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Celgene Corporation (CELG)

  • Tue, Aug. 4, 8:12 AM
    • As permitted under its 2009 Collaboration and Option Agreement with GlobeImmune (NASDAQ:GBIM), Celgene (NASDAQ:CELG) exercises its option to exclusively license GI-6207, a product candidate developed with GlobeImmune's proprietary Tarmogen platform. GI-6207, the second Tarmogen-derived product candidate licensed to Celgene, targets cancers that express carcinoembryonic antigen (CEA). It is currently in Phase 2 development for medullary thyroid cancer (MTC) at the National Cancer Institute. Top-line results are expected in H2 2016.
    • CEA is over-expressed in various human epithelial cancers, including MTC. Preclinical studies showed that GI-6207 could induce an immune response to CEA as well as therapeutic anti-tumor responses. In an earlier Phase 1 trial of monotherapy GI-6207, 20% (n=5/25) of subjects receiving the drug experienced stable or decreased levels of CEA and stable disease.
    • Under the terms of the agreement, GlobeImmune will receive an option exercise payment of $1.9M, regulatory- and sales-based milestones and royalties on commercial sales.
    • There are ~500K new cancer cases each year in the U.S. characterized by the over-expression of CEA.
    • Update: GBIM is up 46% premarket on light volume. CELG is up a fraction.
    | Tue, Aug. 4, 8:12 AM | Comment!
  • Wed, Jul. 15, 10:36 AM
    • Celgene's (CELG +9.5%) $7.2B deal for Receptos (RCPT +10.3%) is “a great acquisition at a great price," Nomura analysts say, as ozanimod could enable CELG's inflammation and immunology franchise to double peak sales to $10B and reduce reliance on Revlimid to drive future growth, and the acquisition price of less than 2x peak sales is a steep discount relative to recent comparisons.
    • Wedbush analyst Liana Moussatos sees plenty of potential upside to justify a rival bidder stepping in for RCPT, noting that she had estimated the company could be valued at $348/share, or ~$10.9B, in a buyout, substantially more than CELG's $232 offer.
    • The deal is boosting some biotech names (IBB +1.9%), including PTC Therapeutics (PTCT +11.7%), Celsion (CLSN +7.1%) and Arena Pharmaceuticals (ARNA +6.7%).
    | Wed, Jul. 15, 10:36 AM | 23 Comments
  • Wed, Jul. 15, 9:15 AM
    | Wed, Jul. 15, 9:15 AM | 4 Comments
  • Tue, Jul. 14, 5:39 PM
    | Tue, Jul. 14, 5:39 PM | Comment!
  • Tue, Jul. 14, 5:15 PM
    • Celgene (NASDAQ:CELG) agrees to acquire Receptos (NASDAQ:RCPT) for ~$7.2B in cash, or $232/share, representing a 12% premium to today's closing price.
    • CELG says the deal will significantly enhance its inflammation and immunology portfolio, diversify its revenue beginning in 2019 and beyond, and build upon its growing expertise in inflammatory bowel disease.
    • The acquisition adds Ozanimod, a drug under trial to treat ulcerative colitis and relapsing multiple sclerosis; annual sales of the drug are expected to peak at $4B-$6B.
    • CELG also says it expects Q2 adjusted EPS of $1.23 vs. $1.13 analyst consensus estimate, and net product sales +22% Y/Y to $2.25B; raises FY 2015 EPS guidance to $4.75-$4.85 from a prior $4.60-$4.75.
    • CELG +4.4% AH, RCPT halted until 5:30.
    | Tue, Jul. 14, 5:15 PM | 28 Comments
  • Tue, Jun. 30, 8:24 AM
    | Tue, Jun. 30, 8:24 AM | 6 Comments
  • Mon, Jun. 29, 4:54 PM
    | Mon, Jun. 29, 4:54 PM | Comment!
  • Mon, Jun. 29, 4:40 PM
    • Juno Therapeutics (NASDAQ:JUNO) jumps 53% after hours on robust volume in response to its announcement of a 10-year collaboration with Celgene (NASDAQ:CELG) to develop and commercialize novel immunotherapies for the treatment of cancer and autoimmune diseases.
