Fri, Jun. 24, 8:02 AM| Fri, Jun. 24, 8:02 AM | 5 Comments
Wed, Jun. 22, 7:50 AM
- Dupont (NYSE:DD) and Bayer (OTCPK:BAYRY) are teaming up to invest in a new fund that will back agricultural technology startups, becoming the latest companies to pile into the multibillion-dollar industry as farm profits shrink.
- Along with venture capital firm Finistere Ventures and others, the two firms have launched a $15M accelerator fund, called Radicle, that will back early-stage agricultural-tech companies.
Mon, Jun. 20, 8:21 AM
- Ophthotech (NASDAQ:OPHT) hits its enrollment target in a Phase 3 clinical trial assessing lead product candidate, Fast Track-tagged Fovista (pegleranib), in combination with Regeneron Pharmaceuticals (NASDAQ:REGN) and Bayer's (OTCPK:BAYRY) Eylea (aflibercept) or Roche's (OTCQX:RHHBY) Avastin (bevacizumab) for the treatment of patients with wet age-related macular degeneration (wet AMD). According to ClinicalTrials.gov, the estimated study completion date is July.
- The event triggers a $30M milestone payment from ex-U.S. commercialization partner Novartis Pharma AG (NYSE:NVS). The company has earned $330M in upfront fees and milestones from Novartis to date. Going forward, it can earn an additional $300M in regulatory milestones and up to $400M in sales-base milestones plus royalties on ex-U.S. Fovista sales.
- The Fovista Phase 3 program consists of three clinical trials. Results from the first two, evaluating Fovista with Roche's Lucentis (ranibizumab), are expected in Q4.
- Fovista is an anti-platelet-derived growth factor (anti-PDGF) agent
- Previously: Ophthotech moving ahead with Fovista studies (May 11, 2015)
Fri, Jun. 17, 12:24 PM
- Bayer (OTCPK:BAYRY -0.9%) is in talks with investment banks about exploring strategic alternatives for its radiology supplies business, including a possible sale that could fetch more than $3B, Reuters reports.
- Bayer has said it does not need to sell assets to finance its $62B bid for Monsanto (MON +0.4%), and that the strategic reviews of its businesses would continue as usual.
Tue, Jun. 14, 6:57 PM
- UBS reiterates Monsanto (NYSE:MON) with a Buy rating but raises its stock price target to $122 from $97, as the firm now expects Bayer (OTCPK:BAYRY) to buy the company for at least that price.
- The firm says it is confident in the high value of MON's leading positions in seeds and pesticides, and believes Bayer easily could propose a higher price than $122, especially if MON agrees to provide more data.
- Separately, Bloomberg reports that MON and Argentina’s government have reached a final agreement on soybean seed royalty payments that is expected to be enacted by June 21, citing three government officials (earlier).
Fri, Jun. 10, 2:42 PM
- Monsanto (MON -1.5%) turns sharply lower following a WSJ report that it rejected a new takeover offer from Bayer (OTCPK:BAYRY -3.4%), in part because it did not include a higher price.
- Bayer recently sent a letter to MON seeking access to information which could prompt it to raise its $62B offer but MON refuses to grant access until Bayer raises its offer, according to the report.
- In the letter, Bayer reportedly said it had lined up financing for the deal and is confident any regulatory obstacles can be overcome.
Mon, Jun. 6, 8:21 AM
- A limited extension of the use of the pesticide glyphosate failed to attract a necessary majority among European Union nations, threatening withdrawal of Monsanto's (NYSE:MON) Roundup and other weedkillers from the continent if no decision is reached by the end of the month.
- After failing to win support in two meetings earlier this year for a proposal to renew the license for glyphosate for up to 15 years, the European Commission had offered a limited 12-18 month extension to allow time for further scientific study, but the compromise also failed to win the qualified majority needed for adoption, according to a spokesperson for Germany's government.
- The glyphosate reauthorization faces opposition amid conflicting data on whether it causes cancer (I, II, III).
- The failure to obtain a majority necessary does not necessarily mean that glyphosate will be removed from the EU market at the end of the month; under regular EU proceedings, the vote will be assessed by an appeals committee and could be sent back to the EC for a decision.
- The controversy also overhangs Bayer's (OTCPK:BAYRY) attempt to buy MON.
Fri, Jun. 3, 7:37 AM
- Bayer (OTCPK:BAYRY) and Espoo, Finland-based Orion expand their 2014 agreement to jointly develop BAY-1841788 (ODM-201) in prostate cancer, currently in Phase 3 development (ARAMIS study) for the treatment of high-risk non-metastatic castration-resistant prostate cancer.
- The new indication will be for the treatment of newly diagnosed metastatic hormone-sensitive prostate cancer, in combination with docetaxel, in men who are starting first-line hormone therapy.
- A Phase 3 study, called ARASENS, will begin enrolling patients in late Q4. The double-blind, placebo-controlled trial will randomize ~1,300 subjects 1:1 to receive either BAY-1841788 (ODM-201) or placebo in combination with an androgen deprivation therapy of the investigator's choice started no more than 12 weeks before randomization. The primary endpoint is overall survival.
- BAY-1841788 is an oral androgen receptor antagonist.
- Prostate cancer-related tickers: (NASDAQ:MDVN)(OTCPK:ALPMY)(NYSE:VRX)(NASDAQ:TTHI)(NASDAQ:EDAP)(NASDAQ:TKAI)(NYSE:JNJ)(NASDAQ:TSRO)(NYSE:AZN)(NASDAQ:EGRX)(NASDAQ:OGXI)
Thu, Jun. 2, 6:47 PM
- Bayer (OTCPK:BAYRY) has secured ~$63B in financing from five banks for its proposed acquisition of Monsanto (NYSE:MON), Bloomberg reports.
