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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.
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%)
Oct. 29, 2015, 6:31 AM
- Allergan (NYSE:AGN) is up 15% premarket on light volume on the news that it is in talks with Pfizer (NYSE:PFE) about a possible merger. If the deal goes through, it would create the world's largest healthcare firm with a market value of $330B, larger than Johnson & Johnson's (NYSE:JNJ) market cap of $278B.
- A lower tax bill is one of the reasons Allergan is an attractive target for Pfizer considering the Botox maker is domiciled in tax-friendly Dublin. The U.S. government clamped down on tax inversion deals last year which scuppered the AbbVie/Shire deal so it is unclear how this might effect Pfizer's ability to change its domicile.
- Potential Pfizer takeover targets GlaxoSmithKline (NYSE:GSK) and Shire (NASDAQ:SHPG) are both down slightly in premarket trading.
- Update: Both Pfizer and Allergan confirm the commencement of "friendly" discussions regarding a potential combination.
Jun. 2, 2015, 8:28 AM
- Perrigo (NYSE:PRGO) enters into a agreement to acquire a portfolio of over-the-counter brands from GlaxoSmithKline (NYSE:GSK) related to the latter's commitment to the European Commission to divest the businesses in connection with its consumer health joint venture with Novartis (NYSE:NVS).
- Perrigo will buy GSK's NiQuitin nicotine replacement therapy (NRT) business, mostly in the European Economic Area (EEA) and Brazil and Novartis's Australian NRT business, including Nicotinell; several OTC brands including Coldrex (cold and flu med) in the EEA and Panodil (pain relief), Nezeril (nasal decongestant) and Nasin (nasal decongestant) in Sweden and Novartis's legacy cold sore management business in the EEA (Vectavir, Pencivir, Fenivir, Fenlips, Vectatone).
- Financial terms are not disclosed.
- CEO Joseph Papa says, "This acquisition demonstrates Perrigo's ability to execute on our "Base Plus Plus Plus" strategy in which we make selective, accretive transactions to expand our durable base business. We are building on the global platform we established with the Omega Pharma acquisition to capture an even greater share of the $30B European OTC market opportunity with several well-established complementary brands that bolster our OTC product portfolio." Mylan N.V. (NASDAQ:MYL) will, no doubt, have to sharpen its pencil yet again.
- The transaction will be immediately accretive to Perrigo's 2015 non-GAAP EPS, excluding estimated tangible amortization and transaction-related costs. The deal should close in Q3.
Mar. 2, 2015, 2:58 AM
- GlaxoSmithKline (NYSE:GSK) and Novartis (NYSE:NVS) have completed a series of asset swaps worth more than $20B that will reshape both drugmakers.
- Glaxo is forming a consumer health joint venture with Novartis, while at the same time buying the Swiss company's vaccines business and divesting its cancer drugs portfolio to Novartis.
- Following completion of the transactions, Glaxo plans to return £4B ($6.16B) to shareholders.
- Previously: Novartis announces billions of dollars in deals with GSK, Eli Lilly (Apr. 22 2014)
Feb. 25, 2015, 12:36 PM
- Citing good progress in obtaining clearances and approvals, GlaxoSmithKline (GSK +0.1%) expects to complete its three-part deal with Novartis (NVS -0.2%) sometime during the first week in March.
- The transaction, first announced in April of last year, consists of GSK buying NVS's vaccines business, the creation of a consumer healthcare joint venture between the two firms and the sale of GSK's marketed oncology portfolio to NVS, including related R&D and the rights to two AKT inhibitors in development.
- Previously: Novartis announces billions of dollars in deals with GSK, Eli Lilly (April 22, 2014)
Feb. 23, 2015, 12:42 PM
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.
Feb. 5, 2015, 8:12 AM
- GlaxoSmithKline (NYSE:GSK) commences an offering of its entire stake of 4,471,202 shares (7.9%) of Danish biotech GenMab. The company is selling its position because it no longer considers it a core asset since it sold its oncology portfolio to Novartis (NYSE:NVS).