    • Under the terms of the agreement, Celgene will make an upfront payment of ~$1B which includes an equity investment of ~$850M (9.1M shares at $93 per share). Celgene has the option of being Juno's commercialization partner for oncology and cell therapy autoimmune product candidates, including its CD19- and CD22-directed CAR-T product candidates, exclusive of B-Cell Maturation Antigen.
    • Juno will be responsible for R&D in North America and will retain commercialization rights in these territories. Celgene will be responsible for development and commercialization in the rest of the world and will pay Juno royalties on net sales. Celgene has the right to select two programs, exclusive of CD19 and CD22, whereby the two firms will share equally in costs and profits in all territories except China. Under certain circumstances, Celgene may select a third program.
    • Juno has the option of co-developing and co-commercializing certain Celgene-originated product candidates that target T cells. Costs and profits will be shared with Celgene on a 70/30 basis (70% - Celgene).
    • The upfront payment consists of $150M in cash plus the purchase of 9,137,672 shares of Juno common stock at $93 per share. Under certain circumstances, Celgene could acquire up to a 30% stake in Juno.
    • The companies will host a conference call at 5 pm ET today to discuss the deal.
    | Mon, Jun. 29, 4:40 PM | 28 Comments
  • Thu, Jan. 29, 7:33 AM
    • Celgene (NASDAQ:CELG): Q4 EPS of $1.01 beats by $0.02.
    • Revenue of $2.09B (+18.7% Y/Y) beats by $10M.
    • Shares +1.08% PM.
    • Press Release
    | Thu, Jan. 29, 7:33 AM | 5 Comments
  • Dec. 8, 2014, 12:37 PM
    • Biotech investors are giving Seattle Genetics (SGEN -8.4%) the cold shoulder today on increased volume. It appears that all the love is being directed to the potential of competitors' PD-1 inhibitors in fighting cancer despite the company's presentations at the American Society of Hematology meeting of positive results for Adcetris (brentuximab vedotin), an antibody-drug conjugate directed to CD30 in Hodgkin lymphoma (HL).
    • Long-term data from a Phase 1 trial of Adcetris combined with AVD (adriamycin, vinblastine, dacarbazine) demonstrated a 100% overall survival rate at year three and 92% failure-free survival rate at year 3 in frontline HL.
    • Adcetris in combination with bendamustine as a second-line therapy demonstrated an objective response rate of 96% and a complete remission rate of 83% in patients with relapsed or refractory HL.
    • In a Phase 2 trial in previously untreated HL patients aged 60 and older, Adcetris showed a 93% objective response rate.
    • The company is collaborating with Takeda Pharmaceutical Co. (OTCPK:TKPHF) (OTCPK:TKPYY) on the development of the product.
    • Previously: Positive results in Adcetris Phase 3 label expansion trial (Sept. 29, 2014)
    • PD-1 inhibitor-related tickers: (BMY +0.2%)(FPRX +4.8%)(MRK -0.2%)(CELG +4.2%)(OTCQX:RHHBY -0.5%)(AZN -0.6%)
    | Dec. 8, 2014, 12:37 PM | 1 Comment
  • Nov. 14, 2014, 12:00 PM
    • The money continues to flow out of biotech. The iShares NASDAQ Biotech Index (NASDAQ:IBB) is down 2%. The index is down almost 5% since the peak of 302.98 on October 31.
    • A sampling of moves today: (BIIB -4.3%)(CELG -3.4%)(AMGN -1.6%)(GILD -1.6%)(REGN -1.6%)(ALXN -2.3%)(VRTX -0.1%)
    | Nov. 14, 2014, 12:00 PM | 41 Comments
  • Sep. 26, 2014, 1:12 PM
    • Moderately-traded biotech Angios Pharmaceuticals (AGIO +19.6%) jumps on a 10x surge in volume. Shares have quadrupled since the low of $15.77 on November 18, 2013.
    • In November, the company will present clinical data from a Phase 1 trial of AG-120, an orally available inhibitor of the mutated IDH1 protein, being developed to treat hematologic malignancies and solid tumors.
    • Collaboration partner Celgene (CELG +0.3%) has a 15% stake in the company.
    | Sep. 26, 2014, 1:12 PM | Comment!
  • Apr. 25, 2014, 3:27 PM
    • "It's Time ... We Think," is the title of a report from the team at Piper Jaffray, upgrading Celgene (CELG +1.1%) to Overweight.
