Bristol-Myers Squibb CompanyNYSE
Tue, Jul. 19, 10:50 AM
- Prompted by moderating growth from traditional drug sales, large cap drug/biotech firms have their sights set on developers of cancer therapies, in particular immunotherapies, to boost both their top and bottom lines. Roche (OTCQX:RHHBY -1.5%), Amgen (AMGN +0.1%), Sanofi (SNY -1.3%) and Gilead Sciences (GILD -1.2%) are all actively on the prowl for acquisitions.
- Medivation (MDVN +0.1%), with its prostate cancer drug Xtandi (enzalutamide), is currently in play. Sanofi has been the most aggressive with two unsuccessful bids, but Pfizer (PFE) and Celgene (CELG -0.6%) are supposedly interested.
- Analysts say Incyte (INCY -0.4%), with polycythemia vera and myelofibrosis drug Jakafi (ruxolitinib), and Seattle Genetics (SGEN -0.8%), with lymphoma drug Adcetris (brentuximab vedotin), are the most attractive takeover targets.
- Recent transactions include AbbVie's (ABBV -0.3%) buyout of Stemcentryx, Jazz Pharmaceuticals' (JAZZ -0.8%) takeout of Celator Pharmaceuticals and Bristol-Myers Squibb's (BMY -0.2%) acquisition of Cormorant Pharmaceuticals.
Tue, Jul. 5, 7:34 AM
- Bristol-Myers Squibb (NYSE:BMY) acquires Stockholm, Sweden-based Cormorant Pharmaceuticals, a developer of therapies for cancer and rare diseases. Its lead product candidate is Phase 1/2-stage HuMax-IL8, a monoclonal antibody that binds to interleukin-8 (IL-8), a potentially complementary immuno-oncology mechanism of action to T-cell-directed antibodies and co-stimulatory molecules. IL-8 is expressed by many solid tumors withing the tumor microenvironment which suppresses the immune system and enhances their ability to metastasize.
- Under the terms of the transaction, Cormorant will receive upfront and near-term milestone payments of up to $95M and additional milestones up to $425M.
Wed, Mar. 23, 7:24 AM
- Bristol-Myers Squibb (NYSE:BMY) inks a deal to acquire all the outstanding stock of privately held, Cambridge, MA-based Padlock Therapeutics, a biotech firm that develops therapies for autoimmune disorders. Padlock's principal asset is its Protein/Peptidyl Arginine Deiminase (PAD) inhibitor discovery program, initially focused on rheumatoid arthritis (RA) but with potential in other autoimmune diseases including systemic lupus erythematosus.
- PADs are a family of enzymes that produce autoantigens that play key roles in the development and progression of RA and other autoimmune diseases. Inhibiting PADs can potentially stop the progression of autoimmune disorders early in their evolution.
- Under the terms of the transaction, BMY will pay upfront and near-term contingent milestone payments of $225M and up to $375M in development and regulatory milestones. The transaction should close in Q2.
Dec. 18, 2015, 4:37 AM
- GlaxoSmithKline (NYSE:GSK) has agreed to pay Bristol-Myers Squibb (NYSE:BMY) up to $1.5B to acquire the U.S. company's pipeline of HIV drugs.
- The deal will boost ViiV Healthcare, Glaxo's HIV unit in which Pfizer (NYSE:PFE) and Shionogi (OTCPK:SGIOY) are junior partners, with the hope of returning to earnings growth in 2016.
- Revenue from the HIV business increased 65% in Q3, offsetting falling sales elsewhere in the company's large pharmaceuticals unit.
- Update: Glaxo's purchase includes both late stage and preclinical/discovery stage assets. The late stage asset purchase consists of an upfront payment of $317M, milestones up to $518M and tiered royalties on net sales. The preclinical/discovery asset purchase consists of an upfront payment of $33M, milestones up to $587M and tiered royalties on net sales.
- The two independent transactions should be completed in H1 2016.
- GSK will host a conference call this morning at 9:00 am ET to discuss the deal.
Dec. 8, 2015, 5:20 PM
- Bristol-Myers Squibb (NYSE:BMY) completes its previously announced acquisition of privately held Cardioxyl Pharmaceuticals. The deal includes the rights to Cardioxyl's lead product candidate, CXL-1427, a prodrug in Phase 2 development for the treatment of acute decompensated heart failure.
- Previously: Bristol-Myers buys Cardioxyl Pharma for up to $2.1B (Nov. 2)
Nov. 4, 2015, 12:48 PM
- Johnson & Johnson (JNJ) acquires privately held Novira Therapeutics, a clinical stage biopharmaceutical firm developing therapies to cure chronic hepatitis B infection within one year of treatment, for an undisclosed sum. The transaction should close this quarter.
