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Nov. 6, 2015, 5:04 PM
- Specialty healthcare firm Endo International (NASDAQ:ENDP) says it's entering into a program to buy back up to $250M in its common stock.
- The moves will start Monday and it will repurchase shares as soon as practicable thereafter, it says, though it expects to wrap up the purchases by the end of 2015. The plans come as part of a previously authorized $2.5B plan.
- Endo, which finished today up 7% after exercising an option for new indications on XIAFLEX with its partner BioSpecifics Technologies, is up another 0.6% after hours.
Oct. 26, 2015, 7:11 AM
- The FDA approves BioDelivery Sciences' (NASDAQ:BDSI) BELBUCA (buprenorphine) buccal film for the treatment of chronic pain severe enough to require daily, around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate. The commercial launch will commence in Q1.
- BELBUCA, offered in seven dosage strengths (75 ug - 900 ug), utilizes the company's BEMA (BioErodible MucoAdhesive) technology, a drug delivery technology consisting of a small bioerodible polymer film that is applied inside the mouth to the lining of the cheek. The analgesic on the film is absorbed into the body through the oral mucosa. The film completely dissolves in 15 - 30 minutes.
- It is classified a Schedule III controlled substance which has a lower abuse potential than Schedule II drugs, which is where most opioids are classified.
- The FDA's clearance triggers a milestone payment from licensee Endo Pharmaceuticals (NASDAQ:ENDP) of up to $50M.
- Previously: BioDelivery Sciences earns $10M milestone from Endo (Feb. 23)
Oct. 21, 2015, 12:49 PM
Jul. 21, 2015, 12:03 PM
- Thinly traded micro cap BioSpecifics Technologies (BSTC +1.7%) is up again today. Shares were up over 20% since yesterday morning when the company announced that the Japanese Pharmaceutical and Medical Device Agency approved XIAFLEX (collagenase clostridium histolyticum) for the treatment of Dupuytren's contracture (DC).
- Asahi Kasei Pharma has the rights to develop and market XIAFLEX in Japan via an agreement with Biospecifics partner Endo International (NASDAQ:ENDP). BSTC will receive a milestone payment when the product launches.
- DC is caused by an abnormal accumulation of collagen in the palm of the hand. The thickening of the fibrous tissue underneath the skin causes the fingers to curl. The precise cause is unknown but hereditary factors appear to play a role.
- XIAFLEX was approved in the U.S. for the treatment of DC in February 2010 and Peyronie's disease in December 2013. The European Commission approved it for DC in February 2011 and Peyronie's in February 2015.
Mar. 16, 2015, 8:12 AM
- In response to Endo's (NASDAQ:ENDP) cash-and-stock bid of $175 for Salix Pharmaceuticals (NASDAQ:SLXP), Valeant Pharmaceuticals (NYSE:VRX) ups it all-cash bid to $173, representing an enterprise value of $15.8B. Valeant expects the transaction to close on April 1, contingent on the satisfaction of the minimum tender condition.
- As a result of the sweetened offer, the termination fee increases $100M to $456M.
- Previously: Endo makes a move for Salix Pharma (March 11)
Mar. 11, 2015, 2:45 PM
- Endo (NASDAQ:ENDP) has submitted a proposal to Salix's (NASDAQ:SLXP) board to buy Salix for $175/share ($11.2B) in cash and stock, based on yesterday's closing prices.
- In an open letter (.pdf) to Salix's board, Endo states it's offering $45 in cash and 1.46 Endo shares for each Salix share. It predicts a deal would be accretive to 2017 EPS by 15%-20% relative to Endo's current plan.
- The offer price represents an 11% premium to Valeant's (VRX -2.7%) $158/share all-cash February deal to acquire Salix. Endo would have to pay a $5.50/share breakup fee to make the deal happen.
- Endo and Salix both remain halted. Before the halts, Endo was down 1.1% to $88.02, and Salix up 6.5% to $167.82.
- Prior Endo/Salix coverage: I, II
Mar. 11, 2015, 1:08 PM
- If Endo International (ENDP +0.5%) is ultimately successful in buying Salix Pharmaceuticals (SLXP +6.2%) for $170 - 175 per share, it would have to pay the breakup fee of $356M owed to Valeant (VRX -5.8%) which would add ~$5.50 per share to the deal.
