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Pharma Stocks To Watch This Week: Pfizer Inc. (PFE), Stryker Corporation (SYK), Tetraphase Pharmaceuticals Inc (TTPH)
Here are the key events from the Healthcare sector for the upcoming, holiday-shortened week
The Healthcare sector outperformed the broader market last week following news of Allergan, Inc. (NYSE:AGN) and Actavis plc’s (NYSE:ACT) merger, as well as Bill Ackman taking a significant stake in Zoetis Inc (NYSE:ZTS). The S&P 500 INDEX (INDEXCBOE:SPX) climbed 1.16%, while the Health Care SPDR (ETF) (NYSEARCA:XLV) rallied 1.58%.
With an end to the Allergan-Valeant Pharmaceuticals Intl Inc (NYSE:VRX) saga, the sector’s mergers and acquisition activity-related focus will now shift to Pfizer Inc. (NYSE:PFE) and Stryker Corporation (NYSE:SYK), which will now have the opportunity to approach AstraZeneca plc (ADR) (NYSE:AZN) and Smith & Nephew plc (ADR) (NYSE:SNN), respectively, with merger bids. Moreover, there has been speculation that Sanofi SA (ADR) (NYSE:SNY) is considering Smith & Nephew’s CEO Olivier Bohuon to replace its recently ousted CEO Chris Viehbacher.
Tetraphase Pharmaceuticals Inc (NASDAQ:TTPH) is also said to be looking to sell itself to potential buyers, such as Actelion Ltd (OTCMKTS:ALIOF) and Roche Holding Ltd. (ADR) (OTCKMTS:RHHBY).
The week is expected to remain slow, with market closed on Thursday and open for only half-day on Friday due to Thanksgiving, but a number of key regulatory approvals for large pharmaceuticals and biotechs are due. The earnings season for the Healthcare sector is near its end, with only a few companies reporting this week. These include Enanta Pharmaceuticals Inc (NASDAQ:ENTA), Arrowhead Research Corp (NASDAQ:ARWR), and GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH)
Novartis
Novartis AG (ADR) (NYSE:NVS) received the European Medicines Agency’s (EMA) approval today for its drug signifor as a treatment of acromegaly, a rare hormonal disorder estimated to affect over 10,000 individuals in the member states of the European Union. The drug was approved for the same indication by the US Food and Drug Administration (FDA) in May this year.
Pfizer – AstraZeneca
November 26 will mark the end of the six-month cooling-off period for Pfizer, which can now once again approach AstraZeneca with a renewed bid. Pfizer, looking to exploit lower corporate tax rates, had approached UK-based AstraZeneca with a $118 billion bid, one of the biggest ones, in May. However, the latter refused the bid. As per British laws, Pfizer has had to wait six months before making a renewed offer. It has been vocal about its intentions of looking for a merger, but the recent steps taken by the US Treasury may have been a deterrent for the pharmaceutical giant. The Treasury was successful in terminating the $55 billion AbbVie Inc (NYSE:ABBV) and Shire PLC (ADR) (NASDAQ:SHPG) deal. Pfizer has not made any statements regarding its future strategies regarding tax-inversion post the implementation of new regulations.
Stryker – Smith & Nephew
Smith & Nephew, another UK-based medical device maker, was being speculated to be the next tax-inversion target for a US company, with Stryker Corporation leading the race. As Smith & Nephew stock surged on speculations, Stryker was forced to declare its intentions about a potential offer to the former under the British Takeover Panel’s requirements. While Stryker admitted that it had been in the early stages of considering Smith & Nephew as an acquisition target, it said it will not be making an offer. This triggered a six-month cooling-off period, which will be completed at the end of the month. Rumors are already surging that Stryker might approach the company with around a $20 billion bid.
FDA Approvals
The FDA is expected to give its verdict on a number of drug candidates, with their Prescription Drug User Fee Act (PDUFA) dates scheduled for this week.
Valeant’s acne treatment Onexton is also expected to receive approval this month. The PDUFA date for the drug is set for November 30.
The FDA will take a decision about Avanir Pharmaceuticals Inc (NASDAQ:AVNR) migraine treatment, AVP-825, on November 26. However, the company announced last week that an approval is unlikely as the regulatory body had asked for additional human factor testing. The treatment is designed to deliver the sumatriptin powder through the patient’s nose. The additional required testing will evaluate the safety of the device used to deliver the powder. Hence, the decision will most likely be delayed.
