General Electric (GE) is working with Goldman Sachs (GS), Bank of America (BAC), Citigroup (C), JPMorgan (JPM) and Morgan Stanley (MS) and has filed confidentially for an initial public offering of its healthcare unit, according to Bloomberg, citing people familiar with the matter. “As we announced in June, as an independent global health-care business, we will have greater flexibility to pursue future growth opportunities, react quickly to changes in the industry and invest in innovation,” GE said in an emailed statement to Bloomberg, though it declined to comment on plans for the healthcare unit. In pre-market trading following the report, GE shares are up 2.6% to $7.47.
Wednesday, December 19, 2018
Inogen analyst commentary at JPMorgan
Inogen named a top 2019 smid-cap pick at JPMorgan. JPMorgan analyst Robbie Marcus names Inogen a top smid-cap pick for 2019 and keeps an Overweight rating on the shares. He views current shares levels as a “highly attractive entry point.” The company is potentially on the “verge of a multi-year growth story and a history of consistent beats and raises,” Marcus tells investors in a research note. The analyst lowered his price target for Inogen to $200 from $240.
Welltower rating change at JPMorgan
Welltower upgraded to Overweight from Neutral at JPMorgan. JPMorgan analyst Anthony Paolone upgraded Welltower to Overweight and raised his price target for the shares to $76 frmo $74. The analyst sees it as a positive that the company is being more acquisitive again. Further, most of Welltower’s “major dilutive” asset sales/portfolio restructurings seem to be finished at this point as well, Paolone tells investors in a research note.
Aimmune initiates Phase 3 POSEIDON trial
Aimmune Therapeutics announced that it has initiated Peanut Oral Immunotherapy Study of Early Intervention for Desensitization, or POSEIDON, an international, Phase 3 clinical trial of AR101 in peanut-allergic children ages 1-3 years. AR101 is Aimmune’s investigational biologic oral immunotherapy for desensitization of patients with peanut allergy. The primary efficacy endpoint for POSEIDON is tolerating a 600-mg single dose of peanut protein (the equivalent of approximately two peanut kernels) with no more than mild symptoms in a progressive, exit, double-blind, placebo-controlled food challenge after approximately one year of treatment.
Eiger announces Breakthrough Therapy designation for lonafarnib
Eiger BioPharmaceuticals announced that the Food and Drug Administration has granted Breakthrough Therapy designation for lonafarnib for the treatment of Hutchinson-Gilford progeria syndrome and progeroid laminopathies. FDA Breakthrough Therapy designation is designed to expedite the development and review of medicines intended to treat serious or life-threatening diseases. Progeria and progeroid laminopathies are ultra-rare, genetic conditions characterized by accelerated aging, with no approved treatment. Eiger is collaborating with The Progeria Research Foundation and plans to submit a new drug application to the FDA in 2019. Lonafarnib is a first-in-class prenylation inhibitor for the treatment for Progeria and progeroid laminopathies.This Breakthrough Therapy designation is supported by data from clinical studies of lonafarnib, demonstrating statistically significant improvements in survival in children with Progeria where the average survival age without treatment is 14.5 years.
Insys Therapeutics initiated at Janney Montgomery Scott
Insys Therapeutics assumed with a Buy at Janney Montgomery Scott. Janney Montgomery Scott analyst Yun Zhong assumed coverage of Insys Therapeutics with a Buy rating and fair value estimate of $11, down from the firm’s prior $16 estimate. Zhong said Insys is shifting focus from commercializing opioid products to developing cannabinoids and proprietary spray technology, adding that he views the heated discussion during a two-day FDA AdCom on naloxone earlier this week as a “clear sign” for an increased commercial opportunity for Insys. Zhong also believes the data from the cannabidiol programs, if positive, could unlock significant upside potential.
Durect announces commercial launch plans for PERSERIS
DURECT Corporation (DRRX) announced that Indivior (INVVY) stated on December 18, 2018 that it is moving ahead with the launch of PERSERIS in the U.S. with a sales force consisting of approximately 50 representatives. While PERSERIS has been available in the U.S. since November 19, 2018, Indivior stated that the commercial launch is scheduled to take place in February 2019. Indivior stated that its PERSERIS team is currently engaged in creating payor access, growing prescriber awareness and interest, as well as establishing its INSUPPORT patient hub. Indivior reiterated its confidence in its peak net revenue goal for PERSERIS of $200 to $300M. On September 26, 2017, DURECT entered into a patent purchase agreement whereby DURECT assigned to Indivior UK Limited, an affiliate of Indivior PLC, certain patents that may provide further intellectual property protection for PERSERIS. In consideration for such assignment, Indivior made an upfront non-refundable payment to DURECT of $12.5M. Indivior made an additional $5M payment to DURECT in August 2018 following NDA approval of PERSERIS in July 2018. DURECT is also entitled to quarterly earn-out payments that are based on a single digit percentage of U.S. net sales for certain products covered by the assigned patent rights, including PERSERIS. The patent rights include granted patents extending through at least 2026.
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