Friday, October 5, 2018
Evolent Health resumed with an Outperform at Leerink
Leerink analyst David Larsen resumed coverage of Evolent Health with an Outperform rating and $35 price target, telling investors in a research note that he remains positive on shares following the close of the New Century Health acquisition. Larsen says he is “more confident” in Evolent’s growth prospects given the company’s greater presence in Medicare Advantage, Oncology and Cardiology, and says the deal makes strategic sense and will help enable Evolent to serve as a “conduit” between providers and payors to drive lower costs and improved outcomes.
https://thefly.com/landingPageNews.php?id=2800329
Thursday, October 4, 2018
ANI Launches Authorized Generic of Atacand HCT® Tablets
ANI Pharmaceuticals, Inc. (“ANI”) (Nasdaq: ANIP) today announced the launch of Candesartan Hydrochlorothiazide Tablets, 16mg/12.5mg, 32mg/12.5mg, and 32mg/25mg, an authorized generic of Atacand HCT®. The current annual U.S. market for this product is approximately $20 million, according to Iqvia/IMS Health.
Arthur S. Przybyl, ANI’s President and CEO stated, “We are pleased to announce the launch of the authorized generic of our brand product Atacand HCT®. This launch represents ANI’s sixth generic new product introduction in 2018.”
About Atacand HCT® Tablets
Atacand HCT® is indicated for the treatment of hypertension.
ARYA Sciences Acquisition Corp. Prices $125 Million IPO
ARYA Sciences Acquisition Corp. (“ARYA” or the “Company”), announced today that it priced its initial public offering of 12,500,000 units at $10.00 per unit for aggregate gross proceeds of $125,000,000. The sponsor of ARYA is ARYA Sciences Holdings, which is controlled by principals of Perceptive Advisors, LLC. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,875,000 units to cover over-allotments, if any. The units are expected to begin trading on The Nasdaq Capital Market on October 5, 2018 under the symbol “ARYAU”. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.
The offering is expected to close on October 10, 2018, subject to customary closing conditions.
Jefferies LLC is acting as the sole book-running manager and Chardan is acting as the lead manager for the offering.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on October 4, 2018. The offering will be made only by means of a prospectus. Copies of the prospectus related to the offering may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, New York 10022, or by telephone at 877-547-6340, or by email at Prospectus_Department@Jefferies.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About ARYA
We are a newly organized blank check company newly incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with respect to identifying any business combination target.
Allscripts, Appriss Partner on Access to Prescription Med Monitoring, Abuse Data
Allscripts (NASDAQ:MDRX), a global leader in health care technology, today announced a nationwide integration partnership with Appriss Health, provider of the most comprehensive platform for substance use disorder (SUD) in the U.S., to enable point-of-care access directly to prescription drug monitoring program (PDMP) information and Appriss Health’s NarxCare platform via Allscripts ePrescribe, Allscripts Professional EHR™, Allscripts TouchWorks® EHR, Practice Fusion™ EHR and Allscripts Sunrise™ electronic health record (EHR) platforms. The integration, via Appriss Health’s PMP Gateway platform, of information, advanced analytics, tools, and resources into Allscripts’ platforms can help support clinical decision making, improve patient outcomes, and better ensure patient safety.
This partnership will accelerate access and increase utilization for prescribers across all Allscripts’ EHR platforms using Appriss Health’s NarxCare platform. Utilizing this new integration model, when providers sign up and update their EHR or ePrescribe version, the integration will be automatically established from the practice direct to Allscripts, which in turn sends, receives and delivers the data from NarxCare back to the provider in real-time.
“Our vision at Allscripts is to build open, interoperable connected communities of care,” said Tom Langan, CEO, of Payer & Life Sciences at Allscripts. “As the opioid crisis grows, changes and continues to devastate the U.S., we are aggressively moving to provide our clinicians with a solution that offers objective information and insights into a patient’s risk for drug misuse, abuse, overdose, and death, so patients can be provided with the most effective and appropriate care. This integration partnership with Appriss Health is one in a series of important steps we are taking to act on our mission to efficiently deliver the best solutions available to our providers to enable smarter care, with greater precision, for healthier patients and communities.”
Recently, the CDC predicted that more than 71,000 people in the U.S. died from drug overdose death in the 12-month period ending in January 2018.
Appriss Health’s PMP Gateway platform increases utilization of PDMP information, other information, resources and more, up front, for every patient, at every patient encounter. By delivering both PDMP information and NarxCare within the clinicians’ workflow in Allscripts, this one-click process eliminates the need for providers nationwide to manually log into each state PDMP website separately and then enter a patient’s name and demographics. This easy access to real-time information helps providers to better evaluate and intervene as appropriate with their patients.
All Allscripts ambulatory and acute EHR platforms feature electronic prescribing of medications, a central component of the clinical workflow process which both informs and automates the prescribing process in real-time for thousands of prescribers and millions of patients.
