Gilead Sciences and Tango Therapeutics announced a global strategic collaboration to discover, develop and commercialize a pipeline of innovative targeted immuno-oncology treatments for patients with cancer. Under the multi-year collaboration, Tango will perform target discovery and validation and Gilead will have options to worldwide rights on up to five targets emerging from Tango’s proprietary functional genomics-based discovery platform. For two programs directed to these targets, Tango will retain the option to co-develop and co-detail in the U.S. The collaboration does not include Tango’s lead programs, for which Tango will retain all rights. Under the terms of the agreement, Tango will receive an upfront payment of $50M. Tango will also be eligible to receive approximately $1.7B in total additional payments across all programs in the form of pre-clinical fees and development, regulatory and commercial milestone payments; and up to low double-digit tiered royalties on net sales. For those programs that Tango opts in to co-develop and co-detail, the parties will split profits and losses 50/50 for the U.S., development costs will be shared in a manner that is commensurate with product rights, and Tango will be eligible to receive milestone payments and royalties on ex-U.S. sales.
Wednesday, October 31, 2018
Allergan price target lowered to $202 from $213 at Credit Suisse
Credit Suisse analyst Vamil Divan lowered his price target for Allergan to $202 from $213 following Q3 earnings. The analyst notes that Q3 quarterly performance and 2018 guidance raise was somewhat expected, but comments around the outlook of some important products and operating margins for 2019 highlight new challenges the company must overcome while waiting for the pipeline to deliver. He reiterates an Outperform rating on the shares.
Novo Nordisk acquires US, Canada rights to Macrilen growth hormone receptor
Novo Nordisk (NVO) announced the expansion of its biopharm business with an agreement to acquire the U.S. and Canadian rights to Macrilen, the first and only FDA-approved oral growth hormone receptor indicated for the diagnosis of Adult Growth Hormone Deficiency, a rare endocrine disorder, from Strongbridge Biopharma (SBBP). Novo Nordisk will pay $145M to Strongbridge as well as tiered royalties related to sales of Macrilen. In addition, Strongbridge’s current field organization will continue to promote Macrilen in the U.S. for up to three-year agreement. Novo Nordisk’s existing biopharm field force will also support the commercialization of Macrilen. As part of the partnership with Strongbridge, Novo Nordisk will acquire newly issued Strongbridge shares representing approximately 10% of the outstanding shares of Strongbridge at a share price of $7 per share, corresponding to an investment of approximately $37M. “The acquisition of Macrilen is in line with the strategy for our biopharm business with growth being driven by both organic and bolt-on initiatives. Macrilen is highly complementary to Norditropin and will allow Novo Nordisk to assist physicians and patients in the diagnosis as well as treatment of patients with growth hormone deficiency,” said Jesper Brandgaard, executive vice president and head of Biopharm. The transaction is expected to close in December 2018 and is subject to U.S. regulatory approval.
CVS Health launches new CarePass program in Boston
CVS Health’s retail division CVS Pharmacy announced that customers in the Greater Boston area can enroll in CarePass, a new pilot membership rewards program offering additional benefits to the company’s ExtraCare Rewards Program. CarePass offers members a suite of in-store and online perks including free delivery on most medications and purchases, access to a 24/7 pharmacist hotline and 20% off all CVS Health brand products. Customers can join CarePass for $5 a month or $48 a year.
Sage Therapeutics gains on postpartum depression drug briefing docs released
Shares of Sage Therapeutics (SAGE) are up about 1% in early trading after the FDA released briefing documents with background information for the panel members of the advisory committee being called to review the company’s New Drug Application for brexanolone for the treatment of postpartum depression. Sage Therapeutics’ Zulresso will face questions on effectiveness and safety at the committee meeting on Friday. The panel will also be asked to discuss a Risk Evaluation and Mitigation Strategy for the infusion
Orchard Therapeutics indicated to open at $18, IPO priced at $14
Orchard Therapeutics’ 14.3M share IPO priced at $14. JPMorgan, Goldman Sachs, Cowen and Wedbush are acting as joint book running managers for the offering.
Acadia depression data warrant 15% share upside, says Piper Jaffray
Acadia Pharmaceuticals this morning announced positive results with Nuplazid in major depressive disorder from its Phase 2 trial, Piper Jaffray analyst Danielle Brill tells investors in a research note titled “A Few Tricks, But Mostly Treats for ACAD Today: Data Overall De-Risk MDD Opportunity”. Nuplazid demonstrated statistically significant improvements across multiple efficacy endpoints, says the analyst. She interprets the results as an “overall positive given an evident trend of benefit with Nuplazid.” While the results aren’t a clear “homerun,” share upside of around 15% is warranted, Brill contends. She estimates such a move would reflect a 20%-30% risk adjusted major depressive disorder opportunity of $750M. Brill keeps an Overweight rating on Acadia with a $25 price target. The stock in morning trading is down 3%, or 68c, to $20.41.
Subscribe to:
Posts (Atom)