Thu, Mar. 5, 8:52 AMAbbVie's high-priced takeout of Pharmacyclics bodes well for other biotechs with high potential drugs
- AbbVie's (NYSE:ABBV) extraordinarily generous buyout of Pharmacyclics (NASDAQ:PCYC) is a crystal clear example of how keen big pharma is to boost its prospects with biotech drugs with blockbuster potential. The transaction's $20B tab, backing out PCYC's $1B cash balance, values Imbruvica (ibrutinib) at $40B since Pharmacyclics' commercial partner Johnson & Johnson (NYSE:JNJ) gets 50% of Imbruvica's revenue. This implies a multiple of almost 7x Imbruvica's projected peak sales of $6B. By comparison, Amgen's (NASDAQ:AMGN) takeout of Onyx Pharma and Sanofi's (NYSE:SNY) takeout of Genzyme were both at 5x premiums.
- The looming patent expiration for Humira ($12.5B in sales the past four quarters) undoubtedly provided AbbVie extra incentive to get the deal done.
- Adding 50% of Imbruvica's sales to AbbVie's top line should increase its revenue growth 3 - 7% and EPS growth 8 - 11% through 2020.
- According to RBC analyst Michael Yee, other biotechs on the big ticket acquisition radar are: BioMarin Pharmaceuticals (NASDAQ:BMRN), Dyax (NASDAQ:DYAX), Esperion Therapeutics (NASDAQ:ESPR), United Therapeutics (NASDAQ:UTHR), Vertex Pharmaceuticals (NASDAQ:VRTX), Intercept Pharmaceuticals (NASDAQ:ICPT), Juno Therapeutics (NASDAQ:JUNO), Kite Pharma (NASDAQ:KITE), PTC Therapeutics (NASDAQ:PTCT) and Receptos (NASDAQ:RCPT).
Tue, Mar. 3, 4:16 PM
Dec. 23, 2014, 12:45 PM
Dec. 15, 2014, 12:36 PM
- Added to the Nasdaq Biotechnology Index, effective Dec. 22: AAVL, AERI, AKBA, ALDR, ALIM, AMPH, ANIP, ASPX, CARA, CGEN, CLDN, CNCE, ENTA, FLML, FMI, FOLD, FPRX, GWPH, HPTX, ICPT, INO, INSM, KITE, KPTI, MGNX, OPHT, PCYC, PETX, POZN, PTX, QLTI, RARE, RCPT, RDUS, RLYP, RTRX, RVNC, SAGE, TBPH, TTPH, VSAR, XLRN, ZFGN, ZSPH.
- Deleted: AMRN, AUXL, CRIS, EXPR, ICEL, ONTX, RIGL, ZGNX.
- Source: Press Release
Nov. 19, 2014, 11:45 AM
- Investors like the commercial prospects of Receptos' (RCPT +4.7%) lead product RPC1063 for the treatment of ulcerative colitis (UC). Shares are up today on a 2x surge in volume despite the NASDAQ's drop of 0.7% and the company's secondary stock offering of 3.6M shares at the discounted price of $100. The proceeds of the offering will fund the continued development of RPC1063 as well as other programs.
- Prices are up 59% since the October 28 breakout in response to the announcement of Phase 2 results.
- Previously: Receptos lead product successful in Phase 2 for UC at higher dose
- Previously: Receptos prices stock offering
Nov. 19, 2014, 8:01 AM
- Receptos (NASDAQ:RCPT) prices its public offering of 3.6M shares of common stock at $100 per share. Underwriters over-allotment is 540K shares. Closing date is November 24, 2014.
- Proceeds will fund the continued development of RPC1063, RPC4046 and other preclinical and research programs, working capital and general corporate purposes.
Nov. 4, 2014, 7:04 AM
Oct. 28, 2014, 12:46 PM
Oct. 28, 2014, 9:13 AM
Oct. 28, 2014, 8:09 AM
Oct. 27, 2014, 6:25 PM
- Receptos' (RCPT +35%) lead product candidate, RPC1063, achieved its primary endpoint in a 199-patient Phase 2 clinical trial evaluating its safety and efficacy for the treatment of ulcerative colitis at a dose of 1 mg. The primary endpoint was the proportion of patients in clinical remission at week 8 as defined by Mayo scoring criteria. For the 1 mg dose, 16.4% of patients achieved the endpoint compared to 6.2% for placebo (p<0.05). The low dose group, 0.5 mg, failed to demonstrate statistical significance versus placebo.
- The company intends to move forward into Phase 3 development for this indication.
- Shares are up 29% AH on robust volume.
Oct. 27, 2014, 5:40 PM
Oct. 22, 2014, 11:31 AM
- The European Commission approves privately-held Switzerland-based Ferring Pharmaceuticals' Cortiment (budesonide) for the induction of remission in patients with active mild-to-moderate ulcerative colitis. Budesonide is a locally acting glucocorticosteroid.
- Ferring licensed Cortiment from Cosmo Pharmaceuticals SpA for the EU, Asia (ex-Japan), Australia, Canada, Latin America and Africa. The product is sold under the brand name Uceris in the U.S. by Salix Pharmaceuticals (SLXP -0.2%).
- UC-related tickers: (NASDAQ:VBLX) (RCPT)(OTCPK:TKPHF)(OTCPK:TKPYY +0.2%)(ATHX +2.3%)(SHPG +1.3%)(PFE +0.7%)(ABT -0.4%)(ABBV +1.2%)(CNDO +1.1%)(JNJ +1%)(SGYP -3.2%)
Oct. 7, 2014, 8:33 AM
- Danish biopharmaceutical firm Forward Pharma A/S (NASDAQ:FWP) is set for an IPO of 9.5M American Depository Shares at $20 - 22.
- Its lead product is FP187, a proprietary formulation of dimethyl fumarate (DMF) for the treatment of multiple sclerosis (MS), about to enter Phase 3 development.
- Meaningful revenues appear far in the distance, however. Patient recruitment for FP187's Phase 3 trial will take at least 18 months and the completion of the last patient's 48-week treatment will take a total of 30 months.
- The firm's operating losses for 2013 and 1H 2014 were $9M and $7.4M, respectively.
- MS-related tickers: (NASDAQ:BIIB) (NYSE:ABBV) (NYSEMKT:SYN) (NASDAQ:CNCE) (NYSE:SNY) (NASDAQ:XNPT) (NASDAQ:INO) (NASDAQ:OPXA) (NYSE:TEVA) (NASDAQ:ALKS) (NASDAQ:RCPT) (NASDAQ:AVNR) (NASDAQ:GCVRZ) (NYSE:NVS) (NASDAQ:QCOR)
Sep. 10, 2014, 12:47 PM
Aug. 12, 2014, 9:19 AM
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