Investor Criticizes China Biologic Over Rejected Takeover Bid
An investor in China Biologic Products Holdings Inc. has criticized the biopharmaceutical company for rejecting a $3.9 billion takeover bid, saying it should consider all options to maximize shareholder value and unwind a private placement that created a controlling group of insiders.
York Capital Management said in a letter to China Biologic’s board that several other holders, including Comgest Global Investors and Kite Lake Capital, share its concerns about the company rejecting the $118-per-share proposal.
“There was no sign of any serious engagement with the bidding consortium,” Richard Swanson, York Capital’s general counsel, wrote in the letter dated Sept. 26 that was obtained by Bloomberg. “No effort was made to solicit a higher bid from the consortium or from other bidders, despite media reports of multiple interested parties.”
U.S. and China-based representatives for China Biologic didn’t respond to requests for comment.
China Biologic received the all-cash proposal in August from a consortium led by the company’s former chairman David Gao and several investment firms. The group offered to acquire the shares in the company they didn’t already own at $118 a piece, a 31 percent premium on the closing price on Aug. 16, the day before the offer was made, according to data compiled by Bloomberg.
Four days later, the company’s board rejected the proposal, saying it didn’t reflect the intrinsic value of the company. The board also announced that it would issue 5.85 million shares in a private placement to a consortium that included shareholder PW Medtech and Centurium Capital, a private equity fund run by China Biologic Chairman David Hui Li at $100.90 apiece. The move gave Centurium and its partners a combined stake of about 37 percent in the company, York Capital said in its letter.
“As evidenced by where the shares are trading after the rejection and private share issuance, currently around $80/share, we do not believe that the company’s actions have created any value for minority shareholders,” Swanson said.
Beijing-based China Biologic’s shares fell 1.7 percent to $78.11 at 12:30 p.m. Thursday in New York, valuing the company at $2.6 billion.
The board said the private placement was done to help acquire and develop leading technologies assets, York Capital said, noting that China Biologic has $366 million in cash on its balance sheet.
“There has been no explanation made as to why the company would be in need of additional cash at this particular point in time,” York Capital said.
Analysts React To Arrowhead-Janssen Linkup: Downside May Be ‘Misguided’
Arrowhead Pharmaceuticals, Inc. ARWR 17.4% stock tanked 15 percent Thursday after the company announced a new $3.7-billion dealto license its ARO-HBV treatment for chronic hepatitis B to Johnson & Johnson JNJ 0.18% subsidiary Janssen Pharmaceuticals.
Investors clearly weren’t impressed by the new deal, but several analysts are saying it’s not as bad as the market is pricing in.
Terms Of The Deal
The new deal gives J&J exclusive licensing rights on the ARO-HBV program. In return, Arrowhead gets $175 million upon closing of the deal, Johnson & Johnson will take a $75 million stake in Arrowhead at a price of $23 per share, and will be eligible to receive $1.6 billion in payments via an initial tier of milestones and another $1.9 billion in additional payments as the treatment reaches a series of three additional targets.
FBR B. Riley analyst Madhu Kumar told Benzinga the negative market reaction in Arrowhead is the result of investors concluding that Arrowhead is “giving away” its best asset and forfeiting the company’s status as a prime acquisition target. He also said investors are likely “selling the news” and taking profits after the stock gained more than 400 percent year-to-date. Kumar said much of the negative sentiment appears to be misguided.
Cantor Fitzgerald analyst Elemer Piros reiterated his Outperform rating for Arrowhead and raised his price target from $17 to $24. Piros said the cash from the cash from the new deal will help Arrowhead develop its international clinics.
“Overall, we feel the agreement is positive for the company as the support of a large partner could speed up the development timelines, increase market penetration with expertise, and validates the TRiM platform that Arrowhead uses,” Piros wrote in a note.
ARO-HBV Value Estimates
Piper Jaffray analyst Edward Tenthoff reiterated his Overweight rating and raised his price target for Arrowhead from $17 to $25. Tenthoff now estimates ARO-HBV 2025 global royalties of $250 million.
“We view this deal as transformative for Arrowhead dramatically strengthening the balance sheet, finding a strong partner for ARO-HBV, while retaining the rest of TRiM pipeline,” Tenthoffsaid.
Even after Thursday’s sell-off, Arrowhead shares are still up 311 percent year-to-date. The stock traded around $15.56 at time of publication.
Veeva TAM expanded again but valuation is fair, says JPMorgan
JPMorgan analyst Sterling Auty kept his Neutral rating and $95 price target on Veeva after its Analyst Day presentation. The analyst states that the management has increased its total addressable market estimate to over $9B from $8B indicated in last year’s analyst day while also boosting its operating margin projections and outlining a roadmap for more products. Auty noted however that Veeva’s current multiple presents limited room for upside.
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