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Valeant's liaison with Philidor paid millions to promote Philidor interest, including acquisition option Valeant (VRX) is entangled in a legal tangle. Details are emerging that former VRX and Philidor liason Gary Tanner was paid up to $10mn by Philidor through CEO Andrew Davenport to promote Philidor's interest, including acquisition option. This ensured that Valeant was effectively blocked from establishing relationships with competitors. Philidor's growth was mostly due to its relation with Valeant, and accounted for 90% of its dispensing volume. Both Tanner and Davenport were arrested. Valeant's Former CEO Micheal Pearson and former CFO Howard Schiller say they were not involved in any wrongdoing.

Valeant shares slumped on the news. Some investors, including in our chatroom here at drkkd.com, consider this a buying opportunity.

Cyclacel  up 26% as data on sapacitabine  to be announced soon

Cyclacel Pharmaceuticals $CYCC is up on 5x volume despite no immediate news; however, major upcoming catalyst, by year end or so, is topline data from p3 trial of oral sapacitabine as first-line treatment of patients at least 70 years old with acute myeloid leukemia.

Northwest Bio starts p2 study of DCVax/Keytruda combo in advanced colorectal cancer

Northwest Biotherapeutics $NWBO is starting a Phase 2 clinical trial for the combo of DCVax-L and Merck's $MRKPD-1 inhibitor Keytruda (pembrolizumab) in patients with colorectal cancer with liver metastases. Regulatory approval yet to be received.

Endo up on positive CCH data

Endo International $ENDP announced positive data from a Phase 2b clinical trial of collagenase clostridium histolyticum (CCH) for the treatment of edematous fibrosclerotic panniculopathy (EFP), or cellulite. The 375 adult women patient study showed highly statistically significant improvement in the appearance of cellulite.
CCH is marketed in the U.S. as XIAFLEX for the treatment of Dupuytren's contracture and Peyronie's disease.

Keryx Bio additional data of Auryxia study in iron deficiency anemia

Keryx Biopharmaceuticals $KERX presented p3 data for Auryxia (ferric citrate) for the treatment of iron deficiency in adults with stage 3-5 non-dialysis-dependent chronic kidney disease (CKD). The study met its primary and secondary endpoints. 52% (n=61/117) of participants achieved at least a 1 g/dL increase in hemoglobin at some point in the 16-week efficacy period and 93.4% (n=57/61) of these patients experienced a sustained treatment effect.
Auryxia was approved in the U.S. in September 2014 for the control of serum phosphorus levels in CKD patients on dialysis.
ZIOPHARM gene therapy with RheoSwitch suicide switch shows encouraging results in early-stage brain cancer study

Interim results from a Phase 1 study of $ZIOP gene therapy candidate with RheoSwitch showed median OS of almost 13 months and treatment was well-tolerated.
However,  TheStreet's Adam Feuerstein says that nine of the 17 patients that are the basis for OS data were censored before the median and that the data is not correct.

Eisai's BACE inhibitor for early Alzheimer's gets US Fast Track

Eisai's $ESALF Phase 3-stage E2609 got a Fast Track  for the treatment of early Alzheimer's disease. E2609 is being jointly developed with Biogen $BIIB and inhibits an enzyme called BACE which plays a key role in the production of amyloid beta peptides. Inhibiting BACE may decrease the formation of amyloid plaques in the brain thereby slowing the progression of AD.

Janssen submits US marketing application for guselkumab

Janssen $JNJ  submitted a BLA for approval of guselkumab for the treatment of adults with moderate-to-severe plaque psoriasis.
Guselkumab is a human monoclonal antibody that binds to interleukin 23 (IL-23), a pro-inflammatory cytokine. J&J expects it to be a blockbuster and one of its major growth drivers.

Egalet awarded US patent covering abuse-deterrent OXAYDO

U.S. Patent No. 9,492,443 was awarded to $EGLT covering its abuse-deterrent oxycodone tablets, marketed as OXAYDO. Its Aversion technology is designed to discourage common routes of abuse.

AstraZeneca and Allergan complete licensing deal for MEDI2070

Allergan $AGN and AstraZeneca's $AZN) finalized a licensing deal for MEDI2070, a mid-stage mAb for Crohn's disease and ulcerative colitis. The deal is worth $1.5bn.

BeiGene announces equity offering; shares down 12%

BeiGene $BGNE announced a public offering of $175M of American Depositary Shares, including $15M by selling shareholders. Stock is down 12% on high volume. Each ADR represents 13 ordinary shares.

AmpliPhi Bio prices equity offering; shares down 28% premarket

AmpliPhi Biosciences $APHB slumps 28% premarket on increased volume in response to its public offering of 5,335,000 shares of common stock and warrants to purchase up to 5,335,000 shares of common at a combined price of $0.75. The five-year warrants are immediately exercisable at $0.75. Net proceeds are expected to be ~$3.8M. Closing date is November 22.

PDL Bio prices convertible debt offering

PDL BioPharma $PDLI prices its public offering of $150M of 2.75% Convertible Senior Notes due 2021. The conversion rate will initially be 262.2951 shares of common stock per $1,000 principal amount of the Notes ($3.81/share). Net proceeds should be ~$146M.

Brokerage Action Company Rating Price Target
Mizuho Lowers Target Allergan PLC (AGN) Buy $293.00 -> $273.00
Piper Jaffray Cos. Reiterates Alder BioPharmaceuticals (ALDR) Buy
Jefferies Group Reiterates Alkermes PLC (ALKS) Buy $70.00
Leerink Swann Reiterates Ariad Pharmaceuticals (ARIA) Buy
Jefferies Group Reiterates Axovant Sciences (AXON) Buy $31.00
Singular Research Initiates Harvard Bioscience (HBIO) Buy $5.50
HC Wainwright Initiates Mirati Therapeutics (MRTX) Buy $12.00
WBB Securities Reiterates Omeros Corporation (OMER) Buy $75.00
BTIG Research Reiterates Regeneron Pharmaceuticals (REGN) Neutral
Jefferies Group Reiterates Regeneron Pharmaceuticals (REGN) Hold $394.00
JMP Securities Reiterates Sarepta Therapeutics (SRPT) Buy
Janney Montgomery Scott Initiates Vertex Pharmaceuticals (VRTX) Neutral
Northcoast Research Initiates Xylem (XYL) Buy

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