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AVXS

AveXis

$115.91

-3.69 (-3.09%)

, NVS

Novartis

$80.20

-0.86 (-1.06%)

04:52
04/09/18
04/09
04:52
04/09/18
04:52

Novartis acquires AveXis for $218 per share or $8.7B in cash

AveXis (AVXS) announced that it has entered into an agreement and plan of merger with Novartis (NVS) pursuant to which Novartis will acquire AveXis for $218 per share or a total of $8.7B in cash. This offer represents a premium of 88% to AveXis' closing price on April 6. The transaction was unanimously approved by the boards of both companies. Completion of the transaction is expected in mid-2018, pending the completion of the tender offer and all other closing conditions. AveXis' financial advisors are Goldman Sachs and Centerview Partners. Under the terms of the agreement and plan of merger, Novartis has formed an acquisition subsidiary, Novartis AM Merger Corporation, that will commence a tender offer no later than April 17, to purchase all outstanding shares of AveXis for $218 per share in cash and AveXis will file a recommendation statement containing the unanimous recommendation of the AveXis board that AveXis stockholders tender their shares to Novartis. Following the completion of the tender offer, Novartis expects to consummate a merger of Purchaser and AveXis in which shares of AveXis that have not been purchased in the tender offer will be converted into the right to receive the same cash price per share as paid in the tender offer. The merger agreement includes customary termination provisions for both AveXis and Novartis, including a right for either party to terminate if the transactions have not been completed by July 6. Novartis is permitted under specified antitrust related circumstances to extend the outside date to October 6, 2018. If Novartis elects to extend the outside date, the offer price will increase from $218 per share to $225 per share in cash. The merger agreement provides that, in connection with the termination of the merger agreement under specified circumstances, including termination by AveXis to accept a superior proposal, AveXis will be required to pay to Novartis a fee equal to $284M. The merger agreement also provides that, in connection with the termination of the merger agreement under specified antitrust related circumstances, Novartis will be required to pay to AveXis a "reverse termination fee" equal to $437M, which fee increases in the event Novartis elects to extend the outside date in accordance with the terms of the merger agreement.

AVXS

AveXis

$115.91

-3.69 (-3.09%)

NVS

Novartis

$80.20

-0.86 (-1.06%)

  • 23

    Apr

  • 17

    May

AVXS AveXis
$115.91

-3.69 (-3.09%)

02/20/18
BERN
02/20/18
NO CHANGE
Target $144
BERN
Outperform
AveXis price target raised to $144 from $110 at Bernstein
Bernstein analyst Vincent Chen raised his price target for AveXis to $144 from $110 as he brings up near term AVXS-101 revenue forecasts. The analyst reiterates an Outperform rating on the shares.
02/28/18
UBSW
02/28/18
NO CHANGE
Target $143
UBSW
Buy
AveXis price target raised to $143 from $122 at UBS
UBS analyst Carter Gould raised his price target on AveXis to $143 from $122 following its Q4 earnings call. The analyst cited clarity on its early stage pipeline with a key stage-gate for moving into the clinic planned for late 2018/early 2019 for AVXS-201 in Rett Syndrome and AVXS-301 in SOD1 ALS, both of which were outside Street models. He believes that even though they are in the early stage, they should provide a pathway to higher valuations. Gould reiterated his Buy rating on AveXis shares.
02/28/18
WELS
02/28/18
NO CHANGE
Target $171
WELS
Outperform
AveXis price target raised to $171 from $134 at Wells Fargo
Wells Fargo analyst Jim Birchenough raised his price target for AveXis to $171 from $134 following review of Q4 progress and on the outlook for its SMA gene therapy and broader pipeline 2018. Overall, the analyst continues to expect approval of AVXS101 gene therapy for type 1 SMA by YE18, and with progress in broader development for type 2 SMA and pre-symptomatic patients with type 1, 2 and 3 SMA, he sees a potential recurring patient population of 5000 patients and $10B in market opportunity, and significant upside potential. Birchenough reiterates an Outperform rating on the shares.
02/28/18
FBCO
02/28/18
NO CHANGE
Target $139
FBCO
Outperform
AveXis price target raised to $139 from $134 at Credit Suisse
Credit Suisse analyst Martin Auster raised his price target for AveXis to $139 from $134 following a "strong" Q4 and as he believes pipeline poised to contribute. The analyst reiterates an Outperform rating on the shares.
NVS Novartis
$80.20

