Celgene downgraded to Hold from Buy at Canaccord

Canaccord analyst John Newman downgraded Celgene (CELG) to Hold from Buy and lowered his price target on the shares to $102 from $140, citing the company’s agreement to be acquired by Bristol-Myers (BMY).
https://thefly.com/landingPageNews.php?id=2843419

BeiGene should be up, not down, on Celgene takeover news, says Maxim

After Bristol-Myers Squibb (BMY) announced an agreement to acquire Celgene (CELG), Maxim analyst Jason McCarthy noted that BeiGene (BGNE) shares have been under pressure, which he attributes to questions around Celgene’s partnership with the company for tislelizumab. Assuming the transaction closes, he sees two potential scenarios: either Bristol-Myers ends the partnership and BeiGene regains global rights to tislelizumab or Bristol maintains the partnership as it could potentially want a second PD1 in its checkpoint portfolio to target indications not addressed by Opdivo. He sees the first scenario, that Bristol ends the deal, as most likely, but in that case McCarthy argues that BeiGene would be positioned “to get an even better deal” than it got with Celgene as tislelizumab is now in ten ongoing pivotal trials, nine of which BeiGene is already running, and is closer to an approval or approvals. The analyst, who sees the negativity in the stock on today’s news as a buying opportunity and believes BeiGene shares should be up, not down, keeps a Buy rating and $170 price target on the stock.
https://thefly.com/landingPageNews.php?id=2843425

Amunix announces licensing agreement with Merck for ProTIA platform

Amunix Pharmaceuticals announced that it has entered into a licensing agreement with Merck for rights to develop therapeutics against an undisclosed target using Amunix’s proprietary protease-triggered immune activator, or ProTIA, technology platform. Under terms of the agreement, Amunix will receive an upfront payment from Merck and is eligible to receive payments associated with the achievement of certain developmental milestones as well as royalties on sales of any products derived from the collaboration. Further financial details were not disclosed.
https://thefly.com/landingPageNews.php?id=2843439

Bristol-Myers to buy Celgene in a $74 billion deal

Bristol-Myers Squibb announced Thursday plans to buy cancer drugmaker Celgene in a cash and stock deal valued at $74 billion.

Under the agreement, Celgene shareholders will receive 1 Bristol-Myers Squibb share and $50 in cash for each share held, or $102.43 per share, a premium of 53.7 percent to Celgene's Wednesday close.

Shares of Celgene surged 32 percent in premarket trading, around $88 per share, while shares of Bristol-Myers Squibb were down more than 13 percent.

"Together with Celgene, we are creating an innovative biopharma leader, with leading franchises and a deep and broad pipeline that will drive sustainable growth and deliver new options for patients across a range of serious diseases," Bristol-Myers Squibb Chairman and CEO Giovanni Caforio said in a press release.

The boards of directors of both companies approved the deal. The combined company will have nine products with more than $1 billion in annual sales and significant potential for growth in oncology, immunology and inflammation and cardiovascular disease.

Bristol-Myers Squibb shareholders will own approximately 69 percent of the company, and Celgene shareholders are expected to own 31 percent.

Celgene was set to lose patent protection by 2022 for Revlimid, its top-selling multiple myeloma drug, concerning investors. The stock has fallen more than 37 percent over the past year.

Early last year, Celgene agreed to buy the rest of Juno Therapeuticsit didn't already own for about $9 billion in cash to gain access to Juno's pipeline of cancer drugs.

The company has been working on an experimental new gene therapy called CAR T-cell therapy — taking a patient's own immune cells, called T cells, genetically manipulating them to attack specific proteins on cancer, and infusing them back into the patient.

https://www.cnbc.com/2019/01/03/bristol-myers-to-buy-celgene-in-a-74-billion-deal.html

Citi calls MyoKardia 'more interesting long term play' after Sanofi news

 Citi analyst Mohit Bansal says that while some might see Sanofi (SNY) giving back all rights back to MyoKardia (MYOK) as a negative, he sees "significant strategic implications in longer term." The move gives MyoKardia more freedom to employ its "Divide and Conquer" precision strategy, Bansal tells investors in a research note titled "Full control makes MYOK an interesting long term play." The analyst also points out that Sanofi's decision was related to wanting U.S. control over Mavacamten, and is not related to the profile of the products. Bansal lowered his price target for MyoKardia to $70 from $90 and keeps a Buy rating on the shares. 
https://thefly.com/landingPageNews.php?id=2843005

Neon Therapeutics expects to fund operating expenses, cap-ex into 2020

  Based on its current operating plans, Neon now expects that its existing cash, cash equivalents and marketable securities will enable the company to fund its anticipated operating expenses and capital expenditure requirements into Q2 of 2020. As of September 30, 2018, Neon had $121.7M in cash, cash equivalents and marketable securities. 
https://thefly.com/landingPageNews.php?id=2843021

Acadia initiated at Deutsche Bank

  Acadia initiated with a Hold at Deutsche Bank. Deutsche Bank analyst Pito Chickering started Acadia Healthcare with a Hold rating and $27 price target. The analyst initiated coverage on Healthcare Facilities with a constructive view saying the sector is "relatively defensive" in slowing business cycles and that company cash flows "provide downside protection in volatile markets." 
https://thefly.com/landingPageNews.php?id=2843039