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Monday, January 13, 2020

BeiGene in-licences candidates from EUSA Pharma

BeiGene (BGNE +0.3%) inks an agreement with EUSA Pharma for exclusive rights to Sylvant (siltuximab) in Greater China and Qarziba (dinutuximab beta) in Mainland China.
BGNE will be responsible for all clinical development, regulatory filings and commercialization in the territories. EUSA will receive an upfront payment, up to $160M in milestones and tiered royalties on net sales.
Sylvant is currently approved in over 40 countries for a rare lymph node disorder called Castleman disease.
Qarziba is currently approved in Europe for neuroblastoma.

DexCom posts preliminary 2019 sales

DexCom (DXCM -4.9%) expect Q4 interim sales of ~$457M, +35% Y/Y; US revenue is expected to be ~$373M, up 33% , while forecasts International revenue to increase 47% to $84M
For fiscal 2019, anticipates revenue to reach ~$1.47B, an increase of more than 42%.
For 2020, Dexcom currently anticipates total revenue in the range of $1.725B – $1.775B, with expected Y/Y growth of ~17% – 21%, driven by growth in sensor volumes, international expansion, shifting channel mix and overall market dynamics.
Fiscal 2019 financial results are scheduled on February 13, 2020

Health insurers under pressure as Sanders takes lead in Iowa

Health insurers are under modest pressure in apparent reaction to the news that Presidential candidate Bernie Sanders (I-VT) has taken the lead in Iowa according to a poll conducted by CNN and The Des Moines Register.
Mr. Sanders was favored by 20% of would-be caucusgoers followed by Elizabeth Warren (17%), Pete Buttigieg (16%) and Joe Biden (15%).
Mr. Sanders, along with Ms. Warren, are advocates for a single-payer U.S. health system dubbed “Medicare-for-All” which would decimate the private health insurance market.
Selected tickers: eHealth (EHTH -1.9%), WellCare Health Plans (WCG -0.8%), UnitedHealth Group (UNH -1%), Humana (HUM -1.1%), Cigna (CI -2%), Centene (CNC -1.8%), Anthem (ANTM -2%), CVS Health (CVS +0.7%)

Illumina down 5% on weak 2020 outlook

Illumina (ILMN -4.8%) slips on below-average volume on the heels of CEO Francis deSouza’s presentation at JPMorgan’s Healthcare Conference.
He expects revenue growth of 9 – 11% this year, below consensus of 12%. Sequencing revenue should grow 14%.
#JPM20

Abiomed -13% following downside revenue forecast

Abiomed (ABMD -12.9%) slips to three-month lows after issuing below consensus revenue guidance for both FQ3 and FY 2020.
ABMD sees revenues for Q3 ending Dec. 31 of ~$221.6M, up 10% from the year-ago quarter but below $226.6M analyst consensus; for the full year, the company forecasts revenues of $846M-$877M, 10%-14% better than FY 2019 but below $885.8M consensus.
The company says it was hurt during Q3 by two presentations at a conference on Nov. 17, which it believes are based on misleading analyses.
ABMD says its latest preliminary results are being provided at the J.P. Morgan Healthcare Conference.
#JPM20

Oyster Point OC-01 Dry Eyey Nasal Spray Meets Primary Endpoint in Phase 2

  • OC-01 nasal spray showed a statistically significant improvement in Schirmer’s score at Day 84 in both doses tested compared to control
  • OC-01 nasal spray is a preservative-free, aqueous, nicotinic agonist nasal spray designed to activate the trigeminal parasympathetic pathway to stimulate natural tear production
  • Conference call and live webcast tomorrow, January 13, at 8:30 a.m. ET to review MYSTIC top-line data
PRINCETON, N.J., Jan. 12, 2020 (GLOBE NEWSWIRE) — Oyster Point Pharma, Inc. (Nasdaq: OYST), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class pharmaceutical therapies to treat ocular surface diseases, announced the positive top-line results from its Phase 2 MYSTIC study in Dry Eye Disease.
“The results from the MYSTIC study further validate the novel mechanism of action of OC-O1 nasal spray and its ability to stimulate natural tear production via the trigeminal parasympathetic pathway,” said Dr. Preeya Gupta, Associate Professor of Ophthalmology at Duke University Eye Center and member of Oyster Point Pharma’s medical advisory board. “There is a significant need for a treatment approach that can be delivered chronically through a novel route of administration that  allows patients to stimulate their own natural tear film and address the underlying disease process.”
Efficacy and Safety Results
Results showed a statistically significant improvement in Schirmer’s score from baseline at Day 84 in both doses as compared to control.
Results for the study eye (primary endpoint) indicated:
  • The 1.2 mg/ml dose had a mean change in Schirmer’s score of 11.0 mm (p<0.05 vs. control);
  • The 0.6 mg/ml dose had a mean change in Schirmer’s score of 10.6 mm (p<0.05 vs. control).
  • The vehicle control group had a mean change in Schirmer’s score of 6.2 mm.
In the eye that was not designated as the study eye (fellow eye), results were consistent (exploratory endpoint):
  • The 1.2 mg/ml dose had a mean change in Schirmer’s score of 10.0 mm (p=0.01 vs. control);
  • The 0.6 mg/ml dose had a mean change in Schirmer’s score of 8.7 mm (p<0.05 vs. control).
  • The vehicle control group had a mean change in Schirmer’s score of 4.5 mm.
The study demonstrated that OC-01 nasal spray was well-tolerated at the two doses tested. The number of subjects reporting any treatment-emergent adverse event (TEAE) was 10 out of 41 (24% percent) in each OC-01 nasal spray dose group and 10 out of 41 (24% percent) in the vehicle control group.  There were no reports of serious TEAE in the study and no serious adverse events related to study drug administration.  The most common adverse events in the nasal spray groups were blurry vision, sneezing, and headache.  All events were mild in the OC-01 nasal spray groups and resolved by the next visit.
“We are excited to further validate the ability of OC-01 nasal spray to stimulate an increase in tear film production that is sustained over the course of twice daily dosing for 84 days in subjects with Dry Eye Disease from the MYSTIC study,” said Dr. Jeffrey Nau, CEO of Oyster Point Pharma. “We look forward to discussing top-line data from our Phase 3 ONSET-2 study in Dry Eye Disease in mid-2020.”

J&J to collaborate with Exonate in eye diseases

Johnson & Johnson (JNJ +0.3%) unit Janssen Pharmaceutical Companies inks a collaboration agreement with privately held UK biotech Exonate aimed at developing an mRNA-targeted eye drop for retinal vascular diseases such as wet AMD and diabetic macular edema.
Financial terms are not disclosed.