Will AstraZeneca Get Bought After All?
Chris DeMuth Jr. • 20 Comments
Chris DeMuth Jr. • 20 Comments
The Preferred Way To Play The Allergan-Pfizer Break Up
Andrew Walker, CFA • 56 Comments
Andrew Walker, CFA • 56 Comments
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.
Tue, Jul. 5, 5:22 PM
- Medivation (NASDAQ:MDVN) says it has entered into confidentiality agreements Sanofi (NYSE:SNY) and several parties that have expressed interest in exploring a potential transaction, and rejects a new takeover offer from SNY that valued it at $58/share, plus a contingent value right valued at a maximum $3/share.
- As part of negotiations, SNY agrees to drop efforts to have MDVN shareholders replace the board, after it had sought to oust the board after previous takeover offers had been rejected.
- SNY has been in pursuit of MDVN in an attempt to strengthen its new products portfolio and build a competitive position.
- Pfizer (NYSE:PFE) also has been interested in acquiring MDVN, according to reports, but today's release did not list other potential suitors beyond SNY.
Wed, May 25, 9:00 AM
- According to Bloomberg, Celgene (NASDAQ:CELG) is considering a bid for Medivation (NASDAQ:MDVN), currently trying to hold off Sanofi (NYSE:SNY). Other suitors supposedly in the mix are Pfizer (NYSE:PFE), AstraZeneca (NYSE:AZN) and Amgen (NASDAQ:AMGN).
- Sanofi is trying to replace Medivation's board after it rejected its per-share offer of $52.50.
- Previously: Amgen another possible Medivation suitor (May 5)
Mon, May 16, 7:14 AM
- Pfizer (NYSE:PFE) agrees to acquire Palo Alto, CA-based Anacor Pharmaceuticals (NASDAQ:ANAC) for $99.25 per share or $5.2B net of cash. The deal should close in Q3.
- Anacor is the exclusive U.S. distributor of Sandoz's PharmaDerm's Kerydin (tavaborole) topical solution 5%, the first oxaborole antifungal indicated for the treatment of onychomycosis (toenail fungal infection). Its lead product candidate is crisaborole topical ointment 2% for the treatment of atopic dermatitis. Its New Drug Application (NDA) is currently under FDA review. The PDUFA date is January 7, 2017. Pfizer believes peak sales could reach $2B.
- Pfizer will finance the transaction with cash on hand. The deal will not impact its current 2016 guidance. The acquisition should be slightly dilutive to non-GAAP EPS in 2017 and accretive to non-GAAP EPS in 2018 and thereafter.
- ANAC is up 53% premarket on increased volume.
- Previously: FDA accepts Anacor's NDA for topical dermatitis treatment, action date January 7 (March 22)
- Previously: Anacor Pharma's Crisaborole successful in two late-stage studies; shares up 38% premarket (July 13, 2015)
Thu, May 5, 11:38 AM| Thu, May 5, 11:38 AM | 11 Comments
Thu, May 5, 9:14 AM
- In a letter to Medivation's (NASDAQ:MDVN) board, Sanofi (NYSE:SNY) CEO Olivier Brandicourt reiterates his firm's strong desire to negotiate the terms of an acquisition, saying its $9.3B offer ($52.50 per share) represents a tidy 50% premium over what shares were trading three months before.
- He also says Sanofi has had extensive discussions with Medivation's top shareholders and they back the deal. Going a step further, he says Sanofi is prepared to go directly to shareholders if management does not proceed.
- A competing bid appears likely [Pfizer (NYSE:PFE), AstraZeneca (NYSE:AZN)] so whatever Medivation decides to do, Sanofi will probably have to up its offer.
- MDVN is up a fraction premarket while SNY is down 3%.
- Update: Medivation reiterates that Sanofi's bid is "substantially inadequate."
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.
Wed, Apr. 6, 7:26 AM
- Although disheartened that its merger with Pfizer (NYSE:PFE) is dead, Allergan (NYSE:AGN) is bullish on its standalone profile. CEO Brent Saunders says, "While we are disappointed that the Pfizer transaction will no longer mover forward, Allergan is poised to deliver strong, sustainable growth built of a set of powerful attributes. Our pipeline is one of the strongest in the industry, loaded with 70 mid-to-late-stage programs including 14 expected approvals and 16 regulatory submissions in 2016 alone."
- Based on a preliminary review of the proposed regulations from the U.S. Treasury Department, the company believes they will not have a material impact on its standalone tax rate. Q1 earnings will be reported no later than May 10. During the conference call, management will update investors on its plans to simplify the company's operations after it divests its generics business to (NYSE:TEVA).
