Fri, Aug. 12, 7:06 AM
- Ocular Therapeutix (NASDAQ:OCUL) initiated with Outperform rating with a $21 (233% upside) price target by JMP Securities.
- Nevro (NYSE:NVRO) initiated with Buy rating and $100 price target (3% upside) by Bank of America Merrill Lynch.
- Incyte (NASDAQ:INCY) initiated with Buy rating and $105 (29% upside) price target by SunTrust Robinson Humphrey.
Tue, Aug. 9, 10:31 AM
- Incyte (INCY) Q2 results: Revenues: $246.3M (+51.1%); R&D Expense: $120.3M (+7.0%); SG&A: $66.8M (+29.2%); Operating Income: $44.6M; Net Income: $34.4M (+269.9%); EPS: $0.18 (+260.0%); Quick Assets: $629.2M (-11.1%).
- 2016 Guidance: Jakafi Sales: $825M - 835M from $815M - 830M; Iclusig net product revenues: $25M - 30M (unch).
Tue, Aug. 9, 7:02 AM
Mon, Aug. 8, 5:30 PM
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Tue, Jul. 19, 10:50 AM
- Prompted by moderating growth from traditional drug sales, large cap drug/biotech firms have their sights set on developers of cancer therapies, in particular immunotherapies, to boost both their top and bottom lines. Roche (OTCQX:RHHBY -1.5%), Amgen (AMGN +0.1%), Sanofi (SNY -1.3%) and Gilead Sciences (GILD -1.2%) are all actively on the prowl for acquisitions.
- Medivation (MDVN +0.1%), with its prostate cancer drug Xtandi (enzalutamide), is currently in play. Sanofi has been the most aggressive with two unsuccessful bids, but Pfizer (PFE) and Celgene (CELG -0.6%) are supposedly interested.
- Analysts say Incyte (INCY -0.4%), with polycythemia vera and myelofibrosis drug Jakafi (ruxolitinib), and Seattle Genetics (SGEN -0.8%), with lymphoma drug Adcetris (brentuximab vedotin), are the most attractive takeover targets.
- Recent transactions include AbbVie's (ABBV -0.3%) buyout of Stemcentryx, Jazz Pharmaceuticals' (JAZZ -0.8%) takeout of Celator Pharmaceuticals and Bristol-Myers Squibb's (BMY -0.2%) acquisition of Cormorant Pharmaceuticals.
Fri, Jul. 15, 7:10 AM
- Achillion Pharmaceuticals (NASDAQ:ACHN) initiated with Sell rating and $4 (54% downside risk) price target by Chardan Capital.
- Rigel Pharmaceuticals (NASDAQ:RIGL) initiated with Buy rating and $6 (182% upside) price target by H.C. Wainwright.
- Aviragen Therapeutics (NASDAQ:AVIR) initiated with Buy rating and $5 (178% upside) price target by H.C. Wainwright.
- Incyte (NASDAQ:INCY) initiated with Outperform rating by Berenberg.
- TearLab (NASDAQ:TEAR) initiated with Buy rating and $2 (167% upside) price target by Rodman & Renshaw.
- AstraZeneca (NYSE:AZN) initiated with Hold rating by Argus Research.
- Spark Therapeutics (NASDAQ:ONCE) initiated with Outperform rating and $70 (32% upside) price target by RBC Capital.
- Akari Therapeutics (NASDAQ:AKTX) initiated with Sell rating and $5 (55% downside risk) price target by Chardan Capital.
Thu, Jun. 23, 7:57 AM
- The FDA designates Incyte's (NASDAQ:INCY) Jakafi (ruxolitinib) a Breakthrough Therapy for the treatment of acute graft-versus-host disease (GVHD), a condition where the donated tissue, bone marrow or peripheral blood stem cells, view the recipient's body as foreign and attack the body. It is a significant cause of morbidity and mortality in transplant patients. There are no currently approved treatments for the disorder.
- Breakthrough Therapy status allows for more intensive guidance from the FDA, the involvement of more senior agency personnel and a rolling review of the New Drug Application (NDA).
