月別アーカイブ: 2015年3月

Horizon Pharma to Buy Hyperion Therapeutics for $1.1B – Analyst Blog

In order to diversify and strengthen its present product portfolio, Horizon Pharma HZNP has announced its intention to acquire Hyperion Therapeutics, Inc. HPTX for around $1.1 billion ($46.00 per share) in cash. Shares of both Horizon Pharma and Hyperion Therapeutics rallied 18.2% and 7.6%, respectively, following the announcement.

The transaction, approved by the board of both the companies, is expected to close in the second quarter of 2015.

Horizon Pharma to Expand Existing Portfolio

With the successful completion of the deal, Horizon Pharma will add two of Hyperion Therapeutics’ products to its portfolio – Ravicti and Buphenyl. Both the products are approved for the treatment of patients suffering from urea cycle disorders (UCDs). In 2014, the products jointly contributed $113.6 million to Hyperion Therapeutics’ revenues.

We note that Ravicti is under review in the EU for the UCD indication, with a final decision expected by year end. The addition of Ravicti and Buphenyl will also diversify Horizon Pharma’s current portfolio which currently has products in areas like rheumatoid arthritis, osteoarthritis, spondylitis, chronic granulomatous disease and severe, malignant osteopetrosis.

Horizon Pharma, which recorded total revenues of $297 million in 2014, is expected to get a significant boost from the addition of Ravicti and Buphenyl.
 
Guidance

The transaction is expected to be immediately accretive to the company’s adjusted earnings per share. Horizon Pharma expects that Ravicti and Buphenyl will add approximately $100 million to the company’s adjusted EBITDA in 2016. This includes cost synergies of more than $50 million.

During its fourth-quarter 2014 conference call, the company stated expectations of 2015 net sales in the range of $450–$475 million and adjusted EBITDA in the band of $170–$190 million. On the other hand, Hyperion Therapeutics projected 2015 Ravicti sales in the range of $107–$113 million and 2015 Buphenyl net sales in the $13–$15 million range.

Our Take

We are positive on Horizon Pharma’s decision to acquire Hyperion Therapeutics. The deal will not only diversify its current portfolio, but will also significantly boost its top line as well as bottom line. Also, the EU approval of the drug will boost sales further. However the question remains whether Horizon Pharma’s investment of $1.1 billion is worth for Ravicti and Buphenyl or not.

Currently, Horizon Pharma sports a Zacks Rank #1 (Strong Buy). Some other well-ranked stocks in the health care sector include Affymetrix Inc. AFFX and Cytokinetics, Incorporated CYTK, both carrying a comparable rank.

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Horizon Pharma to Buy Hyperion Therapeutics for $1.1B – Analyst Blog
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T-Bird Pharma Inc. Announces Final Municipal Rezoning Approval

VICTORIA, BC , March 31, 2015 /CNW/ - T-Bird Pharma Inc. (TPI.V) (“T-Bird” or the “Company”), a pharmaceutical company focused on developing premium quality medical marijuana products and a licensed producer (“LP”) to cultivate marijuana under the Marihuana for Medical Purposes Regulations ( Canada ) (“MMPR”), is pleased to announce that it has received notice from The Corporation of the District of Saanich confirming the final rezoning approval of the Company’s premises which now allows for commercial distribution of medical marijuana under the MMPR. 

Saanich Council, at their meeting on March 23, 2015 , gave final reading and adoption to “ZONING BYLAW, 2003, AMENDMENT BYLAW, 2014, NO.9308″ and “ZONING BYLAW, 2003, AMENDMENT BYLAW, 2015, NO. 9309″, the effect of which is to add a new definition for medical marihuana production and distribution, and to amend zone M-3 (industrial park) to permit that use on Strata Lot 1, Section 100, Lake District, Plan VIS4905 (Unit 101-4226 Commerce Circle).

“We are excited to have the rezoning of our premises finalized and thankful for the support of Saanich Council, said Dr.Bin Huang, CEO of T-Bird.   “This is a significant step as we work towards commercialization and securing a sales license under the MMPR.”   

About T-Bird and Thunderbird

T-Bird Pharma Inc. is the parent company of Thunderbird Biomedical Inc., a wholly owned private subsidiary formed in January, 2013.  The principal activities of Thunderbird are the production of marijuana from its Victoria, British Columbia production facility, as regulated by the Marihuana for Medical Purposes Regulations ( Canada ).  Thunderbird obtained a medical marijuana license to undertake the production of medical marijuana in February 2014 , being the fifth company in Canada to obtain such a license.   Thunderbird was acquired by T-Bird in September, 2013.

