Alder BioPharmaceuticals Merges with H. Lundbeck in $1.95 Billion Deal
H. Lundbeck A/S (OMX: LUN), the specialty pharmaceutical giant based in Denmark, announced its first acquisition in over a year. The company revealed it was buying Alder BioPharmaceuticals (NASDAQ: ALDR), a clinical-stage biopharmaceutical company focused on transforming migraine treatment through the discovery, development and commercialization of novel therapeutic antibodies. One product candidate is ALD1910, a monoclonal antibody for migraine prevention. Lundbeck gains Alder’s eptinezumab product, an investigational monoclonal antibody for migraine prevention that it will develop and launch worldwide in the upcoming years. Lundbeck expects to see significant growth in its brain... Read More »
Gene-Editing Firm Semma Acquired by Vertex
Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) purchased another gene-editing biotech company last week, marking its fourth announced transaction of 2019. The pharmaceutical giant bought Semma Therapeutics for $950 million in an all-cash transaction for all of the company’s outstanding shares. Semma leverages stem cell-derived human islets to research potentially cures for type 1 diabetes. The biotech firm will become a separate operating subsidiary of Vertex and executives of Semma will join Vertex and remain in leadership positions at Semma. After a hiatus in 2018, Vertex has been on a shopping spree this year to build its gene-editing platform and capabilities for various... Read More »
Celgene Sells Otezla to Advance its Sale to Bristol-Myers Squibb
Amgen (NASDAQ: AMGN) has agreed to take Otezla (apremilast) off of Celgene Corporation’s (NASDAQ: CELG) hands. The Federal Trade Commission ruled the drug had to be divested due to concerns over competition with Bristol-Myers Squibb’s (NYSE: BMY) pipeline. Bristol-Myers announced it was buying Celgene last January for $74 billion. In this deal, Amgen gains the worldwide rights to Otezla, the only oral, non-biologic treatment for psoriasis and psoriatic arthritis, and certain related assets and liabilities. Sales of Otezla in 2018 were $1.6 billion and the drug has intellectual property exclusivity in the United States at least through 2028. Amgen will pay $13.4 billion in cash,... Read More »
Pfizer Finally Spins Off Upjohn
It’s official. Pfizer Inc. (NYSE: PFE) will spin off Upjohn, its off-patent branded and generic drug division, and merge it with another generic drug maker, Mylan N.V. (NASDAQ: MYL), to create a new company. The deal is structured as an all-stock Reverse Morris Trust merger. Pfizer shareholders will own 57% of the new combined company, and Mylan’s will own 43%. The new company is expected to have pro forma 2020 revenues of $19 billion to $20 billion, EBITDA of $7.5 billion to $8 billion, and free cash flow in excess of $4 billion. After Upjohn issues $12 billion of debt at or prior to separation, with gross debt proceeds retained by Pfizer, the combined company will have... Read More »
Array BioPharma Grabbed By Pfizer for $11.4 Billion
With AbbVie Inc.’s (NYSE: ABBV) surprise $87 billion bid for Allergan plc (NYSE: AGN) dominating headlines this week, you’d be forgiven for forgetting Pfizer (NYSE: PFE) just bought Array BioPharma (NASDAQ: ARRY) for $11.4 billion only days before. It’s the pharmaceutical giant’s biggest deal of the year thus far in announced dollar volume, and only second behind the aforementioned transaction. The terms included $48 per share in cash, with 237,500,000 shares outstanding, representing a 62% premium to ARRY’s closing price on Friday, June 13. Array BioPharma is a commercial-stage biopharmaceutical company focused on the discovery, development, and... Read More »Schedule a demo
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