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MNK

Mallinckrodt

$44.66

0.07 (0.16%)

14:20
07/14/17
07/14
14:20
07/14/17
14:20

Mallinckrodt's Synacthen Depot sublicense approved by FTC

The Federal Trade Commission said it approved a sublicense submitted by Mallinckrodt granting West Therapeutic Development certain rights to develop and market the specialty drug Synacthen Depot in the United States. Synacthen Depot contains a synthetic version of adrenocorticotropic hormone, or ACTH, and is approved in Europe and elsewhere to treat infantile spasms, nephrotic syndrome, and other disorders. "Mallinckrodt currently has a monopoly in the U.S. ACTH market with its drug H.P. Acthar Gel, which contains naturally derived ACTH," the FTC added. The agency's January order against Mallinckrodt settled charges that the company violated the antitrust laws when its Questcor unit acquired rights to Synacthen Depot. The FTC complaint alleged that Questcor's acquisition stifled competition by preventing any other company from using the Synacthen Depot assets to develop a synthetic ACTH drug for the United States, preserving Questcor's monopoly and allowing it to maintain extremely high prices for Acthar Gel. Under the January order, the FTC approved Marathon Pharmaceuticals as the sublicensee. Marathon has since spun off the assets and personnel related to the development of a synthetic ACTH drug to West Therapeutic Development.

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MNK Mallinckrodt
$44.66

0.07 (0.16%)

06/20/17
JEFF
06/20/17
NO CHANGE
Target $70
JEFF
Buy
Jefferies sees $60-$75 per share buyout range for Mallinckrodt
Amid speculation that Mallinckrodt is seeking strategic alternatives, Jefferies analyst Anthony Petrone explored leveraged buyout scenarios in order to gauge the feasibility of a sponsor-led transaction. His work shows that within a $60-$75 per share takeout range, sponsors can clear a 30% internal rate of return hurdle under "modest assumptions" with upside to 45%-plus when engineering scenarios are considered. The largest risks to the LBO assumptions are around stability in Acthar pricing and the competitive landscape, Petrone tells investors in a research note. The analyst keeps a Buy rating on Mallinckrodt with a $70 price target. The specialty pharmaceutical company closed yesterday up 5%, or $1.94, to $43.64.
06/21/17
WELS
06/21/17
NO CHANGE
WELS
Outperform
Wells doesn't see Mallinckrodt at significant risk of violating debt covenants
Wells Fargo analyst David Maris believes Mallinckrodt's debt and leverage "seem very manageable" and argues that investors "should not be overly concerned" about the company's potential to violate its debt covenants. In a note issued before the open, Maris characterized Mallinckrodt's covenants as "loose." He keeps an Outperform rating on Mallinckrodt shares.
06/29/17
UBSW
06/29/17
NO CHANGE
Target $70
UBSW
Buy
Mallinckrodt sum-of-the-parts still supports $70 price target, says UBS
UBS analyst Marc Goodman said his sum-of-the-parts valuation for Mallinckrodt still supports a $70 price target. The analyst said shares at current price remain attractive with the key overhang being the sustainability of Acthar from competition. Without competition, Goodman believes the shares are worth $100. He sees a favorable risk/reward as management has talked about a sense of urgency in getting the stock moving. Goodman reiterated his Buy rating and $70 price target on Mallinckrodt shares.
07/13/17
WELS
07/13/17
NO CHANGE
WELS
Outperform
Wells says Mallinckrodt orphan news a 'good reminder' of pipline opportunties
Wells Fargo analyst David Maris said Mallinckrodt's announcement last night that that the FDA has granted orphan drug designation to its muscular dystrophy drug, MNK-1411, is a good reminder of the companies pipeline "shots on goal" that he does not believe are factored well enough in investor expectations. Maris keeps an Outperform rating on Mallinckrodt shares, citing the stock's valuation.

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AKER

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