Halyard Health announced it has entered into a definitive agreement to acquire CoolSystems, marketed as Game Ready, a market-leading provider of cold therapy and compression therapy systems for a total consideration of $65M in cash. Game Ready’s revenues in 2017 were approximately $35 million. The transaction is expected to be immaterial to Halyard’s fiscal year 2018 adjusted dilutive net earnings per share, and slightly accretive to earnings in 2019. Halyard is reaffirming its 2018 adjusted dilutive net earnings per share guidance of $1.65 to $1.85, which includes earnings from both continuing and discontinued operations. Halyard intends to fund the acquisition from current cash and the transaction is expected to close early in the third quarter.
Tuesday, June 5, 2018
Viking completes enrollment for Phase 2 of liver med trial
Viking Therapeutics announced that enrollment has been completed in the company’s ongoing Phase 2 clinical trial of VK2809 in patients with primary hypercholesterolemia and non-alcoholic fatty liver disease. VK2809 is a novel, orally available small molecule thyroid receptor agonist that possesses selectivity for liver tissue, as well as the beta receptor subtype, suggesting promise in this patient population. The Phase 2 clinical trial is a randomized, double-blind, placebo-controlled, parallel-group study designed to evaluate the efficacy, safety and tolerability of VK2809 in patients with elevated LDL cholesterol and NAFLD.
Teladoc target hiked by Citi
Teladoc price target raised to $62 from $51 at Citi. Citi analyst Stephanie Demko raised her price target for Teladoc to $62 and reiterates a Buy rating on the shares following the company’s acquisition of Advance Medical. The analyst views the purchase price as reasonable. The acquisition makes Teladoc the sole global telehealth player while also expanding the company’s telehealth solution suite into home care, wellness, and chronic care, Demko investors in a research note.
Nektar continues promising: Canaccord
Nektar data suggests it could play pivotal role in cancer, says Canaccord. Canaccord analyst Arlinda Lee said data for Nektar’s NKTR-214+Opdivo continues to show promise and she believes it is indicative of having a central role in cancer therapy with its broad mechanism of expanding and activating T-effector cells and efficacy. She reiterated her Buy rating and $94 price target on Nektar shares, which fell nearly 42% to $52.57 yesterday.
Amedisys target upped by Oppco
Amedisys price target raised to $85 from $77 at Oppenheimer. Oppenheimer analyst Michael Wiederhorn raised his price target for Amedisys to $85 from $77 on 6%-7% accretive share repurchase. The analyst reiterates an Outperform rating on the shares.
Alexion target upped by Credit Suisse
Alexion price target raised to $154 from $149 at Credit Suisse. Credit Suisse analyst Martin Auster raised his price target for Alexion to $154 from $149 saying the resolution of overhangs on the shares supports upside, namely if a global 1210 switch strategy is viable given Soliris EU IP uncertainty and what will drive long-term growth for Alexion. The analyst expects partial or full resolution of the first overhang as investors recognize that biosimilar risk may largely be limited to the PNH indication, and lackluster competitive C5 data and probable biosimilar pushouts suggest bearish timeline assumptions are low risk, likely allowing ample time to convert the market to 1210 from Soliris. Auster reiterates an Outperform rating on the shares.
Tesaro, Genentech in clinical collaboration
TESARO (TSRO) announced that it has entered into a clinical collaboration with Genentech, a member of the Roche Group (RHHBY), to evaluate the combination of the PD-L1 antibody atezolizumab, the MEK inhibitor cobimetinib and TESARO’s PARP inhibitor ZEJULA in patients with platinum-sensitive ovarian cancer. TESARO and Genentech are also working together to evaluate the combination of ZEJULA and atezolizumab in patients with metastatic bladder cancer as a part of MORPHEUS, Roche’s novel cancer immunotherapy development platform. MORPHEUS is a Phase 1b/2 adaptive platform to develop combinations of cancer immunotherapies more rapidly and efficiently. The planned trial will be conducted by Genentech and is expected to begin by the end of 2018. TECENTRIQ and COTELLIC are registered trademarks of Genentech, a member of the Roche Group
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