- The outcome of the divestment should be announced today.
Nov. 28, 2014, 9:49 AM
- Lyon, France-based Flamel Technologies (FLML +0.6%) sells its Pessac, France-located manufacturing and development facility to Swedish CDMO (contract development and manufacturing organization) Recipharm for €10.6M as part of a five-year service agreement. Flamel retains access to the capabilities of Pessac as well as other Recipharm facilities for its production and development activities. The sale includes the royalty contract for Coreg CR with GlaxoSmithKline (GSK +0.3%).
- Flamel and Recipharm agree to negotiate an agreement with the objective of incorporating the former's drug delivery technology into the latter's contract development business.
- In a separate transaction, Recipharm will make a €10.5M investment in Flamel's common stock.
Nov. 26, 2014, 3:48 PM
- The Federal Trade Commission approves GlaxoSmithKline's (GSK +0.4%) proposed acquisition of Novartis' (NVS +0.6%) vaccines business and the proposed creation of a consumer healthcare joint venture between the two firms.
- As a condition of the positive vote, Novartis will divest its private label nicotine replacement therapy transdermal patch, Habitrol, in the U.S. to Dr. Reddy's Laboratories SA (RDY +1.5%).
Nov. 24, 2014, 7:05 AM
- On December 18 GlaxoSmithKline (NYSE:GSK) shareholders will vote on the company's planned acquisition of Novartis' (NYSE:NVS) vaccines business, the latter's acquisition of Glaxo's cancer products and the combination of their consumer healthcare businesses. The total value of the assets involved is ~$20B.
- Previously: Novartis announces billions of dollars in deals with GSK, Eli Lilly
- Previously: Why Glaxo bids adieu to cancer drugs
Oct. 27, 2014, 6:43 AM
- Novartis (NYSE:NVS) sells its global influenza vaccine business to Australian blood products firm CSL Ltd. for $275M. The transaction, part of Novartis' effort to focus on its most promising assets, concludes the company's overhaul of its units. The deal is expected to close in 2H 2015.
- Earlier this year, GlaxoSmithKline (NYSE:GSK) bought its vaccine business, ex-flu, for $5.25B plus milestones up to $1.8B and royalties.
Aug. 27, 2014, 6:17 PM
- Tekmira Pharma (NASDAQ:TKMR) +4.2% AH following a Daily Mail story suggesting it is a takeover candidate, after shares have nearly doubled in the past month thanks to attention over its experimental treatment for the deadly ebola virus.
- Rumors suggest interested parties could include Shire (NASDAQ:SHPG) and GlaxoSmithKline (NYSE:GSK); the report suggests the recent premium paid for InterMune could put a valuation of at least $40/share on TKMR.
Aug. 13, 2014, 1:25 PM
- Shares of InterMune (ITMN +14.3%) spike on a 2x surge in volume in response to rumors that Roche (OTCQX:RHHBY +0.4%), Sanofi (SNY +0.7%), Glaxo (GSK -0.1%) and Actelion (OTCPK:ALIOF) (OTC:ACIOY) are preparing offers. Trading in ITMN shares was halted briefly at 1:00 pm EDT due to abnormal volatility.
Jul. 14, 2014, 12:23 PM
- In an interview with TheStreet's Adam Feuerstein, David Miller elaborates on his view that Roche (RHHBY +1.3%) has a strong incentive to acquire Exelixis (EXEL +10.7%) in order to capture the full margin of the combination therapy cobimetinib and currently-approved Zelboraf (vemurafenib). He says that the combo regimen could reach peak sales of $1B and should be priced at a premium to Glaxo's (GSK -0.4%) inferior offering of Tafinlar and Mekinist. He believes it will establish itself as the standard of care as a first-line therapy for BRAF-mutated melanoma.
- Earlier today, Roche announced positive results from a Phase 3 clinical trial where patients lived significantly longer when treated with the combo regimen compared to placebo.
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