- Allergan will host a brief conference call this morning at 10:00 am ET to discuss its standalone prospects.
- Pfizer says it will make a decision on splitting the company's innovative and established businesses by the end of the year. It will report Q1 results on May 3. It has agreed to reimburse Allergan $150M for merger-related expenses.
- PFE is up 1% and AGN is down 1% premarket.
Tue, Apr. 5, 1:46 PM
- According to sources, Reuters reports that Pfizer (PFE +3.2%) is leaning toward abandoning the Allergan (AGN -16.4%) deal if the tax benefits are not there.
- Previously: Allergan -19% following Secretary Lew’s remarks on corporate tax inversions (April 5)
Wed, Mar. 30, 1:19 PM
- The U.S. Federal Trade Commission (FTC) has requested additional information (called a second request) from Pfizer (PFE) and Allergan (AGN +0.4%) concerning their pending combination. It is a routine and entirely expected event. The companies will, of course, respond promptly.
- Previously: Pfizer and Allergan agree to merge (Nov. 23, 2015)
Mon, Feb. 8, 10:38 AM
- Pfizer (PFE -0.3%) announces the executive team that will lead the organization following the close of the Allergan (AGN -1.2%) transaction. Allergan chief Brent Saunders will President & CEO of the combined firm responsible for commercial operations, manufacturing and strategy.
- Pfizer Group President, Vaccines, Oncology and Consumer (VOC), Albert Bourla, will be lead the Global Innovative Pharma (GIP) business. VOC will be folded into GIP after the Allergan deal is finalized.
- Allergan EVP and President of Branded Pharma, Bill Meury, will lead a new operating segment called Global Specialty and Consumer Brands that will include Pfizer's Consumer Health unit and Allergan's ophthalmology and aesthetics businesses and Botox Therapeutic and Cosmetic.
- The company will continue to manage its commercial operations through two businesses: Innovative Products and Established Products. Its decision to potentially separate the businesses will be made no later than the end of 2018. The Innovative Products business will be comprised of two operating segments: Global Innovation Pharmaceutical and Global Specialty and Consumer Brands. The Established Products business will continue to be led by John Young.
- Additional members of Mr. Saunders' executive team are Tony Maddaluna, EVP and President, Pfizer Global Supply and Laurie Olson, EVP, Strategy, Portfolio and Commercial Operations.
- Pfizer Chairman & CEO Ian Read's team will oversee Finance, R&D, HR, Compliance/Risk, Legal and Corporate Affairs.
- Pfizer Group President, Global Innovative Pharma Business, Geno Germano, will be leaving the company.
Wed, Feb. 3, 4:35 AM
- Pfizer (NYSE:PFE) is insisting that its $160B takeover of Allergan (NYSE:AGN) will not be thwarted by political opposition, amid criticism that the so called tax-inversion would cost the U.S. Treasury billions of dollars in future revenues.
- "Under current law, I do not believe there is any reason why the deal will not close - full stop," Pfizer CEO Ian Read declared.
- He also reiterated a plan to delay until 2018 a decision on whether to break the enlarged Pfizer-Allergan into two or three smaller companies, but said he would be open to offers for its generics business.
Thu, Jan. 14, 7:09 AM
- Pfizer (NYSE:PFE) acquires Shanghai-based Sirio Pharma Co. Ltd.'s wholly owned subsidiary Treerly Health Co., Ltd., for an undisclosed sum. Treerly is a leading healthcare brand in China comprised of an extensive portfolio of nutritional products for women.
- Sirio, a privately held contract manufacturer, will continue to supply the Treerly line to Pfizer.
Wed, Jan. 13, 7:13 PM
- Bloomberg reports Pfizer (NYSE:PFE) is thinking of unloading recently-acquired Hospira's infusion pump business for ~$2B. Talks are said to be at an early stage.
- Pfizer closed its $17B purchase of Hospira in September. At the time, the company forecast the deal would boost EPS by $0.10-$0.12 in the first full year after closing, and yield $800M/year in cost synergies by 2018.
- Pfizer's Q4 report arrives on Feb. 2.
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.
Pfizer, Inc. is a research-based, global biopharmaceutical company. The company's global portfolio includes medicines and vaccines, as well as many of the world's best-known consumer healthcare products. It collaborates with healthcare providers, governments and local communities to support and... More
Industry: Drug Manufacturers - Major
Country: United States
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