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BIIB

Biogen

$338.10

-4.32 (-1.26%)

, ESALY

Eisai

$53.38

-0.25 (-0.47%)

07:19
10/23/17
10/23
07:19
10/23/17
07:19

Biogen, Eisai expand existing collaboration agreement

Eisai Co., Ltd. (ESALY) and Biogen (BIIB) said that the companies have expanded their existing agreement to jointly develop and commercialize investigational Alzheimer's disease treatments. Under the terms of the agreement Eisai has exercised its option to co-develop and co-promote aducanumab, Biogen's investigational anti-amyloid beta antibody for patients with Alzheimer's disease, The expanded agreement leverages each company's respective geographic strengths for commercialization and adjusts the respective share of profits from potential sales of aducanumab. Biogen will receive 55 percent of the potential profits in the United States and 68.5 percent of the potential profits in Europe. Eisai will receive 80 percent of the potential profits in Japan and Asia excluding China and South Korea. The companies will have a 50:50 co-promotion split of potential profits in the rest of the world. Further, Biogen will book sales in the United States, Europe, and rest of world markets while Eisai will book sales in Japan and Asia excluding China, South Korea. Biogen will continue to lead the ongoing Phase 3 development of aducanumab and will remain solely responsible for all development costs for aducanumab until April 2018. Eisai will then reimburse Biogen for 15 percent of expenses from April 2018 through December 2018, and 45 percent from January 2019 onwards. Neither party is making any upfront payments associated with the exercise of the aducanumab option. Furthermore, Eisai's and Biogen's respective milestone payments under the original agreement for aducanumab and BAN2401, an anti-Abeta protofibril antibody, have been eliminated. The companies will continue to jointly develop elenbecestat, a beta amyloid cleaving enzyme inhibitor, and BAN2401. The financial terms for elenbecestat and BAN2401 remain unchanged, other than the eliminated BAN2401 milestone payments. Additionally, Eisai and Biogen have agreed to co-promote Biogen's multiple sclerosis treatments, AVONEX, TYSABRI and TECFIDERA in Japan to those accounts that Biogen currently does not call upon. Eisai will also distribute and book sales for AVONEX, TYSABRI, TECFIDERA and PLEGRIDY in India and other Asia-Pacific markets excluding China.

BIIB

Biogen

$338.10

-4.32 (-1.26%)

ESALY

Eisai

$53.38

-0.25 (-0.47%)

  • 24

    Oct

  • 25

    Oct

BIIB Biogen
$338.10

-4.32 (-1.26%)

10/23/17
SBSH
10/23/17
DOWNGRADE
Target $360
SBSH
Neutral
Biogen downgraded to Neutral from Buy at Citi
Citi analyst Robyn Karnauskas downgraded Biogen to Neutral while raising her price target for the shares to $360 from $320.
10/23/17
PIPR
10/23/17
INITIATION
Target $390
PIPR
Overweight
Biogen assumed with an Overweight at Piper Jaffray
Piper Jaffray analyst Christopher Raymond assumed coverage of Biogen with an Overweight rating and $390 price target. The rating is unchanged and the price target is lowered to $442. Expectations for the company's multiple sclerosis business have appropriately reset while Spinraza can offer upside, the analyst contends. Further, Raymond thinks the shares "can work" into the Alzheimer's Phase 3 data by year-end 2019.
10/17/17
10/17/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Biogen (BIIB) upgraded to Buy from Neutral at Mizuho with analyst Thomas Shrader saying he likes what he sees at Biogen again. 2. Prudential (PRU) upgraded to Buy from Neutral at Citi with analyst Suneet Kamath saying Prudential's current valuation does not give the company enough credit for the quality of its business mix. 3. Chevron (CVX) upgraded to Outperform from Neutral at Macquarie with analyst Iain Reid saying cost reduction efforts and new production volumes driving outstanding free cash generation, which should cover capex and the dividend at an oil price below $40/bbl from 2018 onward. 4. Energy Transfer Equity (ETE) upgraded to Buy from Neutral at Goldman Sachs with analyst Theodore Durbin saying he expects Energy Transfer Equity's above average distribution growth to be driven by an improving free cash flow profile. 5. Emerson (EMR) was upgraded to Outperform from Market Perform at Cowen and to Buy from Neutral at BofA/Merrill. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/17/17
MSCO
10/17/17
NO CHANGE
MSCO
Overweight
Morgan Stanley physician survey points to better than consensus Spinraza sales
Morgan Stanley analyst Matthew Harrison said the firm's survey of 50 physicians suggests that 23% of spinal muscular atrophy patients have had at least one treatment with Biogen (BIIB) and Ionis Pharmaceuticals' (IONS) Spinraza, which he noted is a higher rate than the 18% in Q2 and points to U.S. sales that are 10%-25% ahead of the consensus forecast. Additionally, "essentially all" prescribed patients eventually appear to receive coverage, meaning reimbursement continues to be a minimal headwind for Spinraza, Harrison said. He keeps an Overweight rating on Biogen, which was upgraded at Mizuho and at Stifel this morning.
ESALY Eisai
$53.38

-0.25 (-0.47%)

02/15/17
LEER
02/15/17
NO CHANGE
LEER
Biogen outlook intact despite Merck study suspension, says Leerink
Leerink analyst Geoffrey Porges notes that Merck (MRK) announced the suspension of the Phase 2/3 EPOCH trial of verubecestat in mild-to-moderate Alzheimer's patients for lack of efficacy, which was one of the most important catalysts for the field this year and a significant overhang for Biogen (BIIB) and other companies. While the failure had been widely anticipated in this study, the analyst believes this result does not read over to the outlook for Biogen's ongoing pivotal trials with aducanumab, or with its partner, Eisai's (ESALY) BACE inhibitor, elenbecestat.
01/05/17
JMPS
01/05/17
NO CHANGE
JMPS
Market Perform
JMP Securities views Arena amended agreement with Eisai 'favorably'
JMP Securities analyst Jason Butler says Arena Pharmaceuticals' (ARNA) amended agreement with Eisai (ESALY) reduces resource and capital constraints on the company while maintaining "attractive" long-term upside from Belviq success. The analyst notes that Eisai will now have full global development and marketing rights to Belviq in exchange for lowering Arena's royalties and cost contributions, which he views "favorably" as the commercial potential for it remains limited. Furthermore, the new agreement allows Arena to further focus its energies and resources in its Phase 2 pipeline assets, Butler adds. He reiterates a Market Perform on Arena Pharmaceuticals' shares.

TODAY'S FREE FLY STORIES

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PG

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BHGE

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, GE

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IBM

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GE

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$18.21

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TWX

Time Warner

$88.72

0.71 (0.81%)

, T

AT&T

$34.51

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TEX

Terex

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TPIC

TPI Composites

$19.06

-0.97 (-4.84%)

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SYNA

Synaptics

$38.21

0.57 (1.51%)

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MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

, BRCD

Brocade

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S&P announces changes to S&P MidCap 400, S&P SmallCap 600 indices »

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MKSI

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$103.50

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BRCD

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TCMD

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$25.98

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LMOS

Lumos Networks

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WGL

WGL Holdings

$84.32

-0.14 (-0.17%)

18:01
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TCMD

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Lumos Networks

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IVR

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MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

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Brocade

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MKS Instruments to replace Brocade in S&P 400 at open on 11/22 »

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$1.18

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GS

Goldman Sachs

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LGND

Ligand

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LGND

Ligand

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MBI

MBIA

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RBCN

Rubicon

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