- Endo made its offer in a private letter sent to Salix's BOD today.
- Update: The price being bantered about on social media is $165/share so, apparently, the breakup fee is included in the previous range of $170 - 175. Also, the offer is allegedly 25% cash and 75% stock.
Jan. 21, 2015, 7:40 PM
- Endo International (NASDAQ:ENDP) +2.9% AH on news it will join the S&P 500 later this month, replacing Covidien (NYSE:COV) after its acquisition by Medtronic (NYSE:MDT), which is expected to close next week.
- Also, Boston Beer (NYSE:SAM) will take ENDP’s spot on the S&P MidCap 400, and Southside Bancshares (NASDAQ:SBSI) is tapped to join the S&P SmallCap 600.
Oct. 9, 2014, 6:48 AM
- The stock and cash deal works out to a price of $33.25 for each share of Auxilium (NASDAQ:AUXL) vs. last night's close of $29.76, and represents a 55% premium to AUXL's closing price on Sept. 16, the day Endo International (NASDAQ:ENDP) made public its purchase proposal.
- Endo's earlier rejected bid had been for $2.2B.
- Auxilium owners may elect to receive consideration of all stock (0.488 ENDP shares for each share of AUXL), or all cash, or an equal mix of stock and cash.
- Previously: Auxilium says Endo offer a bit light but is willing to talk
Sep. 16, 2014, 5:35 PM
Jul. 7, 2014, 9:07 AM
- Endo Pharmaceuticals (ENDP) and BioDelivery Sciences (BDSI) announce that the Phase 3 clinical trial of BEMA buprenorphine as a treatment for severe pain achieved its primary efficacy endpoint of a statistically significant improvement in chronic pain relief versus placebo in patients with pain severe enough to require daily, 24-hour, long-term opioid treatment for which alternative treatment options are inadequate.
- Under the terms of their licensing agreement, the locking of the database for the opioid-experienced study triggers a $10M milestone payment from ENDP to BDSI.
- Endo has a pre-NDA meeting scheduled with the FDA this month and intends to complete its regulatory submission as soon as possible.
- BDSI shares are up 15% premarket on robust volume.
May 1, 2014, 9:13 AM
May 1, 2014, 8:54 AM
- Endo (ENDP): Q1 EPS of $0.92 beats by $0.08.
- Revenue of $595M (-9.6% Y/Y) misses by $13.86M.
- Shares +7.6% PM.
Feb. 28, 2014, 10:59 AM
- Endo Health Solutions (ENDP -5.9%) shares sink on widening Q4 losses after the drug maker warned of a significant writedown and high litigation expenses earlier this month.
- Revenue plunged 27% Y/Y, and the company issued a weak FY 2014 outlook, seeing EPS of $3.40-$3.65 vs. $3.93 analyst consensus estimate, and revenues of $2.50B-$2.62B vs. $2.56B consensus.
- Lidoderm sales plummeted 87% to $36.4M while Opana ER sales dropped 14% to $53.7M: ENDP agreed to pay $193M earlier this month to settle allegations that it marketed Lidoderm for uses not approved by regulatory authorities.
Jan. 23, 2014, 7:00 PM
- BioDelivery Sciences (BDSI) +27.2% AH after the company and Endo Health Solutions (ENDP) announce a late-stage clinical trial for their new chronic pain medication showed significantly improved pain relief.
- The Phase III trial successfully met its primary efficacy endpoint in demonstrating that BEMA buprenorphine resulted in significantly improved chronic pain relief compared to a placebo.
- ENDP +2.4% AH.
Jan. 2, 2014, 9:50 AM
- Endo Health Solutions (ENDP -2.7%) is lower in morning trading.
- Cantor's Irina Rivkind has cut the shares to Sell from Hold.
- "We have updated our DCF valuation to include only 2014-2020 cash flows, along with the new debt and cash expected post-Paladin deal," Rivkind notes, adding that "the company may be unable to make further significant SG&A cuts beyond 2014 unless it divests AMS, especially as it faces the launches of three new promotionally-sensitive products."
- Price target cut to $43 from $54.
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