Healthcare Review: MusclePharm, Keryx Biopharmaceuticals, Zalicus, Acorda Therapeutics, GW Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Wednesday, 18 June 2014 14:08
U.S. stocks fluctuated as the Federal Reserve said growth is bouncing back and the job market is improving as it continued to reduce the monthly pace of asset purchases. The Standard & Poor’s 500 Index (SPX) rose 0.1 percent to 1,944.66 at 2:03 p.m. in New York. The Dow Jones Industrial Average added 5.3 points, or less than 0.1 percent, to 16,813.79. “Growth in economic activity has rebounded in recent months,” the Federal Open Market Committee said today in a statement in Washington. “Labor market indicators generally showed further improvement.” Business spending “resumed its advance.”

MusclePharm ($MSLP) signs a multi-year endorsement deal with golfer Tiger Woods for the term July 1, 2014 - June 30, 2018. The deal includes the company name and logo on his golf bag, the right to use his name and likeness in advertisements and commercials and personal appearances. Under the terms of the agreement, the company will pay Woods an annual cash retainer, $5M of MSLP stock and royalties on sales of all branded product.

The USPTO awards patents no. 8,754,257 and no. 8,754,258 to Keryx Biopharmaceuticals ($KERX) covering a form of ferric citrate with a specific intrinsic dissolution rate. Ferric citrate is the active ingredient in Zerenex. The '257 patent also contains claims pertaining to the dosing and daily administration regimen of Zerenex that is included in the company's NDA which is currently under FDA review.

Zalicus ($ZLCS) licenses its Sodium Channel Modulator program including IP and related pipeline assets to AnaBios Corporation. Under the terms of the agreement, Zalicus will be eligible to receive as much as $17.2M in clinical and regulatory milestone payments and up to 12% in royalties on future net sales of any product resulting from the license.

Acorda Therapeutics ($ACOR) prices its $300M aggregate principal amount of convertible senior notes due 2012. The notes will bear an interest rate of 1.75%. Underwriters over-allotment is $45M principal amount. Conversion rate is 23.4968 shares/$1,000 principal amount ($42.56/share).

GW Pharmaceuticals ($GWPH) files to sell 1.2M American Depository Shares (ADS) and certain shareholders 500K ADSs. Each ADS represents ownership of 12 GWPH ordinary shares. Underwriters over-allotment is 255K ADSs. Proceeds to be used to fund pre-launch activities for Epidiolex in the U.S. including expanding the growing and manufacturing operations and build-up of inventory, the advancement of other early-stage pipeline opportunities (focused on orphan diseases) and general corporate purposes.

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