Forest Laboratories, Inc.NYSE
Jun. 24, 2014, 5:44 PM
- Joining the S&P 500: Affiliated Managers (AMG)
- Leaving the 500: Forest Labs (FRX)
- Joining the S&P MidCap 400: Forest Labs, LaSalle Hotel (LHO), Rayonier Advanced Materials (RYAM - about to be spun off from Rayonier), TimkenSteel (TMST - about to be spun off from Timken), Belden (BDC).
- Leaving the 400: Affiliated Managers, Intrepid Potash (IPI), Fidelity National (FNF), Greenhill (GHL).
- Joining the S&P SmallCap 600: Intrepid Potash, Greenhill, Synergy Resources (SYRG), Veritiv (VRTV - about to be spun off from International Paper), Sagent Pharma (SGNT).
- Leaving the 600: La Salle Hotel, Belden, JAKKS Pacific (JAKK), Spartan Motors (SPAR), Higher One (ONE).
- AMG +3.3% AH. LHO +1.8%. SGNT +3.3%. SYRG +3%. FNF -1.3%.
Jun. 23, 2014, 4:27 PM
- Forest Labs (FRX +1.9%) reports top line results from three Phase 3 clinical trials evaluating the safety, efficacy and tolerability of vilazodone in adult patients with generalized anxiety disorder (GAD). In all three studies, patients receiving vilazodone demonstrated statistically significant improvements as measured by the Hamilton Rating Scale for Anxiety total score versus placebo.
- The company expects to file a sNDA for the label expansion in 2015.
May 30, 2014, 11:23 AM
May 20, 2014, 5:19 PM
- The FDA accepts the NDA for MDX-8704 and triggers a $25M milestone payment to Adamas Pharmaceuticals (ADMS +3.4%) from Forest Laboratories Holdings (FRX -0.9%). MDX-8704 is a treatment of moderate-to-severe dementia of the Alzheimer's type.
- Adamas will earn a $30M milestone payment from Forest upon regulatory approval.
May 14, 2014, 9:56 AM
- Actavis (ACT -0.4%) will reshuffle its executive team after its acquisition of Forest Labs (FRX -0.3%) closes. Actavis Chairman and CEO Paul Bisaro will become Executive Chairman, Forest President and CEO Brent Saunders will become CEO and President reporting to Mr. Bisaro and Actavis Global Operations President Robert Stewart will become COO reporting to Mr. Saunders.
May 14, 2014, 7:22 AM
- An analysis of more than 120 studies finds that naltrexone, Forest Labs' (FRX) Campral (acamprosate), J&J's (JNJ) Topamax (topiramate) and H. Lundbeck A/S' Selincro (nalmefene) all helped alcoholics reduce their drinking.
- The oldest FDA-approved alcoholism drug, Antabuse (disulfiram), did not prevent a return to the bottle.
- Alkermes Plc's (ALKS) injectable Vivitrol (naltrexone) reduced patients' heavy drinking days but there were not enough studies to draw conclusions.
- The drugs are underutilized because many primary care physicians refer patients with drinking problems to specialists like drug counselors or to groups like AA. None of these providers can prescribe medicines.
- There are almost two dozen drugs that are used off-label to combat alcoholism. No one product works for everyone, though. On average, 12 people need to be treated with acamprosate for one person to benefit. For naltrexone, the ratio is 20:1.
- Predictably, the researchers say more studies are needed.
Apr. 30, 2014, 9:17 AM
- Net revenues: $2.66B (+40%).
- EPS: $0.55 (-30.4%).
- CF Ops: $440M (+101.3%).
- Updated 2014 guidance:
- Financial forecast including Forest Labs (FRX) will be made mid-year after the transaction closes.
- Q2 non-GAAP earnings will be slightly lower than Q1.
- Standalone forecast made on January 31 should be considered withdrawn.
Apr. 29, 2014, 10:12 AM
- Fiscal Q4:
- Revenues: $1.09B (+33.9%), gross profit: $843M (+32.5%), operating loss: $27.8M, net income: $54.1M (+19.2%), EPS: $0.20 (+17.6%).
- Fiscal 2014:
- Revenues: $3.6B (+17.9%), gross profit: $2.9B (+20.8%), operating profit: $111.8M compared to a loss of $77M a year ago, net income: $165.3M compared to a loss of $32.1M yoy, EPS: $0.61 compared to a loss of $0.12 yoy.