- Jakafi is a JAK1/JAK2 inhibitor cleared in the U.S. for the treatment of a type of blood cancer called polycythemia vera and a bone marrow disorder called myelofibrosis. Novartis (NYSE:NVS) owns ex-U.S. rights to the product which now includes the GVHD indication. Incyte owns the U.S. rights.
Fri, Jun. 10, 8:43 AM
- Incyte Corporation (INCY) announced new 28-week data from the Phase 3 RESPONSE-2 study of Jakafi (ruxolitinib) in patients with polycythemia vera (PV), a bone marrow disorder that leads to an abnormal increase in red blood cells. 62.2% of PV patients treated with Jakafi achieved hematocrit control without phlebotomy, compared to 18.7% of patients treated with best available therapy (BAT) (p<0.0001). The results were presented at the 21st Congress of the European Hematology Association in Copenhagen.
- RESPONSE-2 also demonstrated that nearly five times more PV patients achieved complete hematologic remission with Jakafi compared to BAT at 28 weeks (23.0% vs 5.3% respectively) (p=0.0019) in addition to a greater improvement in PV symptoms (50% vs 7.7%, respectively).
- RESPONSE-2 data complements previous findings from RESPONSE, reinforcing Jakafi is effective in PV patients with or without an enlarged spleen.
- The European Commission approved the drug for the treatment of PV in March 2015.
Thu, Jun. 2, 7:38 AM
- ARIAD Pharmaceuticals (NASDAQ:ARIA) today announced that it has completed the sale of its European operations to Incyte Corporation (NASDAQ:INCY) and entered into the previously announced license agreement for Incyte to exclusively license Iclusig (ponatinib) in Europe and other select countries.
- ARIAD transferred all rights to its EU operations to Incyte for a payment to ARIAD at the closing of approximately $140 million (subject to customary post-closing adjustments). In addition, Incyte has now been granted an exclusive license to develop and commercialize Iclusig in the European Union and 22 other countries, including Switzerland, Norway, Turkey, Israel and Russia.
- “With the closing of this transaction, we have completed a key outcome from our strategic review,” stated Paris Panayiotopoulos, president and chief executive officer of ARIAD. “This agreement puts ARIAD in a strong financial position. It will allow us to focus our resources on our promising R&D initiatives and our efforts to achieve the full commercial potential of Iclusig and brigatinib, if approved, in the highly valuable U.S. market, while also maintaining future strategic flexibility through the buy-back provision for the licensed Iclusig rights.”
- In connection with the closing of the Incyte transaction, the previously disclosed amendments to ARIAD’s royalty financing agreement with PDL BioPharma, Inc. (NASDAQ:PDLI), entered into on May 9, 2016, became effective. ARIAD and PDL agreed to amend the agreement to, among other things, include net sales of Iclusig made by Incyte in the calculation of net sales under the PDL agreement and to restructure ARIAD’s option to receive additional funding so that ARIAD may require PDL to fund up to an additional $40 million (instead of the original $100 million) in July 2017, rather than between January and July 2016.
- ARIA -1.25% after hours to $8.72.
- Source: Press Release
Wed, May 11, 7:22 AM
- PDL BioPharma (NASDAQ:PDLI) and ARIAD Pharmaceuticals (NASDAQ:ARIA) amend their July 28, 2015 synthetic royalty agreement after ARIAD inked a deal to sell its European operations to Incyte (NASDAQ:INCY).
- Iclusig sales by Incyte will be included in the royalty calculation payable to PDL. ARIAD's option to draw up to an additional $100M from PDL has been reduced to $40M which will be funded at ARIAD's option in July 2017 upon 90 days written notice to PDL. The $50M due ARIAD from PDL on the first anniversary on the agreement remains in place. Also, PDL has agreed to release certain liens connected with ARIAD's European patents and certain other European assets, subject to the closing of the Incyte transaction in early June.
- Previously: ARIAD Pharma raises up to $200M in capital via synthetic royalty deal with PDL BioPharma; shares up 2% premarket (July 29, 2015)
- Previously: Incyte buys ARIAD Pharma's European business for $140M; ARIAD up 5% premarket (May 9)
Mon, May 9, 9:32 AM
- Incyte (INCY +1%) Q1 results: Revenues: $263.5M (+65.4%); R&D Expense: $156.8M (+32.4%); SG&A: $64.6M (+43.9%); Operating Income: $36M (+621.7%); Net Income: $24M (+230.4%); EPS: $0.12 (+209.1%); Quick Assets: $810.7M (+14.5%).
