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MLNT

Melinta Therapeutics

$15.00

0.1 (0.67%)

, MDCO

The Medicines Co.

$30.21

-0.38 (-1.24%)

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

Melinta to acquire infectious disease business from The Medicines Co.

Melinta Therapeutics (MLNT) announced that Melinta and The Medicines Company (MDCO) have entered into an agreement pursuant to which Melinta will acquire the infectious disease business from The Medicines Company. This includes three marketed products: recently approved and launched Vabomere, and established commercial products Orbactiv and Minocin IV. The acquisition was unanimously approved by Melinta's board and is expected to close in Q1 of 2018, subject to satisfaction of customary closing conditions, including Melinta stockholder approval. The acquisition includes the purchase of global rights for three marketed products and the business supporting those products. Recently launched Vabomere is a novel fixed-dose combination agent comprising vaborbactam, a beta-lactamase inhibitor, and meropenem, the leading carbapenem. Vabomere was approved by the FDA after priority review in August 2017 and is indicated for the treatment of adult patients with complicated urinary tract infections, or cUTI, including pyelonephritis caused by designated susceptible Enterobacteriaceae. Vabomere's Phase 3 TANGO II trial, a randomized trial comparing Vabomere to the best available therapy for the treatment of serious carbapenem-resistant Enterobacteriaceae, or CRE, infections, was stopped early by an Independent Data and Safety Monitoring Board following a risk-benefit analysis of available data which was in favor of Vabomere. Vabomere's Marketing Authorization Application is currently under regulatory review by the European Medicines Agency for cUTI. Orbactiv is an injectable product approved by the FDA and EMA for the treatment of adults with acute bacterial skin and skin structure infections, or ABSSSI, caused by susceptible designated gram-positive bacteria including methicillin-resistant Staphylococcus aureus, or MRSA. Minocin IV, an injectable product, is a tetracycline derivative approved in the U.S. for the treatment of infections due to susceptible strains of several important designated gram-positive and gram-negative pathogens, including infections due to Acinetobacter species, which typically occur in hospitalized patients. Under the terms of the acquisition agreement, the purchase price consists of a payment by Melinta to The Medicines Company of $165M in cash and the issuance to The Medicines Company of a number of shares of Melinta common stock equal to $50M, divided by 90% of the volume weighted average price for the trailing 10 trading day period ending 3 trading days prior to closing; a payment by Melinta to The Medicines Company of $25M following each of the twelve and eighteen month anniversaries of the closing date, and payment by Melinta to The Medicines Company of certain royalty payments, based on tiered net sales of the acquired products in certain jurisdictions. Funding for this acquisition will be provided through both debt and equity. In conjunction with the closing of the acquisition, Melinta will enter into a Loan and Security Agreement with Deerfield Management Company, L.P. Deerfield and certain funds managed by Deerfield will initially provide a total of $190M in debt and equity financing. An additional $50M of debt is available to Melinta within 24 months of the acquisition close upon the achievement of certain sales thresholds. In addition to the funding from Deerfield, certain investors are committed to make a $30M equity investment at closing. These funds will be used to fund the initial cash acquisition price of $165M and to retire existing company debt of $40M. Additional information on the acquisition and related financing will be contained in the proxy statement related to the proposed transactions. Melinta stockholders holding approximately 52% of the outstanding common stock have executed voting agreements agreeing to vote their shares in favor of the transaction.

MLNT

Melinta Therapeutics

$15.00

0.1 (0.67%)

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.

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