Wed, Sep. 21, 1:04 PM
- As previously reported, Bayer (OTCPK:BAYRY) aims to jettison its dermatology business in order to help fund its Monsanto buy. Although discussions are in the early phase, there appears to be plenty of interested parties. In addition to skincare-focused players like Allergan (NYSE:AGN), Almirall (OTC:LBTSF) and Nestle (OTCPK:NSRGY)(OTCPK:NSRGF), Teva Pharmaceutical Industries (NASDAQ:TEVA), Perrigo (NASDAQ:PRGO) and Sun Pharma (OTC:SMPQY) are also reportedly in the mix.
- On the institutional investor side, KKR (NYSE:KKR), Nordic Capital, Bain Capital, Blackstone Group (NYSE:BX) and Cinven may also be eyeing the unit which, analysts say, could fetch $1.1B.
- Previously: Bloomberg: Bayer eyes sale of $1.1B dermatology business (Sept. 8)
Fri, Sep. 16, 5:43 PM
- Perrigo (NASDAQ:PRGO) is exploring a sale of the royalties from its multiple sclerosis drug Tysabri, possibly to privately held Royalty Pharma, Reuters reports.
- The royalty divestment is one of the actions requested by Starboard Value earlier this week when it disclosed a 4.6% stake in PRGO, but the company had been exploring a sale of Tysabri royalties before Starboard's proposals, according to the report.
- Tysabri is marketed through a partnership with Biogen (NASDAQ:BIIB), which paid more than $300M in royalties to PRGO last year and could be worth ~$2.8B in a sale, RBC Capital says.
Mon, Sep. 12, 2:45 AM
- Starboard Value has built a 4.6% stake in Perrigo (NASDAQ:PRGO), worth nearly $600M, and is urging the firm to refocus on its core business by shedding non-core assets and exploring other alternatives.
- The activist sent Perrigo a letter Sunday criticizing the company for failing to live up to performance targets it set while successfully fending off a $26B takeover offer last year from Mylan.
- Perrigo said in a statement that it would review the letter and it "looks forward to a constructive and productive dialogue with Starboard."
Fri, Sep. 2, 1:19 PM
- In a factsheet just published on Presidential candidate Hillary Clinton's website, she outlines her plan to reign in rogue drug companies who aggressively increase the prices of their medicines.
- Her plan features three methods for containing runaway drug costs: make alternatives available and increase competition; enable emergency importation of safe treatments and fine drug firms for unjustified price increases.
- Her first action, as President, will be to create a dedicated group of representatives from Federal agencies that oversee health and safety and fair competition that will be charged with protecting consumers from "outlier" price increases. The group will establish criteria for determining if a price increase is justified for a long-available treatment and investigate and consider enforcement in certain situations.
- In cases where the level of competition is light, her plan will enable the emergency purchases of alternative versions and make them available to patients in need while encouraging competition from additional suppliers.
- She also calls for legislation to safely and securely import drugs from foreign nations whose regulatory regimes are as robust as the FDA, with the proviso of a "careful review" by the agency (more temporary than permanent).
- In cases where miscreant drug firms are fined, the funds will be used to support new programs to make lower-cost alternatives available and speed up approvals in order to beef up competition (specifics are not provided).
- In her broader plan to lower prescription drug costs for all Americans, she proposes a cap on out-of-pocket costs, additional funding to support the clearing of the FDA's backlog of generic drug applications, prohibit "pay for delay" deals (long overdue), a moratorium on direct-to-consumer advertising and allowing Medicare to negotiate drug and biologic prices.
- Representative tickers: (NASDAQ:IBB)(NASDAQ:AMGN)(NASDAQ:BIIB)(NASDAQ:GILD)(NASDAQ:CELG)(NYSE:BMY)(NYSE:ABT)(NYSE:MRK)(NYSE:PFE)(NASDAQ:MYL)(NYSE:VRX)(NASDAQ:TEVA)(NASDAQ:PRGO)(NYSE:AGN)
Tue, Aug. 23, 9:58 AM
- The FDA grants tentative approval of Perrigo's (PRGO +0.3%) generic version of Braintree Labs' Suprep (sodium sulfate/potassium sulfate/magnesium sulfate) oral solution, used to cleanse the colon prior to a colonoscopy in adult patients. Annual sales of the branded product are ~$180M.
- Tentative approval means that the FDA has approved Perrigo's abbreviated New Drug Application (ANDA), but legal issues (i.e., patent litigation) need to be resolved before it will be commercially available.
