Tue, May 24, 4:47 PM
- PDL BioPharma (NASDAQ:PDLI), through an equity investment in privately held Noden Pharma DAC, acquires Novartis' (NYSE:NVS) anti-hypertension meds Tekturna (aliskiren) and Tekturna HCT (aliskiren and hydrochlorothiazide) tablets in the U.S. The products are marketed as Rasilez and Rasilez HCT in the rest of the world.
- Novartis, through an Asset Purchase Agreement with Noden, will receive an upfront payment of $110M, $89M on the first anniversary of the closing of the deal and up to $95M in milestones related to the achievement of sales targets and the date of the launch of a generic version of aliskiren.
- PDLI's investment in Noden will eventually reach 88%. It expects to make equity contributions of $107M in the first year of the transaction, including $75M at closing and an additional $32M on the one-year anniversary of the closing.
- Noden is expected to secure debt financing in conjunction with the PDLI investment. PDLI expects to invest no more than $145M, but it could potentially rise to $294M depending on the amount of debt raised by Noden. In other words, PDLI will make Novartis whole through additional equity investments in Noden if it cannot secure the expected amount of debt.
- PDLI will consolidate Noden' financials into its own, which are expected to be immediately accretive.
- The acquired products generated $154M in sales in 2015.
- Update: On July 6, PDL announced that the equity investment had closed.
Tue, May 3, 6:34 PM
- Medivation (NASDAQ:MDVN) +3.9% AH following a Reuters report that Pfizer (NYSE:PFE) has approached the company to express interest in an acquisition, raising the possibility of a bid rivaling Sanofi's (NYSE:SNY) $9.3B offer by Sanofi.
- MDVN has not yet decided whether it should engage with PFE in negotiations and is in discussions with its financial and legal advisers, according to the report.
- MDVN last week rejected SNY's $52.50/share takeover proposal, and PFE, Novartis (NYSE:NVS) and AstraZeneca (NYSE:AZN) have been speculated as potential suitors.
Fri, Apr. 29, 3:09 PM
- Also mentioned alongside AZN and PFE as weighing bids for Medivation (MDVN +2.3%) is Novartis (NYSE:NVS), according to the report.
- Earlier today, Medivation rejected Sanofi's (SNY -4.6%) $9.3B, or $52.50 per share offer, with one of Bloomberg's sources saying the company is looking for at least $65 per share. Sanofi has the capacity to go higher, say sources, but is naturally reluctant to overpay.
Jun. 29, 2015, 6:41 AM
- Novartis (NYSE:NVS) acquires Preston, Australia-based Spinifex Pharmaceuticals for $200M plus milestones. The deal is expected to close later this year.
- Spinifex's lead product candidate is Phase 2 stage EMA401, an orally available angiotensin II type 2 (AT2) receptor antagonist under development for the treatment of chronic pain, specifically neuropathic pain, without central nervous system (CNS) side effects. Neuropathic pain, such as post herpetic neuralgia, diabetic neuralgia or diabetic neuropathy, is caused by a lesion or disease of the CNS. Current treatments fail to work for all patients and are not well tolerated.
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. 5, 2015, 8:06 AM
- Arrowhead Research (NASDAQ:ARWR) acquires Novartis' (NYSE:NVS) RNA interference (RNAi) R&D portfolio and associated assets, including certain patents and patent applications, an exclusive license to other patents and patent applications owned or controlled by Novartis, the assignment of a third party license and three preclinical product candidates.
- Specific assets include multiple patent families covering RNAi-trigger design rules and modifications that fall outside of competitors' patents which provides Arrowhead freedom to operate for any target or indication, the assignment of Novartis' license from Alnylam (NASDAQ:ALNY) that gives Arrowhead access to Alnylam IP, excluding delivery, covering 30 gene targets and three product candidates with varying amounts of preclinical data.
- Under the terms of the agreement, Arrowhead will pay $10M in cash (includes $7M paid previously) and $25M in ARWR stock within 30 days. Novartis is eligible to receive milestones and single-digit royalties on net sales.
- Arrowhead will host a conference call this morning at 8:30 am to discuss the deal.
Mar. 4, 2015, 11:39 PM
- Both boards have signed off on AbbVie's (NYSE:ABBV) $21B surprise acquisition of Pharmacyclics (NASDAQ:PCYC), announced a short while ago amid speculation that Johnson & Johnson (NYSE:JNJ) (or, earlier, Novartis (NYSE:NVS)) would be the one to acquire the cancer biotech.
- With the deal, AbbVie gets Pharmacyclics' blockbuster Imbruvica drug for hematologic malignancies -- which logged $548M in revenues in 2014 (Q4 earnings) and might go all the way to $5B/year. Imbruvica has received four indications in less than 15 months -- the latest being for Waldenström's Macroglobulinemia at the end of January.
- And with Imbruvica, AbbVie can lessen its reliance on its key drug Humira, an aging rheumatoid arthritis medication.
- The acquisition is expected to close in the middle of the year.
- Question: What happened to Pharmacyclics' Imbruvica partner JNJ on this deal?
- Previously: Pharmacyclics Q4 revenue up 135%, Imbruvica growing exponentially (Feb. 18 2015)
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, 1:43 PM
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. 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.
Jan. 15, 2015, 7:22 AM
- In an effort to increase its focus on developing new drugs, privately-held Boehringer Ingelheim says that it is considering the sale of Roxane Labs, its U.S.-based generics unit. The company believes it makes more sense for a generics specialist to own the 1,300-employee business.
- The generics industry is fiercely competitive as the number of blockbuster drugs coming off patent has declined from its peak in 2012. The top players are (NYSE:TEVA), Sandoz (NYSE:NVS) and Actavis (NYSE:ACT).
- According to Bloomberg, Roxane could fetch as much as $2.4B. Morgan Stanley is advising.
Jan. 1, 2015, 9:27 AM
- Novartis (NYSE:NVS) has completed the $5.4B sale of its animal-health division to Eli Lilly (NYSE:LLY).
- The sale of the unit is part of a complex overhaul at NVS that will focus the company on three core businesses: innovative pharmaceuticals, eye care, and generics.
- As a result of the transaction, Novartis will record an exceptional pretax gain of about $4.6B in Q1 of 2015.
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
Novartis AG develops, manufactures, and markets healthcare products. It operates through the following segments: Pharmaceuticals, Alcon, Sandoz, Vaccines & Diagnostics, and Consumer Health. The Pharmaceuticals segment provides patent-protected prescription medicines. The Alcon segment offers... More
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