|Healthcare Review: Dara BioSciences, Vivus, Array BioPharma, Retrophin, Valeant Pharmaceuticals|
|By Staff and Wire Reports|
|Wednesday, 28 May 2014 12:54|
Shares of thinly-traded pico cap Dara BioSciences ($DARA) explode on massive turnover despite no news. On a technical basis, the stock has been on a significant downtrend since its January 22 high of $4.40 bottoming at $1.02 on May 19. It has lost over 99.9% of its value since 2007 so retail investors need to be careful here.
Shares of Vivus ($VVUS) are up on heavy volume on rumors that Aspen Investment Plans is considering a $640M bid for the company.
Array BioPharma ($ARRY) and Biogen Idec ($BIIB) sign a collaboration agreement for the discovery and development of inhibitors targeting a novel kinase for the treatment of autoimmune disorders that were discovered through ARRY's Kinase-Directed Phenotypic Screening Platform. Under the terms of the agreement, BIIB will be responsible for all aspects of clinical development and commercialization and will fund research for three years. ARRY will be eligible for certain development and commercial milestone payments and royalties on top-line sales.
Retrophin ($RTRX) appoints Stephen Aselage President and COO effective immediately. He will be responsible for corporate development activities including the commercialization of current products, building out the firm's global infrastructure and exploring new business development opportunities.
Valeant Pharmaceuticals ($VRX) increases its bid for Allergan ($AGN). Its new offer is now $58.30 in cash (an increase of ~21%), 0.83 VRX share, one contingent value right (CVR) related to DARPin sales (worth ~$25/share based on $20B cumulative sales over 10 years) and a commitment to invest up to $400M in DARPin while retaining current AGN employees responsible for development.