Evolent Health and New Century Health announced that they have entered into a definitive agreement for Evolent to acquire New Century Health's business for up to $217M. The combination of Evolent and New Century Health brings together two companies that support provider organizations and health plans with clinical management and operational capabilities. Evolent was founded in 2011 to support providers in moving to a population health model of care delivery and to manage performance-based payment arrangements. Founded in 2002 and headquartered in Massachusetts, New Century Health is a technology-enabled, specialty care management company focused primarily on cancer and cardiac care. Utilizing its proprietary technology platform, New Century Health brings together clinical capabilities, pharmacy management and physician engagement to assist its customers in managing the large specialties of cancer and cardiac care. New Century Health manages approximately 462,000 Medicare Advantage lives under performance-based arrangements and provides administrative services, or ASO, to several partner organizations. New Century Health serves 12 long-term operating partners across multiple states; these partners include at-risk provider organizations, as well as national and regional health plans. Together, the organizations will be able to offer comprehensive specialty care management services and technology across Medicare Advantage, Medicaid and commercial populations in support of both New Century Health and Evolent's clients. Upon closing this transaction, the organizations together will serve more than 3.5M lives across more than 40 long-term operating partners. The purchase price is up to $217M and consists of 3.1M shares of Evolent Class B common stock and $120M in cash at closing. The purchase price includes an earn-out of up to $20M, payable in cash and Evolent Class B common stock, tied to future new business activity. Shares to be issued in relation to the earn-out are limited to 1M shares with full payment expected to be made in Q1 of 2020. The shares at closing and in the earn-out will be issued in transactions exempt from registration under the Securities Act of 1933, as amended. Evolent expects the acquired business, on a standalone basis, to generate adjusted revenues and adjusted EBITDA of approximately $177M and $20M, respectively for the latest twelve months ended June 30, however, Evolent will consolidate the results of the acquired business only for the period subsequent to the close of the transaction. The companies expect the transaction to close within the next 120 days, subject to regulatory approvals and certain closing conditions set forth in the agreement.
https://thefly.com/landingPageNews.php?id=2788959
Wednesday, September 12, 2018
Johnson & Johnson to host investor conference call
Investor Conference Call on the Pharmaceutical Business will be held on September 13 at 8 am. Weblink: https://edge.media-server.com/m6/p/rhr5yhf6
JPMorgan remains positive on Ascendis after management meeting
After hosting an investor event with management, JPMorgan analyst Jessica Fye remains positive on shares of Ascendis Pharma. The analyst sees “multiple potential inflection points ahead,” including topline data from the Phase I SAD study for TransCon CNP in healthy volunteers in Q4, disclosure of the next therapeutic vertical in early 2019, and topline Phase III data for TransCon Growth Hormone in Q1 of 2019. Ascendis is experiencing a “multi-year evolution” as it transitions from a single product story to one with multiple orphan endocrine assets in the clinic and platform that will expand its existing orphan endocrine portfolio. Fye believes the company will “significant value” over time and keeps an Overweight rating on Ascendis Pharma.
https://thefly.com/landingPageNews.php?id=2789031
RedHill Biopharma announces meeting with FDA for colitis med
RedHill Biopharma announced that it recently concluded a positive end-of-Phase II/pre-Phase III meeting with the FDA discussing the clinical and regulatory pathway towards potential U.S. approval of Bekinda for the treatment of diarrhea-predominant irritable bowel syndrome , or IBS-D. In light of the clarity provided by the FDA, RedHill plans to finalize the design of two pivotal Phase III studies with Bekinda and to accelerate global pharma partnership discussions, including U.S. co-promotion opportunities. The FDA meeting followed the positive results of the randomized, double-blind, placebo-controlled Phase II study with Bekinda for IBS-D. The study, which was conducted in the U.S. and enrolled 126 subjects, successfully met its primary endpoint, improving the primary efficacy outcome of stool consistency response by an absolute difference of 20.7% vs. placebo.
https://thefly.com/landingPageNews.php?id=2789079
Cigna announces launch of $250M Cigna Ventures fund
Cigna announced the launch of Cigna Ventures, a corporate venture fund focused on transformative and innovative health care companies. Cigna has committed $250M of capital to Cigna Ventures to invest in promising startups and growth-stage companies that are unlocking new growth possibilities in health care and will bring improved care quality, affordability, choice, and greater simplicity to customers and clients. Cigna Ventures is focused on companies across three strategic areas: insights and analytics; digital health and retail; and care delivery/management.
https://thefly.com/landingPageNews.php?id=2789087
Amneal Pharmaceuticals: FDA approves ANDA for chlorpromazine hydrochloride
Amneal Pharmaceuticals announced it has received U.S. FDA approval on its Abbreviated New Drug Application for Chlorpromazine Hydrochloride Tablets USP, 10 mg, 25 mg, 50 mg, 100 mg and 200 mg and has immediately initiated commercialization activities. According to IQVIA, the U.S. market for chlorpromazine hydrochloride tablets USP is estimated to be approximately $207M in annual sales for the 12 months ended July 2018. The company also received approval for a generic version of Methergine Tablets USP, 0.2 mg, which it expects to launch shortly. According to IQVIA, methylergonovine maleate tablets had annual U.S. sales of approximately $73M for the 12 months ending July 2018.
https://thefly.com/landingPageNews.php?id=2789089
Subscribe to:
Posts (Atom)