Special Situations and Arbs
May 6, 2015, 1:29 PM
- Alexion Pharmaceuticals (ALXN -9.7%) heads south on a 7x surge in volume as investors adjust to the dilution from its $8.4B takeout of Synageva BioPharma (GEVA +113.7%).
- In addition to $115 in cash, Alexion is offering 0.6581 shares of ALXN stock for each GEVA share. This represents a ~12% dilution to current ALXN shareholders.
- Here's the math: 0.6581 x 36.5M shares of GEVA = ~24M/202M shares of ALXN = ~12%.
May 6, 2015, 12:45 PM
May 6, 2015, 9:11 AM
May 6, 2015, 7:24 AM
- Alexion Pharmaceuticals (NASDAQ:ALXN) acquires Synageva BioPharma (NASDAQ:GEVA) for $115 in cash and 0.6581 shares of ALXN for each share of GEVA, for a total value of $230 per share or $8.4B.
- Alexion expects to achieve annual cost synergies this year and growing to at least $150M in 2017. The transaction will be accretive to non-GAAP EPS in 2018.
- Synageva develops therapies for rare diseases. Its lead product candidate is the Orphan Drug-, Fast Track- and Breakthrough Therapy-designated Kanuma (sebelipase alfa), an enzyme replacement therapy for the treatment of lysosomal acid lipase deficiency or Wolman disease. Its marketing applications are currently under review in the U.S. and Europe. Its second product candidate is the Phase 1/2-stage SBC-103, an enzyme replacement therapy for mucopolysaccharidosis IIIB, known as Sanfilippo B syndrome, a rare, inherited lysosomal storage disease. It is designated an Orphan Drug by the FDA and EMA and for Fast Track review by the FDA.
- GEVA is up 124% premarket.
Jul. 1, 2014, 12:48 PM
Jun. 30, 2014, 5:35 PM
Jan. 8, 2014, 10:46 AM
- Nomura's Ian Somaiya (formerly at Piper) is out with a number of healthcare initiations.
- Gilead (GILD +1.7%) is the firm's top biotech pick for 2014 as the company is "set to dominate the HCV market." GILD started at Buy. Price target is $118.
- Neurocrine Biosciences (NBIX -3.2%) started at Buy. Somaiya sees peak sales of $700M for NBI-98854. Price target is $23.
- Celgene (CELG +1.2%) started at Buy. "Revlimid for multiple myeloma, is less than a third of the way to realizing its peak sales potential," Somaiya says. Price target is $236.
- Biogen (BIIB +4.1%) initiated at Buy. Tecfidera, is "a blockbuster ... treatment for MS, with estimated peak sales of $9B," Somaiya notes. Price target is $368.
- Alexion (ALXN +1.5%) initiated at Buy. Price target $150.
- Pharmacyclics (PCYC +1.9%) will "transform the treatment paradigm and disease course of CLL and mantle cell lymphoma MCL." Shares started at Buy. Price target is $137.
- Other initiations: Incyte (INCY +5.9%) started at Buy. Synageva BioPharma (GEVA +3.7%) started at Buy. BioMarin (BMRN +1.2%), Amgen (AMGN), and Infinity Pharmaceuticals (INFI +2.8%) started at Neutral.
Nov. 15, 2013, 9:46 AM| Nov. 15, 2013, 9:46 AM
Sep. 23, 2013, 4:16 PM
- Synageva BioPharma (GEVA) announces a 2.75M share public offering.
- The deal will come with a 412.5K share underwriter option. (PR)
- GEVA -2.8% AH.
May 10, 2013, 12:48 PM
Synageva BioPharma (GEVA -5.5%) slips today after JP Morgan cut the shares to Neutral and lowers its price target from $57 to $50. The firm cites concerns over enrollment challenges related to its ongoing Phase 3 trial of sebelipase alfa in late-onset LAL Deficiency, saying that awareness of the disease is fairly low, even among specialists, so patient identification could take a bit longer.| May 10, 2013, 12:48 PM
Mar. 12, 2013, 2:59 PM
Synageva BioPharma (GEVA -4.3%) slides after its Q4 beats on revenue but comes up short on a per share basis. Despite the miss, Piper Jaffray lifts its price target from $53 to $57, citing optimism over upcoming Phase 1/2 data on LAL-D. Wedbush also ups its target to $55 as well.| Mar. 12, 2013, 2:59 PM
Feb. 11, 2013, 2:05 PM
Synageva BioPharma (GEVA +0.9%) says the first patient has been initiated treatment in its Phase 3 study of sebelipase alfa in children and adults with late onset lysosomal acid lipase deficiency. Once fully initiated, the trial will enroll 50 child and adult patients with late onset LAL Deficiency.| Feb. 11, 2013, 2:05 PM
Jan. 4, 2013, 9:10 AM
Jul. 10, 2012, 9:10 AM
Jun. 29, 2012, 12:41 PMThinkEquity initiates coverage on a slew of drug developers with a Buy rating this morning: Navidea (NAVB +3.7%), BioMarin (BMRN +4.5%), Corcept Therapeutics (CORT +4%), Medivation (MDVN +5.2%), Amicus Theraputics (FOLD +2%), Raptor Pharmaceuticals (RPTP +0.2%), Synageva BioPharma (GEVA +3.2%), Aegerion (GEVA +3.7%). | Jun. 29, 2012, 12:41 PM
Jan. 5, 2012, 11:15 AM