- Bayer has selected Bank of America, Credit Suisse, Goldman Sachs, HSBC and JPMorgan Chase to each provide ~$12.5B in short-term loans, with an option to be increased should Bayer decide to increase its current offer of $122/share, according to the report.
- A separate report from the German newspaper Handelsblatt said Bayer had secured €60B ($67B) in loans, which could be increased to €75B if it decides to raise its offer.
- Bayer appears to be attempting to ease MON's reported concerns about financing a deal, which would be the largest this year and biggest ever by a German company.
Tue, May 31, 12:19 PM
- Monsanto (MON +2.2%) pops to highs of the day amid chatter that Bayer (OTCPK:BAYRY +0.3%) will move to increase its $122/share takeover bid as early as this week.
- MON shares, already higher following a Sunday Times report suggesting the company could be receiving an improved takeover bid, extend gains after Street Insider reports Bayer is preparing to offer $135/share, citing "a source claiming to have knowledge of the situation."
- Now read Bloomberg: Bayer meeting with banks on Monsanto funding (May 27)
Fri, May 27, 5:38 PM
- Bayer (OTCPK:BAYRY) is close to selecting banks to arrange funding for its proposed acquisition of Monsanto (NYSE:MON) after the rejection of its initial $62B bid as too low, Bloomberg reports.
- Bayer likely will raise more than $40B in short-term bridge financing and most of the remainder in term loans, according to the report.
- Providing the terms of the funding may help ease MON’s concerns about financing and allow talks to advance on Bayer’s bid to become the world’s biggest supplier of farm chemicals and seeds.
Thu, May 26, 5:09 PM
- The FDA approves CSL Behring's AFSTYLA [Antihemophilic Factor (Recombinant) Single Chain], its long-acting recombinant factor VIII single-chain therapy for the treatment of adults and children with hemophilia A.
- AFSTYLA is indicated for routine prophylaxis to reduce the frequency of bleeding episodes with dosing of two-to-three times per week, on-demand treatment and control of bleeding episodes and the perioperative management of bleeding.
- Market launch will commence this summer.
- Hemophilia A-related tickers: (NYSE:BXLT)(OTCPK:BAYRY)(NASDAQ:BMRN)(NYSE:OPK)(NYSE:SNY)(NASDAQ:ALNY)(NASDAQ:BIIB)(NASDAQ:SGMO)(OTCQX:RHHBY)(NASDAQ:CBIO)
Thu, May 26, 7:31 AM
- The first patient has been dosed in AVEO Oncology's (NASDAQ:AVEO) Phase 3 clinical trial, called TIVO-3, assessing lead product candidate tivozanib compared to sorafenib [Bayer's (OTCPK:BAYRY) Nexavar] in patients with refractory advanced renal cell carcinoma (RCC) who have failed at least two prior regimens including vascular endothelial growth factor tyrosine kinase inhibitor (VEGFR-TKI) therapy (other than sorafenib).
- The 322-subject trial will randomize participants 1:1 to receive either tivozanib or sorafenib with no crossover between arms. The primary endpoint is progression-free survival at month 24. Top-line data are expected in Q1 2018.
- Tivozanib is an oral, once-daily, vascular endothelial growth factor (VEGF) tyrosine kinase inhibitor (TKI). It is designed to optimize VEGF blockade while minimizing toxic side effects. Sorafenib is a kinase inhibitor.
Wed, May 25, 2:21 PM
- Bayer (OTCPK:BAYRY -0.7%) could receive financing from the European Central Bank that would help to fund a takeover of Monsanto (MON +2%), according to a Reuters analysis of the terms of the ECB's bond-buying program.
- The ECB can buy bonds issued by companies that are based in the euro area, have an investment-grade rating and are not banks, provided that they are denominated in euros and meet certain technical requirements.
- The purpose for the bonds is not among the criteria set by the ECB, which will start buying corporate bonds on the market and directly from issuers next month, meaning that at at least in theory the ECB could buy debt issued by Bayer.
- Separately, Commerzbank upgrades Bayer to Buy from Hold, saying they like the "strategic rationale" of a MON takeover which could boost Bayer's adjusted earnings by 8% in the first full year after closing.
- Now read Monsanto upped to Buy at Jefferies, which sees Bayer deal "highly likely"
Wed, May 25, 9:14 AM
- Monsanto (NYSE:MON) +2.2% premarket as Jefferies upgrades shares to Buy from Hold with a $132 stock price target, raised from $95, seeing a $130/share or greater takeover by Bayer (OTCPK:BAYRY) as "highly likely."
- MON's response to Bayer "was far from a full-throated defense" and "benign enough to open the door for more productive discussions," Jefferies notes.
- The firm also believes favorable weather should drive price support for MON in 2017-20.
- Now read Bayer says it can meet Monsanto deal demands
Tue, May 24, 6:27 PM
- Bayer (OTCPK:BAYRY), responding to Monsanto's (NYSE:MON) earlier rejection of its $62B takeover offer, says it "remains committed to working together" to complete the deal and is "confident that we can address any potential financing or regulatory [concerns]" raised by MON.
- MON said earlier it regarded Bayer's $122/share offer as too low, but that it respects Buyer's business and believes in the potential benefits of a merger.
- MON "does not want to be acquired," but may give into pressure from its shareholders and accept an offer over $140/share, Bernstein analyst Jonas Oxgaard contends, while any deal below $140 is "reasonable" from Bayer's perspective, Deutsche Bank's Tim Race says.
Bayer is a global enterprise with core competencies in the fields of health care, nutrition and high-tech materials. At the same time Bayer creates value through innovation, growth and improved earning power. Bayer HealthCare AG researches, develops, manufactures and markets innovative products... More
Sector: Industrial Goods
Industry: Chemicals - Major Diversified
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