- Novira's lead product candidate is NVR 3-778, a orally available, small molecule, direct-acting antiviral that inhibits the HBV core or capsid protein. HBV core is an attractive drug target since it is plays a key role in viral replication and survival. NVR 3-778 disrupts the HBV life cycle by inducing the assembly of defective capsids. According to the company, its inhibitors, when used in combination with current standard-of-care drugs (nucleosides and interferon), should deliver greater and faster suppression of viral DNA and new virus production.
- Selected HBV-related tickers: (ARWR +2.1%)(GILD -1%)(CTRV -3.2%)(ABUS +2.6%)(DVAX -1.8%)(MRK +0.7%)(SNY -0.8%)(GSK +0.1%)(ISIS +2.1%)(ALNY +3.1%)(BMY -0.6%)
Nov. 2, 2015, 7:50 AM
- Bristol-Myers Squibb (NYSE:BMY) acquires privately held Cardioxyl Pharmaceuticals for up to $2.08B. The Chapel Hill, NC-based firm develops nitroxyl therapeutics for the treatment of cardiovascular disease. Its lead product candidate is the second generation nitroxyl donor (prodrug) CXL-1427, currently in Phase 2 development for the treatment of acute decompensated heart failure. CXL-1427, administered as an IV infusion, releases nitroxyl, a molecule that has shown beneficial effects on heart muscle and vascular function.
- Under the terms of the transaction, Cardioxyl will receive upfront and near-term payments of up to $300M and up to $1.775B in development, regulatory and sales milestones. The deal will be dilutive to BMY's 2015 GAAP EPS by ~$0.12 per share, but minimally dilutive to non-GAAP earnings. The deal should close this quarter.
Aug. 31, 2015, 9:55 AM
- Bristol-Myers Squibb (BMY +0.3%) may acquire Lexington, MA-based Promedior for up to $1.25B. The clinical stage firm's lead product candidate is PRM-151, a recombinant form of human pentraxin-2 protein in Phase 2 development of the treatment of ideopathic pulmonary fibrosis (IPF) and myelofibrosis (MF). PRM-151 is designated an Orphan Drug for Fast Track review in the U.S. for MF and an Orphan Drug for IPF. In Europe, it's designated an Orphan drug for both indications. Orphan Drug status provides for a seven-year period of market exclusivity for the indication, if approved, in the U.S. and a ten-year period of market exclusivity in the EU.
- Under the terms of the agreement, Bristol-Myers will make an upfront payment of $150M as consideration for the right to acquire Promedior and as payment for services performed by Promedior in support of the mid-stage IPF and MF studies. Upon the completion of either of the trials, Bristol-Myers may exercise its right to acquire Promedior.
Apr. 24, 2015, 10:27 AM
Mar. 20, 2015, 1:02 PM
- According to Bloomberg, AstraZeneca's (AZN +2.6%) previously stated plan to increase revenue 75% by 2023 is looking a bit wobbly. In cancer, for example, it trails three competitors in immunotherapies for lung cancer. The FDA approved Bristol-Myers Squibb's (BMY +0.2%) Opdivo for the indication on March 4. AZN's candidate, MEDI4736, is still in clinical development with an NDA filing on tap for next year. Being late to the party means modest sales unless there is a profound advantage, something that MEDI4736 may not have unless combined with other drugs.
- If the company's sales growth fails to ramp, its valuation could slump and encourage another takeover bid. AZN currently sports a P/E of 79 versus the industry average of 25 (per msn money).
- Last year, CEO Pascal Soriot fought off a $117B bid from Pfizer (PFE +0.2%) telling investors that the firm could increase revenues to $45B by 2023. The company remains bullish, though. Spokesperson Esra Erkal-Paler says that the firm is making significant progress and that oncology drugs could represent 25% of sales by 2023, up from 12% in 2014. It is currently running clinical studies of AZD9291, a non-immune therapy, in lung cancer patients with a specific mutation who have relapsed after prior treatment. If it can beat rival Clovis Oncology (CLVS -2.4%) to the market, it could be worth as much as $3B per year.
- Mirabaud analyst Nick Turner says that even if all the drugs in the pipeline make it to the market, AZN will have to stretch to reach $45B in 2023 because two of its biggest sellers, Crestor (ttm sales=$5.5B) and Nexium (ttm sales=$3.7B), face declining sales from the loss of patent protection.