Wed, Aug. 17, 8:04 AM
- Perrigo (NYSE:PRGO) agrees to acquire Geiss, Destin & Dunn, a small national distributor of over-the-counter (OTC) healthcare and consumer products to non-chain retail and institutional markets, for an undisclosed sum. The deal should close by the end of the month.
- Perrigo has been using the Peachtree City, GA-based to distribute its products so it's basically recapturing the margin.
Wed, Aug. 10, 9:17 AM| Wed, Aug. 10, 9:17 AM | 4 Comments
Wed, Aug. 10, 8:44 AM
- Perrigo (PRGO) Q2 results: Revenues: $1,481M (-3.3%); Operating Income: $238.3M (+5.0%); Net Income: $194.3M (+244.5%); EPS: $1.35 (+255.3%); Non-GAAP EPS: $1.93 (-11.5%); Quick Assets: $641.8M (+53.6%).
- 2016 Guidance: Reported EPS: $0.26 - 0.56 from $2.44 - 2.84; Non-GAAP EPS: $6.85 - 7.15 from $8.20 - 8.60.
- Shares down 12% premarket on robust volume.
Wed, Aug. 10, 6:31 AM
Tue, Aug. 9, 5:30 PM
Tue, Aug. 2, 12:02 PM
Mon, Jul. 18, 10:15 AM
Sun, Jul. 3, 2:50 PM
- via Barclays:
- "Although stocks in the U.S. and Europe have partially bounced back from the sharp selloff sparked by the U.K. referendum result, risks remain prevalent. [Analyst] Keith Parker foresees further equity downside alongside a prolonged market bottoming process, during which positioning is likely to turn much more defensive at active managers.
- "With this in mind, our stock screen this week highlights Overweight-rated stocks that screen defensively based on sector and equity beta but are also expected to generate superior ROE and free cash flows in FY1.
- "Our screen considers the following factors: i) Large-cap (US $5 billion+) stock in the consumer staples, utilities, telecom or healthcare sectors. ii) Adjusted beta less than 1.0. iii) Rated Overweight by Barclays equity research. iv) 15%+ ROE and 4.5%+ FCF yield expected in FY1, based on Barclays estimates."
- The stocks: Aetna (NYSE:AET), BT Group plc (NYSE:BT), Cardinal Health (NYSE:CAH), Coloplast (OTC:CLPBF, OTCPK:CLPBY), CVS (NYSE:CVS), Estee Lauder (NYSE:EL), Express Scripts (NASDAQ:ESRX), Glanbia (OTC:GLAPF, OTCPK:GLAPY), Grifols (NASDAQ:GRFS), Imperial Brands (OTCQX:IMBBY, OTCQX:ITYBF), Johnson & Johnson (NYSE:JNJ), Ahold (OTCQX:AHONY, OTCQX:AHODF, OTCQX:AHOND), LabCorp (NYSE:LH), Perrigo (NYSE:PRGO), Telus (NYSE:TU), Unilever (UL, UN), UnitedHealth Group (NYSE:UNH)
- See full table here.
Fri, Jun. 24, 7:01 AM
- Cerner (NASDAQ:CERN) upgraded to Buy from Neutral with $65 (14% upside) price target by SunTrust Robinson.
- Catalent (NYSE:CTLT) upgraded to Outperform from Market Perform with a $26 (midpoint)(10% upside) price target by Wells Fargo. Upgraded to Buy from Neutral by Bank of America.
- Centene (NYSE:CNC) upgraded to Overweight from Equal Weight by Barclays. Price target raised to $82 (17% upside) from $76.
- Valeant Pharmaceuticals (NYSE:VRX) downgraded to Neutral from Overweight by JPMorgan. Price target lowered to $35 (57% upside) from $50.
- AveXis (NASDAQ:AVXS) downgraded to Hold from Buy by Jefferies. Price target lowered to $39 (3% downside risk) from $42.
- Surgical Care Affiliates (NASDAQ:SCAI) downgraded to Neutral from Buy by JPMorgan. Price target maintained at $48 (3% upside).
- ACADIA Pharmaceuticals (NASDAQ:ACAD) downgraded to Neutral from Buy by Bank of America.
- Express Scripts Holdings (NASDAQ:ESRX) downgraded to Underweight from Equal Weight by Morgan Stanley. Price target raised to $70 (9% downside risk) from $67.
- Perrigo (NYSE:PRGO) downgraded to Hold from Buy by Argus Research.
- CVS Health (NYSE:CVS) downgraded to Equal Weight from Overweight by Morgan Stanley. Price target lowered to $104 (11% upside) from $111.
Wed, Jun. 15, 12:45 PM
Fri, May 27, 5:39 PM