Stephen Simpson, CFA
Stephen Simpson, CFA
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.
Nov. 5, 2013, 12:46 PM
Nov. 5, 2013, 9:18 AM
Nov. 5, 2013, 9:08 AM
- Cytori Therapeutics (CYTX) looks set for a banner session, as the shares trade 38% higher premarket.
- Investors are cheering a licensing deal announced Monday which the company says could end up being worth more than $500M.
- Also moving sharply higher in morning trading is Endo Health Solutions (ENDP).
- The shares are now up nearly 25% after the company announced the acquisition of Paladin Labs (PLDLF), a move that is set to be EPS accretive sooner rather than later.
Sep. 17, 2013, 10:35 AM
- Goldman is out resuming and starting coverage on a bevy of healthcare names. Here are the bullish calls.
- Auxilium Pharmaceuticals (AUXL +2.9%) started at Buy (price target $23) as "very positive feedback from urologists [makes the firm] more comfortable that [AUXL] will be a solid growth story over the next several years." (see recent Xiaflex coverage)
- Endo Pharmaceuticals (ENDP +0.7%) resumed at Buy (price target $52) as new CEO Rajiv De Silva "has a strong track record of delivering value to shareholders." (see coverage of shareholder value initiatives/ restructuring)
- Jazz Pharmaceuticals (JAZZ +0.9%) initiated at Buy (price target $105) as the company's focus on "niche specialty areas that require limited investment, have significant pricing flexibility and have substantial barriers to entry" is underappreciated. Also, Goldman thinks JAZZ is an "attractive acquisition candidate." (see coverage on Irish domiciled takeout chatter)
- Valeant Pharmaceuticals (VRX +1.2%) resumed at Conviction Buy (price target $130) as investors "have not fully recognized the incremental value from its recent strategic acquisition of Bausch & Lomb."
Sep. 4, 2013, 11:36 AM
- Endo Pharmaceuticals (ENDP +2.2%) and BioDelivery Sciences (BDSI +0.2%) update investors on the Phase 3 development of BEMA Buprenorphine.
- Interim analyses show no adjustments to the sample size in the opioid naive study will be necessary.
- Patients will be added to the opioid experienced trial.
- ENDP says "no major impact is anticipated for the timing of the NDA submission" but notes that more definitive data regarding timetables will be provided once patient enrollment for the opioid experienced trial is complete. (PR)
Jun. 7, 2013, 2:48 PM
Jun. 5, 2013, 4:35 PM
Endo Health Solutions (ENDP) rises 2% AH after announcing initiatives to drive shareholder value. Among the company's plans: A $325M reduction in annual operating expenses, the exploration of strategic alternatives for its HealthTronics business, the pursuit of "accretive acquisitions," and the improvement of R&D efficiency. (PR)| Jun. 5, 2013, 4:35 PM
May 13, 2013, 12:20 PM
Endo Health Solutions (ENDP -2.6%) appears to have stabilized today, albeit lower, following a couple of trading halts on volatility just prior to Friday's close after the FDA denied its petition to halt generic competition to its painkiller Opana ER on safety grounds. The ruling will mean a big hit to earnings next quarter, and likely lead exploring options to mitigate the damage. Jefferies says the FDA was wrong, and acted "irrationally inconsistent" in its decision. Nonetheless, the firm lowers its price target on the shares from $47.00 to $37.00.| May 13, 2013, 12:20 PM