Healthcare Review: Abiomed, Endexx Corp, Diversicare Healthcare, Jazz Pharmaceuticals, Isis Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Wednesday, 02 July 2014 15:33
Stocks held at record levels Wednesday following a report that business hiring surged in June, a promising sign for economic growth. The report comes a day after news of stronger manufacturing in the U.S. and China helped push the stock market to another all-time high. The Standard and Poor's 500 index rose was little changed at percent, to 1,973 as of 1:34 p.m. in New York. The Dow Jones industrial average climbed eleven points, less than 0.1 percent, to 16,967. Both the S&P 500 and the Dow closed at all-time highs on Tuesday. The Nasdaq composite rose one point, or less than 0.1 percent, to 4,460.

Abiomed ($ABMD) acquires Berlin, Germany-based ECP Entwicklungsgesellschaft mbH (ECP). ECP's lead product is a percutaneous expandable catheter pump that increases blood circulation from the heart with an external drive shaft. It delivers a potential flow rate of up to 4.5 liters per minute and an insertion radius for the impeller and catheter of less than 10 French. Under the terms of the acquisition agreement, Abiomed acquires all outstanding ECP shares from Syscore GmbH for ~$13M in cash. The transaction includes provisions for long-term payouts for CE Mark approval ($7M) and worldwide revenue of $125M for products utilizing ECP patents ($8M).

Endexx Corp. ($EDXC) enters into a definitive agreement to acquire New Jersey-based GreenLeaf Consulting LLC. The one-employee company (Joseph Stevens) provides consulting and advisory services to cannabis industry participants regarding application preparation, licensing and compliance protocol.

Diversicare Healthcare Services ($DVCR) ends its presence in West Virginia by disposing of three skilled nursing centers in the state. It sold the 90-bed Rose Terrace facility for $16.5M and entered into an operations transfer agreement with an affiliate of the Rose Terrace buyer regarding the other two locations.

Jazz Pharmaceuticals ($JAZZ) acquires the rights to defibrotide from Sigma-Tau Pharmaceuticals for the U.S. and all other countries in the Americas. Sigma-Tau held the rights on the basis of an agreement with Gentium S.p.A (GENTY) which Jazz acquired in December 2013.

Isis Pharmaceuticals ($ISIS) earns a $1M payment from alliance partner GlaxoSmithKline (GSK) related to the advancement of its program to develop antisense drugs to treat hepatitis B infection. GSK has the exclusive option to in-license, develop and commercialize the HBV treatment candidates after ISIS completes the first proof-of-concept study. ISIS is eligible to receive pre-licensing payments from GSK as well as double-digit royalties on all commercial sales.




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