-0.86 (-1.06%)

02/08/18
RBCM
02/08/18
INITIATION
Target $65
RBCM
Outperform
Spark Therapeutics assumed with an Outperform at RBC Capital
RBC Capital analyst Kennen MacKay assumed coverage of Spark Therapeutics (ONCE) with an Outperform rating and a price target of $65. MacKay says the FDA approval of Luxturna and "ex-Novartis (NVS) collaboration" helps to de-risk the company's earlier-stage hemophilia and inherited retinal disease assets, calling Spark Therapeutics a "trailblazer in the gene therapy space".
02/12/18
LEER
02/12/18
NO CHANGE
Target $502
LEER
Outperform
Data from Regeneron Eylea competitors should lift some overhang, says Leerink
Leerink analyst Geoffrey Porges says that the "confusing and somewhat lackluster data" presented over the weekend for Eylea's theoretical competitors should lift some of the overhang that Regeneron's stock has suffered from over the last 6 months. Novartis' (NVS) brolucizumab pivotal trial is confusing, and the data incomplete, and the analyst has serious doubts about the drug's approvability. Secondly, the addition of Ang2 inhibition to VEGF inhibition, while theoretically intriguing, has so far been of modest benefit despite Roche's (RHHBY) posturing, he contends. Porges reiterates an Outperform rating and $502 price target on Regeneron's shares.
03/02/18
OPCO
03/02/18
INITIATION
Target $16
OPCO
Outperform
Conatus initiated with an Outperform at Oppenheimer
Oppenheimer analyst Jay Olson initiated Conatus (CNAT) with an Outperform rating and $16 price target based on his view that significant value for shareholders, physicians and patients can be unlocked by the company's "unique" approach to liver disease. In a research note to investors, Olson said he sees emricasan as well positioned to potentially demonstrate efficacy in a broad range of liver diseases, including NASH, adding that the program is viewed as "partially de-risked" through its partnership with Novartis (NVS).
03/21/18
WELS
03/21/18
NO CHANGE
WELS
Outperform
Amphastar court win a 'major' positive, says Wells Fargo
Wells Fargo analyst David Maris called the news of Massachusetts' District Court entering a final judgement in favor of Amphastar (AMPH) in the patent lawsuit regarding Lovenox brought by Momenta (MNTA) and Novartis' (NVS) Sandoz division a "major positive" that again demonstrates Amphastar's ability to face down larger, better-funded companies and get difficult products to market. He maintains an Outperform rating on Amphastar shares.

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PXD

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ZTS

Zoetis

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JNJ

Johnson & Johnson

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WIN

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, UNIT

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BHVN

Biohaven Pharmaceutical

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AMGN

Amgen

$188.31

1.6 (0.86%)

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CE

Celanese

$100.19

1.19 (1.20%)

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WIN

Windstream

$3.37

0.2 (6.31%)

, UNIT

Uniti Group

$20.00

0.53 (2.72%)

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  • 25

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GLD

SPDR Gold Shares

$124.81

0.77 (0.62%)

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MDLZ

Mondelez

$48.17

0.84 (1.77%)

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FN

Fabrinet

$55.23

0.67 (1.23%)

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UBER

Uber

$0.00

(0.00%)

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SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$277.40

2.93 (1.07%)

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SPDR S&P 500 ETF Trust

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ORCL

Oracle

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SBLK

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HOLI

Hollysys

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AKS

AK Steel

$2.98

-0.015 (-0.50%)

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LPTX

Leap Therapeutics

$1.65

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MPB

Mid Penn Bancorp

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REGN

Regeneron

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UPS

UPS

$110.89

-0.91 (-0.81%)

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DAL

Delta Air Lines

$51.09

0.58 (1.15%)

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UPS

UPS

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