Major Qiagen shareholder demands higher bid from Thermo Fisher

The coronavirus pandemic has boosted Qiagen’s prospects and a takeover by Thermo Fisher no longer makes sense unless the offer is increased substantially, one of the German genetic test maker’s top ten shareholders told Reuters on Friday.

Thermo Fisher agreed in early March to buy Qiagen for $11.5 billion (9.23 billion pounds) as the U.S.-based company looks to bolster its health diagnostic business.

Qiagen has seen high demand for products related to coronavirus testing and began shipping a rapid diagnostic test for COVID-19 to the United States at the end of March. It beat its targets with 9% net sales growth in the first quarter and forecasts growth of at least 12% for the second quarter.

“The world has changed massively since the offer was published on March 3,” one of the ten largest shareholders in Qiagen told Reuters on condition of anonymity.

“The standalone outlook is much better than the current offer,” the shareholder said, adding Qiagen was worth over 20% more than Thermo Fisher’s offer of 39 euros per share.

Thermo Fisher was not immediately available to comment.

Qiagen shares were last up 0.7% at 38.31 euros, recovering from earlier losses.

Thermo Fisher called on Qiagen investors to tender their shares in May. The acceptance period for its offer runs until July 27.

Thermo Fisher has set itself the goal of achieving a minimum acceptance threshold of 75% for its offer.

Qiagen’s management and board support the offer, but the shareholder said the boards should only stand by their approval if the offer is increased.

The shareholder also criticised Qiagen, saying the company had prematurely committed itself to negotiations with Thermo Fisher and had not followed up on enquiries from four other interested parties.

https://www.marketscreener.com/QIAGEN-N-V-40135659/news/Major-Qiagen-shareholder-demands-higher-bid-from-Thermo-Fisher-source-30867221/

EU grants conditional clearance to COVID-19 antiviral remdesivir

The European Commission said on Friday it had given conditional approval for the use of COVID-19 antiviral remdesivir following an accelerated review process.

The EU executive said the drug, produced by Gilead Sciences Inc (GILD.O), was the first medicine authorised in the European Union for treating COVID-19 following a “rolling review” begun by the European Medicines Agency at the end of April.

The agency reviews data as they become available on a rolling basis, while development is still ongoing.

The Commission said on Wednesday it was in negotiations with Gilead to obtain doses of remdesivir for the 27 European Union countries.

However, that may prove difficult after the U.S. Department of Health and Human Services announced it had secured all of Gilead’s projected production for July and 90% of that for August and September.

Remdesivir is in high demand after the intravenously-administered medicine helped to shorten hospital recovery times in a clinical trial. It is believed to be most effective in treating COVID-19 patients earlier in the course of disease than other therapies like the steroid dexamethasone.

Still, because remdesivir is given intravenously over at least a five-day period it is generally being used on patients sick enough to require hospitalisation.

https://www.reuters.com/article/us-health-coronavirus-eu-remdesivir/eu-grants-conditional-clearance-to-covid-19-antiviral-remdesivir-idUSKBN2441GK

South Korean ‘augmented reality’ mirror allows touchless cosmetics shopping

An augmented reality (AR) mirror at the new Seoul flagship boutique of cosmetics powerhouse Amorepacific makes easy work of seeing if that scarlet shade of lipstick or long-lash mascara suits you – even if you’re wearing a face mask.

The mirror takes a photograph of the customer’s face and analyses it, recommending products based on skin texture, and addressing any blemishes, wrinkles or dark circles. Customers can then see a computer-generated image of what they would look like wearing a wide range of foundations, blush, eye products and lipsticks.

“Due to the coronavirus, it felt uncomfortable to test cosmetics after someone had used them,” said shopper Cho Yu-lim, 24, as she peered into the full-length mirror, which has “Find Your Makeup Look” written on it. “This is very convenient as I can see the actual colour on my face without even touching my face.”

In addition to social distancing, South Korean government guidelines recommend shoppers try out cosmetics on the backs of their hands, not on their faces.

“It was frustrating as I couldn’t try cosmetics on my face … but it was fun to find the product that suits me best through this AR device,” said 20-year-old student Song Da-hye after hours of testing products on her hands at other stores.

South Korea has been praised how it has handled COVID-19, but Asia’s fourth-largest economy has experienced persistent outbreaks in recent weeks, mostly in the capital.

To minimise human contact and limit the risk of virus spread, the shop has also put QR codes next to all products on display, so customers can check details with their mobile phones instead of talking to staff.

