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MDCO

The Medicines Co.

$30.21

-0.38 (-1.24%)

, MLNT

Melinta Therapeutics

$15.00

0.1 (0.67%)

07:06
11/29/17
11/29
07:06
11/29/17
07:06

The Medicines Co. to sell infectious disease unit to Melinta Therapeutics

The Medicines Company (MDCO) announced that it has entered into a definitive agreement to sell its infectious disease business unit to Melinta Therapeutics (MLNT) for $270M in upfront consideration and guaranteed payments, $215M of guaranteed cash and $55M of Melinta common stock, tiered royalty payments of 5% to 25% on worldwide net sales of Vabomere, Orbactiv and Minocin IV, and the assumption by Melinta of all royalty, milestone and other payment obligations relating to those products. The transaction is expected to close in the first quarter of 2018, subject to customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the receipt of Melinta shareholder approval for the issuance of Melinta common stock to the Company and in connection with its financing for the transaction. Holders of a majority of Melinta's outstanding common stock have entered into binding agreements to vote in favor of the transaction. Cadwalader, Wickersham & Taft LLP is serving as legal counsel, and Citi is acting as financial advisor, to the Company in connection with the transaction. Concurrent with the execution of the Purchase and Sale Agreement, The Medicines Company received a binding commitment from an affiliate of Deerfield Management Company, which has also committed to provide financing to Melinta in connection with the transaction, to provide a $100M credit facility for working capital purposes and other general corporate purposes. Loans under the credit facility will bear interest at a rate of 5% per annum and, if drawn upon, will mature on the earlier of the closing of the Melinta transaction or one year. The Deerfield facility is subject to the execution of definitive loan documents.

MDCO

The Medicines Co.

$30.21

-0.38 (-1.24%)

MLNT

Melinta Therapeutics

$15.00

0.1 (0.67%)

MDCO The Medicines Co.
$30.21

-0.38 (-1.24%)

05/22/17
05/22/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Alcoa (AA) initiated with a Buy at Clarksons Platou. 2. Floor & Decor (FND) was initiated with an Outperform at Credit Suisse, a Hold at Jefferies, a Neutral at Piper Jaffray, a Neutral at Goldman Sachs, and an Overweight at Barclays. 3. Verona Pharma (VRNA) was initiated with an Outperform at Wedbush, and a Buy at SunTrust and Stifel. 4. The Medicines Co. (MDCO) initiated with a Perform at Oppenheimer. 5. Dexcom (DXCM) assumed with an Overweight at Piper Jaffray. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/12/17
LEER
06/12/17
NO CHANGE
Target $54
LEER
Outperform
The Medicines Co. price target lowered to $54 from $63 at Leerink
Leerink analyst Joseph Schwartz lowered his price target for The Medicines Co. to $54 to reflect one-time charges expected in Q2 and lower sales from the company's decision to voluntarily discontinue and withdraw Ionsys. A sale of the asset may have been ideal, but such a move is in-line with management's focus on streamlining the company around inclisiran, Schwartz tells investors in a research note. He keeps an Outperform rating on the shares.
07/12/17
OPCO
07/12/17
NO CHANGE
OPCO
Perform
The Medicines Co. could see a 14% increment in value, says Oppenheimer
Oppenheimer analyst Jay Olson says The Medicines Co. shares could see a 14% increment in value if the August PDUFA for carbavance results in FDA approval. The analyst assumes an 88% chance of this upside scenario based on published data for anti-infectives. The analyst also expects The Medicines Co. to leverage a potential carbavance approval to raise cash for funding development of inclisiran, potentially via a non-dilutive deal. Olson reiterates a Perform rating on the shares.
10/23/17
GUGG
10/23/17
INITIATION
Target $45
GUGG
Buy
The Medicines Co. initiated with a Buy at Guggenheim
Guggenheim analyst Adnan Butt initiated The Medicines Co. with a Buy rating and $45 price target.
MLNT Melinta Therapeutics
$15.00

0.1 (0.67%)

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