David Koch to retire from Koch Industries due to poor health

Conservative billionaire industrialist David Koch is retiring from his roles at Koch Industries and associated companies due to poor health, according to an internal memo seen by Reuters.

David Koch, 78, along with his elder brother Charles, owns the second largest private U.S. company, whose operations range from refining and chemicals to ranching and forest products.

The brothers are known to spend heavily on conservative initiatives and to oppose government intervention in business.

David, who was diagnosed with prostate cancer almost two decades ago, is the executive vice president at Koch Industries. The brothers have donated several millions to doctors and researchers working towards a cancer cure.

“David has always been a fighter and is dealing with this challenge in the same way,” Charles Koch wrote in the memo dated June 4.

https://bit.ly/2szBKdb

Genentech gets FDA priority review for hemphilia A med

Genentech, a member of the Roche Group, announced tody that the FDA has accepted the company’s supplemental Biologics License Application, or sBLA, and granted Priority Review for Hemlibra for adults and children with hemophilia A without factor VIII inhibitors. The sBLA is based on data from the Phase III HAVEN 3 study. The FDA is expected to make a decision on approval by October 4.

https://bit.ly/2kNJ6p5

Abeona started at buy by Seaport Global

Abeona Therapeutics initiated with a Buy at Seaport Global. Seaport Global analyst Vernon Bernardino initiated Abeona Therapeutics with a Buy and $29 price target saying its “powerful” R&D engine leverages AAV vector technology to create gene therapies for rare diseases. Bernardino said Abeona has generated six candidate gene therapies, including three in Phase 1/2 clinical trials, and has first-mover potential in each targeted therapeutic area plus premium pricing potential for its products.

https://bit.ly/2JgpRDy

Sarepta new gene therapy unit positive: Nomura

Nomura Instinet positive on Dr. Rodino-Klapac joining Sarepta. Nomura Instinet analyst Christopher Marai views the appointment of Dr. Rodino-Klapac as Sarepta Therapeutics’ Vice President of a newly created gene-therapy unit positively. The news further indicates that Sarepta is broadly expanding its gene therapy program in neuromuscular diseases, Marai tells investors in a research note. He reiterates a Buy rating on the shares with a $131 price target.

https://bit.ly/2syKobR

Halyard Health to acquire CoolSystems for $65M in cash

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.

https://bit.ly/2swD40j

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.

https://bit.ly/2JqKI6a

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.

https://bit.ly/2JhN2ZS