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JAGX

Jaguar Animal Health

$1.15

0.005 (0.44%)

, VRX

Valeant

$24.59

0.85 (3.58%)

06:04
10/06/16
10/06
06:04
10/06/16
06:04

Jaguar Animal Health signs LOI with Napo Pharmaceuticals for potential merger

Jaguar Animal Health (JAGX) that it has signed a non-binding letter of intent with Napo Pharmaceuticals potentially to merge the two companies. Napo focuses on human product development and commercialization from plants used traditionally in rainforest areas, and has provided Jaguar with exclusive worldwide rights for veterinary applications to crofelemer and corresponding rights to all related Napo technology. The LOI contemplates a 3-to-1 Napo-to-Jaguar value ratio (inclusive only of in-the-money convertible securities of Jaguar at the time a definitive agreement is entered into) to calculate the relative ownership of the merged entity. As of October 1, 2016, Napo owned 22.6% of Jaguar's outstanding shares of common stock. The LOI also outlines capitalization requirements that Napo would be required to satisfy to proceed with a potential merger. A merger of the two companies, should it occur, would allow Jaguar to recognize revenue from sales of crofelemer, under the brand name Mytesi, an important Napo revenue stream. Crofelemer was approved by the FDA in 2012 for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy. In May 2016, Napo regained ownership of the New Drug Application and commercial rights for human applications of crofelemer from Valeant Pharmaceuticals (VRX), which acquired those rights from Salix Pharmaceuticals in April 2015. Napo is now recognizing the sales of Mytesi, and will begin promotion of Mytesi to HIV prescribers in October 2016.

JAGX

Jaguar Animal Health

$1.15

0.005 (0.44%)

VRX

Valeant

$24.59

0.85 (3.58%)

SLXP

Bought by VRX

  • 16

    Nov

JAGX Jaguar Animal Health
$1.15

0.005 (0.44%)

11/12/15
AGIS
11/12/15
INITIATION
Target $10
AGIS
Buy
Jaguar Animal Health initiated with a Buy at Aegis
Target $10.
03/30/16
FLTL
03/30/16
DOWNGRADE
Target $3.5
FLTL
Buy
Jaguar Animal Health downgraded to Buy from Strong Buy at Feltl
VRX Valeant
$24.59

0.85 (3.58%)

09/19/16
WELS
09/19/16
NO CHANGE
WELS
Price increases could be negative sign, says Wells Fargo
After Valeant increased the list prices of three of its products with combined sales of $1.2M last year, Wells Fargo says further price increases could be forthcoming, and the price increases could indicate that the company feels it needs to raise prices to meet its 2H16 guidance. Noting that the company raised the list price on each of the products by 9.9%, Wells believes that the company could have raised prices by that amount instead of 10% to "stay under the radar of managed care plans and states" looking to prevent double digit price increases. Wells keeps an Underperform rating on the stock.
09/20/16
DBAB
09/20/16
INITIATION
Target $30
DBAB
Hold
Valeant reinstated with a Hold at Deutsche Bank
Deutsche Bank analyst Gregg Gilbert reinstated coverage of Valeant Pharmaceuticals with a Hold rating and $30 price target. Potential fines from the numerous investigations into the company are difficult to predict, Gilbert tells investors in a research note. The analyst assumes revenue for Valeant's dermatology business will begin to rebound in the second half of 2016 and into 2017. Before restricting coverage on the name, Deutsche had a Hold rating on the shares.
09/23/16
WELS
09/23/16
NO CHANGE
WELS
Underperform
Wells thinks Valeant's $1B acquisition in 2015 could be worth $50M or less
Wells Fargo analyst David Maris believes Valeant Pharmaceuticals will take a large impairment charge on the carrying value of Sprout, perhaps as much as 90% of its value. Sprout won approval in 2015 for Addyi, the first pill to aid a woman's sex drive. Valeant bought Sprout for $1B in August 2015, and in December 2015 forecasted sales of $100M-$150M, Maris points out. With sales in July, according to IMS, reaching only $696,235, Maris thinks Addyi "has no chance" of reaching $100M in 2016 and "might not even reach" $10M. He believes Sprout may be worth $50M or less. Without an add-back to adjusted earnings going forward, the [potential write-off would have a 14c per share impact to annual adjusted earnings in 2017 and beyond, Maris tells investors in a research note. Further, he believes Valeant could have other assets with this same problem, compounding the company's divestiture plans. Maris keeps an Underperform rating on Valeant with a $17-$22 price target range. The drugmaker closed yesterday down 12c to $26.85.
10/03/16
WELS
10/03/16
NO CHANGE
WELS
Underperform
Valeant legal woes may present bigger risk than realized, says Wells Fargo
Wells Fargo analyst David Maris said in a new note to investors that he continues to think investors are underestimating the potential downside posed by Valeant's legal troubles, whose stakes "might not be in the tens of millions, but much larger." Maris, who has kept an Underperform rating on Valeant Pharmaceuticals (VRX) since starting coverage of the stock in February, notes that the company has not taken any reserves for Allergan (AGN) or Philidor-related litigation.
SLXP Bought by VRX

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$10.60

-0.33 (-3.02%)

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AEP

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$10.60

-0.33 (-3.02%)

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HBHC

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$46.70

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TSLA

Tesla

$314.07

5.44 (1.76%)

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LMT

Lockheed Martin

$269.45

-1.69 (-0.62%)

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BA

Boeing

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WBA

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$86.54

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ANY

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