- 2016 Guidance: Jakafi Sales: $815M - 830M from $800M - 815M; Iclusig net product revenues: $25M - 30M.
Mon, May 9, 8:20 AM
- Incyte (NASDAQ:INCY) acquires the European operation of ARIAD Pharmaceuticals (NASDAQ:ARIA) for $140M upfront plus milestones and tiered royalties.
- Under the terms of the deal, Incyte will acquire all the shares in ARIAD Pharmaceuticals (Luxembourg) S.a.r.l. as well as an exclusive license to develop and commercialize Iclusig (ponatinib) in Europe and 22 other countries.
- ARIAD will receive $140M upfront, tiered royalties between 32% and 50% on net sales of Iclusig and up to $135M in potential development and regulatory milestones for new oncology indications for Iclusig in the territory. Incyte has also agreed to fund a portion of the ongoing clinical development of Iclusig in ARIAD's OPTIC and OPTIC-2L (leukemia) studies via cost-sharing payments of up to $7M in each of 2016 and 2017.
- ARIAD will host a conference call this morning at 8:30 am ET to discuss the transaction.
- ARIAD is up 5% premarket on increased volume.
- Update: On June 2, ARIAD announced that the deal was completed.
Mon, May 9, 7:01 AM
Sun, May 8, 5:30 PM
Wed, Apr. 6, 8:32 AM
- Incyte (NASDAQ:INCY) and Eli Lilly (LLY) amend their 2009 License Agreement to enable Incyte to develop and commercialize Jakafi (ruxolitinib) for the treatment of graft-versus-host disease (GVHD). Incyte, in turn, has amended its Collaboration and License Agreement with Novartis (NYSE:NVS) granting it exclusive rights to develop ruxolitinib for GVHD outside the U.S.
- Incyte will make an upfront payment of $35M to Lilly and undisclosed regulatory milestones. Novartis will make undisclosed development and regulatory milestones to Incyte as well pay royalties on commercial sales ex-U.S.
- GVHD is a condition in which donated bone marrow or stem cells view the recipient's body as foreign and attack it. If acute, it can be life-threatening.
- Jakafi is a JAK1/JAK2 inhibitor cleared in the U.S. for the treatment of a type of blood cancer called polycythemia vera and a bone marrow disorder called myelofibrosis.
- Lilly secured global rights to ruxolitinib from Incyte in December 2009 in a deal that included a $90M upfront payment and up to $665M in milestones.
Thu, Mar. 31, 7:52 AM
- A 527-subject Phase 3 clinical trial, RA-BEACON, assessing once-daily oral baricitinib for the treatment of moderate-to-severe rheumatoid arthritis (RA), met its primary endpoint of improved ACR 20 response (20% improvement in RA symptoms) compared to placebo at week 12. The results were published today in the New England Journal of Medicine.
- The ACR 20 response rates were 55% for baricitinib 4 mg, 49% for baricitinib 2 mg and 27% for placebo (p <= 0.001).
- Baricitinib inhibits JAK1 and JAK2, enzymes that play key roles in a range of inflammatory diseases. It is being co-developed by Eli Lilly (NYSE:LLY) and Incyte (NASDAQ:INCY) under an exclusive global license and collaboration agreement inked in December 2009. RA-BEACON is the second of four late-stage studies demonstrating the effectiveness of baricitinib. The NDA, submitted by Lilly in January, is currently under FDA review.
- Previously: Lilly files baricitinib NDA for rheumatoid arthritis triggering $35M milestone to co-developer Incyte (Jan. 19)
Incyte Corp. is a biopharmaceutical company, which focuses on the discovery, development, development, formulation, manufacturing and commercialization of proprietary therapeutics to treat serious unmet medical needs, primarily in oncology. Its product, Jakafi, a JAK1 and JAK2 inhibitor, is... More
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