    • Noting significant cooling in biotech and even a massive beat from Gilead which barely moved the stock, Piper acknowledges it's a tough environment for high multiple names. But trading at 20x P/E with 20% sustainable EPS growth means Celgene is either going to soon be considered a value play or see multiple stabilization.
    • "We believe the valuation now reflects a conservative 2024 Revlimid patent expiry and excludes meaningful contribution from the advancing pipeline ... [Celgene] is attuned to delivering shareholder value and we believe will fight aggressively to lift the Revlimid polymorph patent overhang and deliver sustainable EPS growth."
    • Celgene's gain today comes as the biotech sector slips about 4%.
    | Apr. 25, 2014, 3:27 PM | Comment!
  • Jan. 30, 2014, 2:44 PM
    • Amid a strong showing for top-tier biotech stocks, Celgene (CELG -2.2%) is in the red after missing Q4 earnings, offering underwhelming guidance and from critical editorial correspondences published in the New England Journal of Medicine.
    • Two correspondences raised concerns about Abraxane benefits, toxic effects, incremental cost and the effect of pancreatic tumor location on the drug’s efficacy; however, Citigroup would buy CELG on today's weakness, seeing the drug as a strong seller and the NEJM story as a non-event.
    • Alexion Pharma (ALXN +22%), on the other hand, reported a strong Q4 with solid guidance; Brean Capital praises ALXN as "highly committed to developing a portfolio of drugs for diseases that are both rare and severe."
    • Also: VRTX +5.5%, BIIB +4.8%.
    | Jan. 30, 2014, 2:44 PM | 1 Comment
  • Jan. 28, 2014, 9:12 AM
    • Deutsche's Robyn Karnauskas makes a big call on big-cap biotechs, boosting price targets for Biogen (BIIB) to $415 from $340, Celgene (CELG) to $190 from $170, and Gilead (GILD) to $132 from $95. The $132 PT for Gilead is a new Street high "by a nautical mile," says Notable Calls, and Karnauskas sees upside all the way to $165.
    • "We view large-cap biotech as fundamentally stable yet providing attractive growth," she writes, citing more diversified businesses, pipelines, new product launches, strong balance sheets, and strong free cash flow. "Therefore, we are changing our valuation methodology to 2015 PE multiples from DCF for Gilead, Celgene, and Biogen. Our '15 EPS estimates are higher than consensus and we think near-term franchise success could drive re-rating."
    • GILD +2.7%, CELG +1.3% premarket
    • Related ETFs: IBB, XBI, BIB, BBH, FBT, PBE, BIS
    | Jan. 28, 2014, 9:12 AM | 1 Comment
  • Jan. 8, 2014, 10:46 AM
    • Nomura's Ian Somaiya (formerly at Piper) is out with a number of healthcare initiations.
    • Gilead (GILD +1.7%) is the firm's top biotech pick for 2014 as the company is "set to dominate the HCV market." GILD started at Buy. Price target is $118.
    • Neurocrine Biosciences (NBIX -3.2%) started at Buy. Somaiya sees peak sales of $700M for NBI-98854. Price target is $23.
    • Celgene (CELG +1.2%) started at Buy. "Revlimid for multiple myeloma, is less than a third of the way to realizing its peak sales potential," Somaiya says. Price target is $236.
    • Biogen (BIIB +4.1%initiated at Buy. Tecfidera, is "a blockbuster ... treatment for MS, with estimated peak sales of $9B," Somaiya notes. Price target is $368.
    • Alexion (ALXN +1.5%) initiated at Buy. Price target $150.
    • Pharmacyclics (PCYC +1.9%) will "transform the treatment paradigm and disease course of CLL and mantle cell lymphoma MCL." Shares started at Buy. Price target is $137.
    • Other initiations: Incyte (INCY +5.9%started at Buy. Synageva BioPharma (GEVA +3.7%) started at Buy. BioMarin (BMRN +1.2%), Amgen (AMGN), and Infinity Pharmaceuticals (INFI +2.8%) started at Neutral.
    | Jan. 8, 2014, 10:46 AM | 2 Comments
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Company Description
Celgene Corp is a biopharmaceutical company. It is engaged in the discovery, development and commercialization of therapies designed to treat cancer and immune-inflammatory related diseases.
Sector: Healthcare
Industry: Biotechnology
Country: United States