52 - 54%; net income: $51M - 53M, CAPEX: $45M - 55M.
Tue, May. 6, 7:02 AM
Mon, May. 5, 5:30 PM
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Thu, Apr. 17, 4:44 PM
- Actavis (ACT) buys four currently-marketed products from Akorn (AKRX) and one more under development for cash. The transaction is contingent on the consummation of Akorn's acquisition of Hi-Tech Pharmacal (HITK).
- The products on the market are: Ciprofloxacin Hydrochloride Ophthalmic Solution, Levofloxacin Ophthalmic Solution, Lidocaine Hydrochloride Jelly and Lidocaine/Prilocaine Topical Cream.
- The FTC stipulated that Akorn divest the products as a condition of its approval of the Hi-Tech transaction.
- Financial terms are not disclosed.
Tue, Apr. 15, 2:16 PM
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