Feb. 23, 2015, 8:59 AM
- Bristol-Myers Squibb (NYSE:BMY) acquires privately-held San Carlos, CA-based Flexus Biosciences for as much as $1.25B. The transaction includes $800M in cash upfront and development milestones of up to $450M.
- Flexus develops anti-cancer therapeutics based on the modulation of tumor-infiltrating regulatory T cells. Its research programs focus on small molecule inhibitors against novel regulatory T cell targets. Its lead preclinical candidate is F001287, a small molecule IDO1-inhibitor that is planned for Investigational New Drug (IND) filing in H2.
- IDO and TDO are enzymes expressed by many cancer cells which suppress T-cell function by producing kynurenine, a potent immunosuppressive factor. This inhibits the immune system from identifying and destroying certain types of tumors. IDO/TDO inhibitors reduce kynurenine production enabling the immune system to attack cancer cells more effectively.
- The transaction should close this quarter.
Feb. 6, 2015, 9:20 AM
- According to some observers, Pfizer's (NYSE:PFE) $17B takeout of Hospira (NYSE:HSP) is only a prelude to a bigger deal(s) considering that it was prepared to spend $120B for AstraZeneca (NYSE:AZN).
- According to Gabelli analyst Kevin Kedra, Actavis Plc (NYSE:ACT) is an attractive target, especially since nabbing Allergan (NYSE:AGN) and its fast-growing drug portfolio. A Pfizer takeover would be big enough to overcome the U.S. Treasury's stricter rules on inversions and lower its tax bill.
- John Boris of SunTrust Banks says GlaxoSmithKline (NYSE:GSK), AbbVie (NYSE:ABBV), Bristol-Myers Squibb (NYSE:BMY) and Mylan (NASDAQ:MYL) may be on the radar as well.
- Pfizer had $33B in cash at the end of September which it will use a portion of plus debt to pay for Hospira.
Nov. 3, 2014, 9:02 AM
- Bristol-Myers Squibb (NYSE:BMY) establishes an option to acquire Copenhagen-based Galecto Biotech AB and its lead asset, TD139, an inhaled galectin-3 inhibitor for the treatment of idiopathic pulmonary fibrosis (IPF) currently in Phase 1 development. Total payments to Galecto could reach $444M.
- The company executed a similar option deal last week for F-star Alpha Ltd.
Oct. 28, 2014, 10:57 AM
- Bristol-Myers Squibb (BMY +1.6%) enters into an agreement with privately-held Austrian biotech F-star Alpha Ltd. that gives it the exclusive right to acquire the company and its lead asset, FS102, a HER2-targeted therapy for the treatment of breast and gastric cancer.
- Under the terms of the agreement, BMY will make aggregate payments of $50M consisting of an option fee for the right to acquire F-star Alpha, payment for certain rights and licenses from F-star and a clinical milestone payment upon the initiation of the Phase 1 clinical trial. BMY will conduct and fund the development of FS102 during the option period. Total aggregate consideration may reach $475M.
Apr. 29, 2014, 8:44 AM
- Bristol-Myers (BMY) has acquired iPierian, a privately held biotechnology company focused on treatments for neurodegenerative diseases, including Alzheimer's.
- Bristol-Myers has paid $175M up front and will pay milestones of as much as $550M, as well as royalties on any sales. (PR)
- Q1 net profit rose to $936M from $6239M a year earlier, boosted by gains from the sale of Bristol-Myers' diabetes drugs to AstraZeneca.
- Revenue breakdown: Eliquis (blood thinner) jumps more than fourfold to $106M; Abilify (anti-psychotic) +3% to $540M vs consensus of $513M. Yervoy (skin cancer) +18% to $271M; Sprycel (leukemia) +19% to $342M.
- Bristol-Myers raises the lower end of its FY EPS guidance by five cents and now expects $1.70-1.80 a share.
- Shares are -0.2% premarket. (PR)
Dec. 19, 2013, 3:05 AM
- Bristol-Myers Squibb (BMY) is reportedly close to an agreement to sell its holdings in a diabetes joint venture to partner AstraZeneca (AZN) in a deal that could be worth over $3B.
- A transaction would mark a sharp U-Turn in Bristol's strategy: last year the company increased its diabetes commitment by paying $5.3B to buy Amylin Pharmaceuticals, which was then incorporated into the JV with AZN. The latter paid Bristol $3.4B for a half share of Amylin's drugs.
- However, sales from the partnership have been disappointing and Bristol is less persuaded about the market opportunity than AstraZeneca.