J&J inks deal with feds to supply 100M doses of COVID-19 vaccine

Johnson & Johnson (NYSE:JNJ) unit Janssen Pharmaceutical Companies enters into an agreement with the U.S. government for the delivery of 100M doses of COVID-19 vaccine Ad26.COV2.S.

BARDA, collaborating with the Department of Defense, is committing over $1B to the deal.

The feds may buy an additional 200M doses under a subsequent contract.

https://seekingalpha.com/news/3600773-j-and-j-inks-deal-feds-to-supply-100m-doses-of-covidminus-19-vaccine

Thermo Fisher announces high-throughput Covid testing system

Thermo Fisher Scientific (NYSE:TMO) introduces Amplitude Solution, a high-throughput molecular testing system designed to process up to 6,000 COVID-19 samples per day.

The system combines its Applied Biosystems QuantStudio 7 Flex Real-Time PCR instruments with Tecan Group’s liquid handling gear to analyze samples with its Applied Biosystems TaqPath COVID-19 Combo Kit, a multiplex diagnostic test that detects nucleic acid from the SARS-CoV-2 virus.

TMO plans to file global applications for emergency use authorization during the pandemic.

https://seekingalpha.com/news/3600801-thermo-fisher-announces-high-throughput-testing-system-for-coronavirus

Moderna updates cash consumption guidance, advances Covid vax candidate

Moderna (MRNA) Q2 results:

Revenues: $66.4M (+406.9%).

Net loss: ($116.7M) (+13.5%); loss/share: ($0.31) (+24.4%).

CF Ops: $130.1M (-48.6%).

The company updates 2020 guidance to reflect investments into mRNA-1273. Net cash used in operating activities is expected between $0.65B to $0.85B.

Phase 2 study of COVID-19 vaccine candidate (mRNA-1273) fully enrolled; Phase 3 study in collaboration with NIH and BARDA is on track to complete enrollment in September 2020.

https://seekingalpha.com/news/3600800-moderna-updates-cash-consumption-guidance-advances-covidminus-19-vaccine-candidate

VBI Vaccines rallies 11% on funding to advance COVID-19 vaccine

Canada’s Strategic Innovation Fund has awarded up to C$56M to VBI Vaccines (NASDAQ:VBIV) to support the development of its COVID-19 vaccine program VBI-2900 through Phase 2.

The company is currently collaborating with the National Research Council of Canada on preclinical studies aimed at selecting the best candidate for clinical trials, expected to start by year-end.

https://seekingalpha.com/news/3600844-vbi-vaccines-rallies-11-on-funding-to-advance-covidminus-19-vaccine

Alpha Healthcare Acquisition Corp. readies IPO

August 5, 2020

Blank check company Alpha Healthcare Acquisition Corp. (AHAC) has filed a preliminary prospectus for a $100M IPO of 10.0M units at $10 per unit.

Each unit consists of one Class A common share and 1/2 of a warrant to purchase one Class A share at $11.50.

Underwriters’ over-allotment is an additional 1.5M units.

https://seekingalpha.com/news/3600865-alpha-healthcare-acquisition-corp-readies-ipo

Teladoc Health to merge with Livongo in $18.5B cash and stock deal

Teladoc Health (NYSE:TDOC) -1.3% to merge with Livongo (NASDAQ:LVGO) +2.7%, whereby each share of Livongo will be exchanged for 0.592 shares of Teladoc Health plus cash consideration of $11.33 per share representing a total transaction value of $18.5B.

Post-merger, existing Teladoc Health shareholders will own ~58% and existing Livongo shareholders will own ~42% of the combined company.

Expects FY20 pro forma revenue of ~$1.3B (+85% Y/Y) and pro forma EBITDA of over $120M.

The combined will drive revenue synergies of $100M by the end of the second year following the close, reaching $500 million on a run rate basis by 2025 and cost synergies of $60M by the end of the second year following the close.

The deal should close next quarter.

The combined company will do business as Teladoc Health and will be headquartered in New York.

https://seekingalpha.com/news/3600630-teladoc-health-to-merge-livongo-in-18_5b-cash-and-stock-deal

Perrigo under pressure despite strong rebound in Q2 earnings & cash flow

Perrigo (NYSE:PRGO) Q2 results:

Net sales: $1,219.1M (+6.1%).

Net income: $60.6M (+573.3%); non-GAAP net income: $141.0M (+20.1%); EPS: $0.44 (+528.6%); non-GAAP EPS: $1.03 (+19.8%).

Cash flow ops (6 mo.): $462.7M (+192.3%).

2020 guidance: Net sales growth: 6-7%; organic sales growth: ~3%; non-GAAP EPS: $3.95 – 4.15 (includes $0.12 – 0.15 of COVID-19 costs and a negative $0.06 impact from the divestment of the Rosemont Rx business). Consensus is EPS of $4.07 on revenues of ~$5.2B (+7%).

https://seekingalpha.com/news/3600848-perrigo-under-pressure-despite-strong-rebound-in-q2-earnings-cash-flow