Ahead of its presentation at JPMorgan’s Healthcare Conference tomorrow, McKesson (NYSE:MCK) has revised its 2020 non-GAAP EPS outlook to $14.60 – 14.80 from $14.00 – 14.60. Consensus is $14.37.
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Monday, January 13, 2020
PhaseBio to acquire pipeline assets of Viamet Pharmaceuticals
PhaseBio Pharmaceuticals (NASDAQ:PHAS) inks an agreement with Viamet Pharmaceuticals Holdings and its wholly owned subsidiary Selenity Pharmaceuticals to acquire all of their assets and intellectual property related to certain aldosterone synthase inhibitors including lead candidate SE-6440 (or VT-6440). The compound will be renamed PB6440 which PhaseBio plans to develop for treatment-resistant hypertension.
Under the terms of the agreement, Viamet will receive an upfront payment, milestones and tiered royalties on net sales. Specific financial terms are not disclosed.
Shares up 9% after hours.
Ligand Pharma out-licenses OmniAb platform to Pandion
Ligand Pharmaceuticals (NASDAQ:LGND) inks an agreement with Pandion Therapeutics granting the latter a non-exclusive global license to its OmniAb antibody discovery platform.
Under the terms of the deal, Ligand will receive an upfront fee, milestones and royalties on net sales. Specific financial terms remain confidential.
Qiagen teams up with Amgen on companion diagnostic for AMG 510
QIAGEN N.V. (NYSE:QGEN) will collaborate with Amgen (NASDAQ:AMGN) to develop a tissue-based companion diagnostic for cancer candidate AMG 510. The initial work will focus on non-small cell lung cancer but the agreement allows for development for other indications.
Financial terms are not disclosed.
Stemline Therapeutics sees Elzonris Q4 revenues of $11.8M
Stemline Therapeutics (NASDAQ:STML) -20.4% after-hours after announcing preliminary net revenues for Q4 and the full year.
STML estimates Q4 revenues for Elzonris, its treatment of adult and pediatric patients with blastic plasmacytoid dendritic cell neoplasm, totaled $11.8M, while FY 2019 revenues came in at $43.2M.
“Given the orphan nature and unique features of this disease, we believe patient starts were subject to significant quarterly variance – a phenomena that will likely continue throughout 2020,” the company says.
RTI Surgical sells OEM business to PE shop Montagu
RTI Surgical (NASDAQ:RTIX) has agreed to divest its OEM business to Montagu Private Equity, LLP for $480M in cash and $10M in other consideration. The transaction should close in H1.
Afterward, RTIX will be a pure-play spine business.
On a preliminary basis, spine revenues in Q4 and 2019 were $32M – 33M and $118M – 119M, respectively, while OEM revenues were ~$47M and ~$189M, respectively.
Total revenues in Q4 and 2019 (includes OEM) were $79M – 80M and $307M – 308M, respectively.
It plans to launch 10 new products during each of the next two years.
Management will provide 2020 guidance when the deal closes.
Cigna teams up with Oscar in small business health insurance
Cigna (NYSE:CI) has agreed to exclusively partner with tech-driven health insurer Oscar to jointly offer commercial health solutions to small businesses. The effort will branded as “Cigna + Oscar.”
Features:
Integrated medical, behavioral, and pharmacy services.
Broad access to high-performing networks of doctors and hospitals.
Support from a dedicated concierge team assigned to individual members to help them understand their benefits and find care.
Digital-first support, featuring 24/7 telemedicine at no charge, easy ID card access, an overview of copay details and benefits, deductible tracking, lab results and individual health history.
Easy-to-use search tools to help review health care providers, book appointments, find facilities and check prescriptions.
Leading broker, business and provider portals for seamless enrollment and management.
The companies will equally share risk under a reinsurance agreement. Limited launch should commence this year.
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