- (FRX -0.5%)
Apr. 29, 2014, 7:06 AM
- Forest Laboratories (FRX): FQ4 EPS of $0.87 beats by $0.44.
- Revenue of $1B beats by $43.81M.
Apr. 28, 2014, 5:30 PM
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Apr. 28, 2014, 8:27 AM
- Forest Labs (FRX) acquires Furiex Pharmaceuticals (FURX) for $95/share ($1.1B) in cash and up to $30/share in a Contingent Value Right (CVR) payable on the regulatory approval of eluxadoline.
- Forest will divest Furiex's royalties on alogliptin and Priligy to Royalty Pharma for $415M which will reduce its purchase price by ~$315M (after tax).
- Furiex shares are up 26% premarket on robust volume.
Apr. 28, 2014, 7:58 AM
- Forest Laboratories (FRX) has agreed to acquire Furiex Pharmaceuticals (FURX) for $1.1B in cash in a deal that Forest says will enable it to strengthen its position in Gastroenterology.
- Forest, which is being bought by Actavis (ACT) is offering $95 a share vs Furiex's close of $80.15 on Friday.
- Forest has also proposed up to $30 a share ($360M) in a Contingent Value Right (CVR) that may be payable based on the status of eluxadoline, Furiex's lead product, as a controlled drug following approval
- Forest has also agreed to sell Furiex's royalties on alogliptin and Priligy to Royalty Pharma for $415M once Forest has bought Furiex.
- Furiex's shares are +28.51%. (PR)
Apr. 14, 2014, 1:34 PM
- In yet another example of the recent struggles of biotechs, recent IPO Adamas Pharmaceutics (ADMS +2.8%) exchanges hands for $13.40/share, down 16% from its initial price of $16 and down 22% from its opening day high of $17.24.
- The company generates its revenues from collaboration and licensing deals but has two compounds in development that it plans to sell directly.
- ADS-5102 (amantadine) is a treatment for levadopa-induced dyskinesia, a movement disorder in Parkinson's sufferers after long term exposure to levadopa. A Phase 3 clinical trial will start this year. The company forecasts its NDA submission to happen in the first half of 2016.
- ADA-8704 is a once-daily combination of Namenda XR (memantine HCL) and donepezil HCL for moderate to severe dementia in Alzheimer's patients. The NDA has been submitted to the FDA triggering a $40M milestone payment from partner Forest Labs (FRX +0.1%).
- Revenues for 2012 and 2013 were $37.5M and $71.1M, respectively.
- Net income was $17.7M and $50.9M, respectively.
- CF Ops was $52M and $26.8M, respectively.
- (IPO) (FPX)
Mar. 31, 2014, 7:49 AM
- Forest Labs (FRX) and Gedeon Richter (GEDSF) have announced positive top-line results in a Phase II trial of the companies' Cariprazine therapy for the treatment of bipolar depression.
- The results come after Cariprazine also performed well in a Phase IIb trial for patients with Major Depressive Disorder. (PR)
- Forest is being acquired by Actavis (ACT).
Feb. 19, 2014, 9:11 AM
- Actavis' $25B acquisition of Forest Labs (FRX) represents "another validation of the activist investment philosophy," gloats Carl Icahn (IEP).
- The investor owns 11.4% stake in Forest and successfully agitated for change in a bruising battle with the company's previous management.
- Someone who bought Forest shares on November 16, 2009 - coincidentally the date that Icahn's investment was first made public - and kept the stock until now would have realized a total return of 209% vs 84% for the S&P 500.
- Over the period, Forest's market cap increased by almost $17B, a jump of over 193%.
- "We believe that our activism did much to help bring about the great result," Icahn says.
- However, he laments, Forest could have realized even more value had it listened to him from the get-go and not forced him to fight proxy battles.
Feb. 19, 2014, 8:42 AM
- Following a bit of skepticism from BMO yesterday about its $25B acquisition of Forest Labs (FRX), Actavis (ACT) gets some sell-side love as several firms give the latter a price target of $250, well above its close of $201.47.
- Goldman Sachs upgrades Actavis to Buy, saying the company is rapidly transforming into one of the fastest-growing names in their coverage.
- And while Buckingham and Barcap set price targets of $250, their upside cases are $274 and $275 respectively.
- Actavis shares are +2% to $205.52 premarket.