ON BEHALF OF THE BOARD

“David J. Raffa”
Chairman

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward Looking Information

Certain statements in this press release constitute forward-looking statements, within the meaning of applicable securities laws.  All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”.

We caution you that such “forward-looking statements” involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements.

Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including production and sales of medical marijuana, anticipated revenues, projected size of market, quantities of future medical marijuana production, completion of production facilities and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

T-Bird Pharma Inc. (the “Company”) does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, results of production and sale activities, the Company’s historical experience with medical marijuana operations, uninsured risks, regulatory changes, availability of production facilities, timeliness of government approvals and the granting of permits and licenses, changes in prices, actual operating and financial performance of facilities, equipment and processes relative to specifications and expectations. Actual results may differ materially from those expressed or implied by such forward-looking statements.

SOURCE T-Bird Pharma Inc.

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UnitedHealth to acquire pharmacy benefits firm Catamaran in $12-billion deal

UnitedHealth Group Inc., the largest health insurer in the United States, agreed to spend more than $12 billion to buy an Illinois pharmacy benefits management firm, saying it is seeking to control the rising costs of prescription drugs.

UnitedHealth said it plans to merge Catamaran Corp. with its existing pharmacy benefits management company, OptumRx. The deal will help UnitedHealth increase its profits about 5% in 2016, the company said.

Whether the acquisition will benefit consumers may be an issue in the months ahead. Some experts suggest that the deal may weaken competition and prompt opposition from the Federal Trade Commission.

Pharmacy benefit managers help negotiate with drug companies the prices of prescription drugs on behalf of employers, insurers and government agencies. The largest players in the industry include Express Scripts and CVS/Caremark.

The companies are seen as key players in the battle to reduce the costs of specialty drugs, complex medications that can provide life-saving treatment for diseases such as HIV, cancer and hepatitis C — but often with high price tags.

UnitedHealth was the fifth-largest health insurer in California in 2013 with 7% of revenues, according to a recent report from the California Healthcare Foundation.

UnitedHealth said the merger will “create a dynamic competitor” in the pharmacy benefit management market. It expects the deal to close in the final three months of 2015.

Larry Renfro, chief executive of UnitedHealth’s OptumRx division, said its customers can expect to benefit from the deal.

“We believe this combination will create significant value for health plan, government, third-party administrator and employer customers and, most importantly, the individual consumers who depend on us for accurate, affordable and convenient pharmacy benefit products and services,” he said.

Unconvinced is David Balto, a Washington antitrust lawyer and former policy director for the Federal Trade Commission. He said the acquisition could reduce competition and lead to higher prices for consumers.

“I think this merger will face very stiff head winds at the FTC,” Balto said. “A dominant insurance company is going to extinguish one of the paltry sources of competition in the market.”

Investors and analysts liked the deal, which called for UnitedHealth to pay $61.50 for each share of Catamaran stock — a 27% premium on the company’s Friday closing price.

Catamaran shares surged $11.51, or 24%, to $59.83. UnitedHealth’s stock climbed $2.99, or 2.5%, to $121.

Brooks O’Neil, a healthcare analyst with Dougherty & Co., said the combination will help UnitedHealth cut costs in two ways: eliminating redundant jobs and using its size to negotiate better prices. He said UnitedHealth is acquiring a well-run company.

“We think putting United together with Catamaran brings a sophistication and expertise to United, plus you have the benefit now of significant scale,” O’Neil said.

O’Neil said he expects the deal could help UnitedHealth control the costs it charges to consumers.

“Pharmacy costs have been among the fastest-rising costs in healthcare over the last 10 to 15 years,” he said. “These companies are working to make pharmacy more affordable to the average person…. I think it’s a unique combination. I think it’s going to be really important to their members.”

UnitedHealth’s deal to buy Catamaran, based in the Chicago suburb of Schaumburg, Ill., is undoubtedly an effort to control the money it spends on prescription drugs, said Wendell Potter, a former Cigna executive who now is an author and consumer advocate. That could be good and bad for consumers, he said.

Lower prescription drug costs could help control the cost of health insurance policies, he said. But a more powerful UnitedHealth might be less willing to pay for expensive but life-saving drugs, he said.

“It’s clear that United and other insurers are doing what they can to get a better handle on what they’re having to pay for drugs,” he said.

stuart.pfeifer@latimes.com

Twitter: @spfeifer22

Copyright © 2015, Los Angeles Times

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UnitedHealth to acquire pharmacy benefits firm Catamaran in $12-billion deal
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