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BIIB

Biogen

$283.07

-0.04 (-0.01%)

16:38
12/22/16
12/22
16:38
12/22/16
16:38

Biogen announces effectiveness of Bioverativ Form 10 registration statement

Biogen announced that the U.S. Securities and Exchange Commission has declared effective the Registration Statement on Form 10 filed by Bioverativ Inc. Biogen expects to complete the separation of Bioverativ into an independent, global biotechnology company focused on hemophilia and other rare blood disorders on February 1, 2017. Biogen's board of directors approved the planned separation of Biogen and Bioverativ on December 20, 2016, and declared a special dividend distribution of one share of Bioverativ common stock for every two shares of Biogen common stock held as of the close of business on January 17, 2017, the record date for the distribution. Shareholders will receive cash in lieu of fractional shares. The special dividend distribution is expected to be paid on February 1, 2017. There is no current market for Bioverativ common stock. NASDAQ has approved the listing of Bioverativ common stock on the NASDAQ Global Select Market under the symbol "BIVV." NASDAQ has advised that Bioverativ common stock will begin trading on a "when-issued" basis under the symbol "BIVV WI" on January 12, 2017. Additionally, Biogen expects that starting on January 12, 2017, common stock of Biogen will trade on the NASDAQ Global Select Market in two markets: "regular-way" under the symbol "BIIB" and in the "ex-distribution" market under the symbol "BIIB WI." Shares of Biogen common stock trading under "BIIB" will carry the right to receive shares of Bioverativ common stock, if held as of the close of business on January 17, 2017. Shares of Biogen common stock trading under "BIIB WI" will not carry the right to receive shares of Bioverativ as part of the special dividend distribution. If shares of Biogen common stock are sold in the "regular-way" market after January 17, 2017 but before the distribution date, the shareholder is selling the right to receive shares of Bioverativ common stock with respect to such Biogen shares as part of the distribution. Biogen shareholders are encouraged to consult with their financial advisors regarding the specific consequences of selling Biogen common stock on or before that date. Following the distribution, regular-way trading will commence on NASDAQ for Bioverativ under the symbol "BIVV" and will continue for Biogen under the symbol "BIIB." Following the separation, Bioverativ will be a global biotechnology company dedicated to advancing the research, development and commercialization of innovative therapies to address areas of serious unmet need for people with hemophilia and other rare blood disorders.

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    Jan

BIIB Biogen
$283.07

-0.04 (-0.01%)

12/20/16
LEER
12/20/16
NO CHANGE
Target $355
LEER
Outperform
New Biogen CEO makes 'little difference' to take out probability, says Leerink
Leerink analyst Geoffrey Porges believes Biogen's stock is likely to selloff modestly on the announcement that Michel Vounatsos will be appointed as its new CEO, given the perception that an acquisition of the company is less likely. While he does not completely disagree with this inference, the analyst believes that the magnitude of the change in assumed probability of a transaction is only modest. Further, Porges says the opportunity in Biogen for an acquirer remains real, and remains a "significant source of option value" for Biogen's shareholders. He reiterates an Outperform rating and $355 price target on the shares.
12/20/16
PIPR
12/20/16
NO CHANGE
Target $335
PIPR
Overweight
Biogen new CEO marks inflection point, says Piper Jaffray
Commenting on Biogen's announcement of Michel Vounatsos as its new CEO, Piper Jaffray analyst Joshua Schimmer says that whether this marks an inflection point for a company that has "multiple shortcomings" remains to be seen, but "at least it is change," and with that comes hope, and it coincides with what may be a natural inflection for Biogen anyway. The analyst expects shares to be volatile as the various forces play out, but ultimately should move higher driven by the "strong" SPINRAZA launch and prospects for aducanumab. He reiterates an Overweight rating and $335 price target on the shares
12/20/16
MZHO
12/20/16
NO CHANGE
Target $290
MZHO
Neutral
Biogen may be rising as company still seen as 'in play,' says Mizuho
Mizuho analyst Salim Syed noted that most investors he's been talking to believed that Biogen shares would trade down on a new CEO announcement. He speculates that the selection of an internal candidate for the CEO post makes it "arguable that the company is still in play," which could help explain today's strength following the executive change. Syed has a Neutral rating and $290 price target on Biogen shares.
12/21/16
PIPR
12/21/16
NO CHANGE
PIPR
Gilead buying Alexion tops Piper's potential events in 2017
Piper Jaffray healthcare analysts, led by Joshua Schimmer, laid out 17 potential surprise or provocative events for Biopharma in 2017. Their potential outcomes and events are led Gilead (GILD) acquiring Alexion (ALXN) and a President Donald Trump tweeting about the price of Biogen and Ionis Pharmaceuticals' (IONS) Spinraza. Other potential events Piper sees is a "massively dilutive" equity recapitalization for Valeant (VRX) and a failure for Seattle Genetics' (SGEN) ECHELON trial. The firm also sees the potential for Teva cleaning house and bringing in a non-Israeli CEO.

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