Wednesday, August 8, 2018
CVS: Aetna acquisition regulatory review proceeding on schedule
The company states: “The previously announced acquisition of Aetna by CVS Health was approved by shareholders of both companies on March 13, 2018. The regulatory approval process is proceeding within a timeframe consistent with expectations. The companies received a second request for information from the U.S. Department of Justice on February 1, 2018 and are working cooperatively and productively with the Department of Justice on the approval process. All of the required change in control filings were submitted to 28 state insurance departments in January. To date, we have received approval from a substantial number of states and more are expected to approve this summer. Several additional states have already held or scheduled hearings. The transaction is expected to close during the third quarter or the early part of the fourth quarter of 2018.”
Horizon Pharma continues to see FY18 revenue $1.17B-$1.2B, consensus $1.17B
The company increased its full-year 2018 adjusted EBITDA guidance to a range of $400M-$420M, from $390M-$415M. The company continues to project full-year 2018 net sales growth for KRYSTEXXA of more than 65%.
Insys Therapeutics reaches agreement in principle to settle DOJ investigation
INSYS Therapeutics announced that it has reached an agreement in principle with the Department of Justice to settle the DOJ’s civil and criminal investigation into inappropriate sales and commercial practices by some former company employees. This agreement in principle is subject to the negotiation of final settlement documents with the government. Consistent with previous public statements and disclosures, the terms of this agreement in principle call for INSYS to pay $150M over five years, with the potential for contingency-based payments associated with certain events that, if they were to occur, management estimates would require additional payments ranging from $0 to $75M. INSYS also expects that a final settlement would include other material non-financial terms and conditions which will also be subject to negotiation.
Insmed likely to be acquired after positive panel vote, says H.C. Wainwright
H.C. Wainwright analyst Andrew Fein raised his price target for Insmed (INSM) to $43 from $35 following yesterday’s 12-2 FDA panel vote in favor of ALIS in refractory nontuberculous mycobacterial patients. Insmed is now likely to be acquired as ALIS “fits well within the pipeline of a number of larger companies,” Fein tells investors in a research note. He expects the company’s Q3 conference call “may well be its last.” The analyst sees AstraZeneca (AZN), Gilead Sciences (GILD) and Vertex Pharmaceuticals (VRTX) as potential acquirers of Insmed. He reiterates a Buy rating on Insmed.
Evolent Health post-earnings selloff unwarranted, says Cantor Fitzgerald
Cantor Fitzgerald analyst Steven Halper views the post-earnings selloff today in shares of Evolent Health as unwarranted. While the Q3 guidance was a bit below his estimate, the analyst believes Evolent’s confidence in its pipeline is increasing. This should allay investors’ concerns regarding the company’s current and long-term growth strategy, Halper tells investors in a research note. He reiterates an Overweight rating on the shares with a $28 price target.
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