BMS Offers to Buy The Rest of ImClone

In a regulatory filing this morning, Bristol-Myers Squibb announced it has offered to buy the 83% of ImClone it doesn’t already own for an all cash, $60/share or $4.5B. This offer represented a 30% premium over yesterday’s close but already in premarket trading, ImClone has hit $65/share.
I’ve been trying to figure BMS out for [...]

Wyeth and Elan in a World of Pain

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A little over a month ago, I wrote a post detailing how I thought the Bapineuzumab trial (which had just released phase 2 results) was a total loser.
It was, and still is, my contention that mAbs targeting APP, Tau, gamma secretase or the protein du jour in brain soup will not be effective [...]

AutoGenomics Files for IPO

Mmmmm. I love a hot IPO market.
I especially love an integrated diagnostic testing systems company.
AutoGenomics announced it has filed an S-1 with the SEC. The price and number of shares have not yet been determined.
The company is based in Carlsbad and according to the S-1, has developed the first automated, microarray based multiplexing diagnostic [...]

Weekly Biopharm Financing: Cardiome, Genomic Vision, RF Surgical, NuPathe, Cell and Cara Tharapeutics

NuPathe (Business Wire)
Raised $30 million in a Series B, private stock sale. They will mainly use the funds to support the phase 3 trial of their sumatriptan patch for migraine but some money will get funneled into their Parkinson’s
Cardiome (PRNewswire)
Under the non-brokered private placement, Cardiome has entered into an agreement to sell 2,272,727 Series [...]

Roche on Spending Spree

First Roche offers to buy Genentech for ~$44B and in two consecutive days has inked two more deals.
Yesterday, in its second RNAi play in a year, Roche bought Mirus Bio for $125M. The acquisition should add value to the July 2007 preclinical discovery deal with RNAi leader Alnylam. Under the agreement, Mirus will [...]

Will Roche Kill Independent Genentech?

Roche has offered to buy the 45% stake of Genentech it doesn’t already own with a $89/share, $43.7B (8.8% premium) offer.
The initial Roche/Genentech deal brokered in the 90’s has been key to Roche’s success in the last few years. Upon first blush, this deal seems a natural fit and a no-brainer for Roche but [...]

PTC Inks $437M Gene Therapy Deal With Genzyme

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Talk about a good week for PTC.
A day after announcing the Cystic Fibrosis Foundation is dropping $25M on PTC124 (PTC’s novel oral therapy in late-stage development for the treatment of genetic disorders due to nonsense mutations) and funding the phase 2 trial, Genzyme and PTC Therapeutics announced an exclusive global collaboration to develop [...]

On Vacation Until 7.16

Photo from **FLUK** on Flickr used under a Creative Commons License

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Secretive Agios Makes Splash with $33M Series A

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Agios Pharmaceuticals, backed by heavy hitters: Third Rock, Flagship and ARCH venture groups, announced it has closed a hefty, $33M Series A financing round.
There is very little substance in the press release or on the Agios website about the company or the technology.
The basic gist though, has to do with modulating the metabolism [...]

Shire Ponies Up For Jerini

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Shire and its well known acquisition strategy are at it again, this time buying Berlin-based, Jerini for $521.2M (a 71% premium).
The rationale for the deal was the addition of Firazyr, an orphan drug treatment for hereditary angioedema (HAE), which received a not approvable letter from the FDA in April but has an EU [...]

Biopharm Closing Bell: 7.2.08

Gainers (% price change)
Last Trade
Change
Mkt Cap

Maxygen, Inc.
MAXY
4.48
+0.97 (27.64%)
165.96M

Immunomedics, Inc.
IMMU
2.43
+0.27 (12.50%)
182.51M

Somanetics Corporation
SMTS
23.07
+2.29 (11.02%)
286.91M

Javelin Pharmaceuticals
JAV
2.65
+0.25 (10.42%)
130.11M

Molecular Insight
MIPI
5.65
+0.50 (9.71%)
141.08M

Losers (% price change)

Marshall Edwards, Inc.
MSHL
2.04
-0.27 (-11.69%)
140.46M

Sucampo Pharmaceuticals,
SCMP
9.61
-1.14 (-10.60%)
401.06M

Odyssey HealthCare, Inc.
ODSY
8.80
-1.01 (-10.30%)
288.16M

Elbit Imaging Ltd
EMITF
39.35
-3.59 (-8.36%)
1.00B

Vision-Sciences, Inc.
VSCI
3.66
-0.33 (-8.27%)
129.08M

Most Actives (dollar volume)

Amgen, Inc.
AMGN
48.84
+0.20 (0.41%)
53.17B

Johnson & Johnson
JNJ
64.64
-0.05 (-0.08%)
182.17B

Merck & Co., Inc.
MRK
38.04
-0.32 (-0.83%)
81.65B

Pfizer Inc.
PFE
17.62
-0.11 (-0.62%)
119.20B

Gilead Sciences, Inc.
GILD
51.29
-0.88 (-1.69%)
47.31B

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Biopharm Closing Bell: 7.1.08

Gainers (% price change)
Last Trade
Change
Mkt Cap

NxStage Medical, Inc.
NXTM
4.42
+0.58 (15.10%)
162.63M

Myriad Genetics, Inc.
MYGN
51.39
+5.87 (12.90%)
2.29B

The Aristotle Corporation
ARTL
8.38
+0.92 (12.33%)
150.52M

DepoMed, Inc.
DEPO
3.50
+0.29 (9.03%)
168.09M

Celgene Corporation
CELG
69.26
+5.39 (8.44%)
30.19B

Losers (% price change)
 

Senomyx Inc.
SNMX
4.23
-0.70 (-14.20%)
129.39M

Protherics PLC (ADR)
PTIL
6.50
-0.74 (-10.22%)
220.49M

Marshall Edwards, Inc.
MSHL
2.31
-0.26 (-10.12%)
159.05M

Optimer Pharmaceuticals,
OPTR
7.36
-0.75 (-9.25%)
205.53M

MiddleBrook
MBRK
3.07
-0.31 (-9.17%)
171.94M

Most Actives (dollar volume)
 

Celgene Corporation
CELG
69.26
+5.39 (8.44%)
30.19B

Johnson & Johnson
JNJ
64.69
+0.35 (0.54%)
182.31B

Pfizer Inc.
PFE
17.73
+0.26 (1.49%)
119.95B

Merck & Co., Inc.
MRK
38.36
+0.67 (1.78%)
82.34B

Amgen, Inc.
AMGN
48.64
+1.48 (3.14%)
52.95B

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CoLucid Rakes in $25M for Migraine Treatment

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CoLucid announced it closed a $25M series B financing. The main phase 2, development compound is COL-144 (5-HT1F agonist for the treatment of migraine), a drug they in-licensed from Eli Lilly after it completed phase 1 trials.
While the $25M series B headline immediately caught my eye, it didn’t take much more reading [...]