|Ariad Shares Continue to Surge Amidst Buyout Rumors; Perrigo Receives FDA Approval For Generic Equivalent of Prandin|
|By Staff and Wire Reports|
|Friday, 24 January 2014 20:21|
Shares of Ariad Pharmaceuticals (NASDAQ: ARIA) continue to surge following commercial availability of Iclusig and the UK Daily Mail's report on a potential buyout.
On January 17, Ariad reported on the commercial availability of Iclusig® (ponatinib) for adult patients with refractory chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia in the United States. Following the FDA approval, the UK Daily Mail reported that at least three international big pharma companies have approached Ariad regarding a potential buyout. The pharma companies include Eli Lilly and Company (NYSE: LLY), GlaxoSmithKline plc (NYSE: GSK), and Shire plc (NASDAQ: SHPG) who are rumored to pay as much as $20.00 per share.
BMO Capital Markets analyst Jim Birchenough commented that Ariad has “significant value” to be realized from Iclusig. Birchenough raised his rating from Market Perform to Outperform and increased the price target from $8.00 to $14.00. Ariad told BMO that “all options, including partnership and M&A” remain on the table. The analyst added that commercializing Iclusig would require additional funding, to expand the drug beyond the narrow label.
Shares of Ariad Pharmaceuticals is up as much as 15% following the Daily Mail's article. Ariad closed at $8.98 on Friday, up 19.41% for the day.
Perrigo Company plc (NYSE: PRGO) announced that it has received final approval from the U.S. Food & Drug Administration (FDA) for its abbreviated new drug application (ANDA) for repaglinide tablets 1 mg and 2 mg, the generic equivalent to Prandin® Tablets (repaglinide tablets) and has commenced shipment of product. Perrigo previously launched the 0.5 mg strength in 2013.
Prandin® tablets (repaglinide tablets), are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type-2 diabetes mellitus and have annual sales of approximately $250 million, as measured by Symphony Health Solutions.
Perrigo's Chairman, President and CEO Joseph C. Papa stated, "This approval shows the talent and expertise of our R&D and regulatory affairs departments. This is another example of Perrigo's commitment to bring new products to market and deliver on our mission to provide quality, affordable healthcare to consumers."
From its beginnings as a packager of generic home remedies in 1887, Perrigo Company plc, headquartered in Ireland, has grown to become a leading global healthcare supplier. Perrigo develops, manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, nutritional products and active pharmaceutical ingredients (API), and receives royalties from Multiple Sclerosis drug Tysabri®. The Company is the world's largest manufacturer of OTC healthcare products for the store brand market and an industry leader in pharmaceutical technologies. Perrigo's mission is to offer uncompromised "Quality Affordable Healthcare Products™," and it does so across a wide variety of product categories primarily in the United States, United Kingdom, Mexico, Israel and Australia, as well as more than 40 other key markets worldwide, including Canada, China and Latin America.
ALK (ALKB:DC / OMX: ALK B / AKABY / AKBLF) today announced that the US Food and Drug Administration (FDA) has posted briefing documents for the Allergenic Products Advisory Committee meeting on 28 January to review Merck's Biologic License Application (BLA) for the investigational ragweed sublingual allergy immunotherapy tablet.
Endocyte, Inc. (Nasdaq:ECYT), a biopharmaceutical company and leader in developing targeted small molecule drug conjugates (SMDCs) and companion imaging agents for personalized therapy in cancer and other serious diseases, today provided an update regarding the review of the European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use (CHMP) on the pending EU conditional marketing authorization applications for vintafolide, etarfolatide and intravenous (IV) folic acid.
Era Group Inc. (NYSE: ERA) is pleased to announce its Search and Rescue (SAR) Program, operating in the Gulf of Mexico, has reached its 500 mission milestone. Since the initial implementation in August 2010, the program has experienced continuous growth supporting a primary membership group consisting of its initial customer, Anadarko, followed by several other oil and gas companies, including, among others, Shell Oil, Fieldwood Energy (formerly Apache), and Statoil.
Nuvilex, Inc. (OTCQB:NVLX), an international biotechnology company providing cell and gene therapy solutions for the treatment of diseases, announced today that Dr. Walter H. Gunzburg, Chairman and Chief Technical Officer of Nuvilex's partner Austrianova, will present at the international Phacilitate Cell & Gene Therapy Forum 2014 to be held in Washington, DC January 27-29, 2014.
The Radiant Creations Group, Inc. (OTCQB: RCGP), developer of unique, proprietary scientific technologies for cosmetic and over-the-counter personal enhancement products and devices, with a February 28, fiscal year end is please to provide the Company's interim period net revenue and units shipped.
Tauriga Sciences, Inc. (OTCQB:TAUG), a diversified company focused on generating profitable revenues through license agreements and the development of a proprietary technology platform in the nano-robotics space, today highlighted the Genetic Rights Management ("GeRM") synthetic biology security system developed for Pilus Energy LLC ("Pilus Energy") to protect its proprietary BactoBots™ technology platform.
Vision-Sciences, Inc. (Nasdaq:VSCI), a leading provider of unique flexible endoscopic products utilizing its proprietary sterile disposable EndoSheath® technology, today announced that the Company will release its financial results for the third quarter of fiscal 2014, ended December 31, 2013, after the market closes on Monday, February 3, 2014.