“It took very little time and I didn’t need to talk to anyone before I made my purchases,” Cho said.

https://www.reuters.com/article/us-health-coronavirus-southkorea-cosmeti/through-the-looking-glass-south-korean-augmented-reality-mirror-allows-touchless-cosmetics-shopping-idUSKBN24412O

Short timeline for India vaccine test raises doubts among health experts

The chief of India’s top clinical research agency said in a leaked letter circulated on Friday it envisaged launching a novel coronavirus vaccine by Aug. 15, prompting derision from some health experts who questioned the timeline.

Dozens of vaccine candidates are at various stages of development around the world to control the coronavirus pandemic.

One candidate, from India’s Bharat Biotech, which is being developed with the Indian Council of Medical Research, was this week approved for Phase I and Phase II clinical trials.

“It is envisaged to launch the vaccine for public health use latest by August 15, 2020, after completion of all clinical trials,” ICMR Director General Balram Bhargava said in the letter, dated July 2 and addressed to institutions involved in the trials.

Phase I and Phase II trials typically test the safety of a drug before it enters Phase III trials that test its efficacy.

Each phase can last months, if not years, but regulators globally have been fast-tracking trials on medicines and vaccines aimed at tackling the cornavirus, which has infected more than 10.89 million people globally and killed more than 520,066​, according to a Reuters tally.

The Indian vaccine project was being monitored “at the topmost level of the government”, Bhargava said in the letter, which was widely circulated on social media.

A Bharat Biotech spokesman declined to comment but an ICMR official, who asked not to be identified, said the letter was a private communication and was being misinterpreted.

Anant Bhan, a doctor and public health researcher, questioned the speed of the trial suggested in the letter and asked if its efficacy was being decided in advance.

“To my knowledge, such an accelerated development pathway has not been done EVER for any kind of vaccine, even for the ones being tried out in other countries,” Bhan said on Twitter.

“Even with accelerated timelines, this seems really rushed, and hence with potential risks, inadequate attention to process.”

Several other health experts also questioned the proposed launch date of the vaccine.

The ICMR official said the aim was to complete all trials on the vaccine candidate by Aug. 15. He did not say exactly when he thought the vaccine might be launched for public use.

“The letter is something and interpretation is something (else),” the official said.

https://www.reuters.com/article/us-health-coronavirus-india-bharat-biote/short-timeline-for-india-vaccine-test-raises-doubts-among-health-experts-idUSKBN2440Y7

PaxMedica readies IPO

PaxMedica has filed preliminary prospectus for $17M, on Nasdaq Capital Market under the symbol ‘PXMD’.

Woodcliff Lake, NJ-based PaxMedica is developing anti-purinergic therapies (or APT), for neurodevelopmental disorders.

Antipurinergic therapies target the excess production of purines in cells, which can offset homeostasis and result in an overproduction of cellular adenosine triphosphate, the main energy molecule in all living cells.

Lead program, PAX-101, an intravenous formulation of suramin, is currently in Phase 2B trial at six sites in South Africa for autism spectrum disorder.

Q1 2020 financials: Net loss:$275.2M; Cash:$0.25M

https://seekingalpha.com/news/3588509-paxmedica-readies-ipo

Annexon on deck for IPO

Annexon Biosciences has filed for a preliminary prospectus for $100M IPO, under the proposed ticker ‘ANNX’.

The San Francisco, CA-based company is developing therapies for classical complement-mediated disorders of the body, brain and eye.

The company’s upstream complement approach targeting C1q, acts as an “on/off switch” designed to block all downstream components of the classical complement pathway that lead to excess inflammation, tissue damage and patient disability.

First product candidate, ANX005, is a full-length monoclonal antibody formulated for intravenous administration in autoimmune and neurodegenerative disorders. Second product candidate, ANX007, is an antigen-binding fragment, formulated for intravitreal administration for  neurodegenerative ophthalmic disorders.

Q1 2020 financials: Operating expenses: $12.5M (+104% Y/Y); Net loss: $12.3M (+43%); Proforma cash: $103.1M

https://seekingalpha.com/news/3588508-annexon-on-deck-for-ipo

Asian indices higher on strong China data

Japan +0.66%.

Hong Kong +0.99%.

China +2.01%.

India +0.48%.

London -1.10%.

Paris -0.91%.

Frankfurt -0.58%.

https://seekingalpha.com/news/3588528-asian-indices-higher-on-strong-china-data