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AGN

Allergan

$160.41

-5.18 (-3.13%)

, SHPG

Shire

$172.61

10.09 (6.21%)

10:24
04/19/18
04/19
10:24
04/19/18
10:24

Allergan says in early stages of considering Shire bid, no offer made

Allergan (AGN) issued the following statement regarding press speculation on its strategic review: "As previously reported, Allergan plc is in the process of evaluating a full range of potential strategic actions that will create value for shareholders, such as divestitures, combinations and acquisitions. The company has hired multiple financial advisors to assist in the review of these options. Following recent press speculation, Allergan confirms that it is in the early stages of considering a possible offer for Shire plc (SHPG). No offer has been made. There can be no certainty an offer will be made nor as to the terms on which any such offer would be made. A further announcement will be made as appropriate. In accordance with Rule 2.6(a) of the Takeover Code, Allergan is now required, by not later than 5:00 pm on 17 May 2018, to either announce a firm intention to make an offer for Shire in accordance with Rule 2.7 of the Takeover Code or announce that it does not intend to make an offer for Shire, in which case the announcement will be treated as a statement to which Rule 2.8 of the Takeover Code applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Takeover Code."

AGN

Allergan

$160.41

-5.18 (-3.13%)

SHPG

Shire

$172.61

10.09 (6.21%)

TKPYY

Takeda Pharmaceutical

$0.00

(0.00%)

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AGN Allergan
$160.41

-5.18 (-3.13%)

03/26/18
WBLR
03/26/18
NO CHANGE
WBLR
Outperform
William Blair sees Biohaven safety as 'strong differentiator' versus Allergan
William Blair analyst Tim Lugo believes Biohaven Pharmaceutical's (BHVN) Phase III data this morning confirmed rimegepant's efficacy and "clean" safety profile. The analyst keeps an Outperform rating on the shares, which are trading down 29%, or $7.12, to $17.64. Lugo understands the focus on comparing today's results with the recent ubrogepant Phase III data from Allergan (AGN), but he notes that comparisons are complicated as Biohaven did not allow rescue medications or re-dosing. While the efficacy in Study 302 looked in line with Allergan's ubrogepant Phase III study, Study 301 looked to be affected by a higher placebo rate of a few percentage points, which negatively affected the difference versus placebo, Lugo tells investors in a research note. He believes safety for rimegepant is "impressive" and likely a " William Blair sees Biohaven safety as 'strong differentiator' versus AllerganWhile a drop-off in efficacy between Phase II and Phase III results is common, it may have been exacerbated as management noted the rimegepant formulation in the Phase III took 30 minutes longer to reach serum maximal concentration than the formulation used in Phase II, Lugo points out. Further, he thinks the profile of rimegepant could be boosted by the company's Phase III trial of a rapidly dissolving sublingual rimegepant formulation using Catalent's (CTLT) Zydis technology, which the analyst says should lead to a faster bioavailability.
04/12/18
DBAB
04/12/18
NO CHANGE
Target $212
DBAB
Buy
Deutsche Bank likes current setup for shares of Allergan
Allergan shares at current levels likely reflect concerns about the growth and durability of core franchises, low expectations for current pipeline assets, and skepticism about the company's ability to bolster the pipeline, Deutsche Bank analyst Gregg Gilbert tells investors in a research note. His $212 price target includes value for only four late-stage pipeline assets, each with validating events in 2018. Removing these assets would reduce his target to $183, all else equal. Not all of the programs are likely to fail, Gilbert argues. As such, he likes the setup for the stock from here in the event of positive pipeline news and strong operational performance. He keeps a Buy rating on Allergan.
04/17/18
STFL
04/17/18
INITIATION
Target $192
STFL
Hold
Allergan initiated with a Hold at Stifel
Stifel analyst Annabel Samimy initiated Allergan with a Hold rating and $192 price target, as she believes the company has lost strategic direction for its Specialized Therapeutics and General Medicine franchises and faces increasing prospects for credible competition in established franchises, "even Botox." While Allergan's valuation is attractive, she believes its pipeline holds tangible clinical/commercial risk, Samimy tells investors.
04/18/18
LEHM
04/18/18
NO CHANGE
Target $230
LEHM
Overweight
Barclays sees 'significant challenges' for Botox biosimilar
Barclays analyst Douglas Tsao says that while he'd probably stop short of calling it "mission impossible," he sees "significant challenges" in the development of a biosimilar to Allergan's (AGN) Botox. Following a deep dive into the key issues Mylan (MYL) will likely face in developing a biosimilar Botox, the analyst and concluded that it seems "technically difficult and faces a long road ahead." Even a best case scenario puts timing out to 2023, Tsao tells investors in a research note. The analyst has an Overweight rating on Allergan with a $230 price target.
SHPG Shire
$172.61

10.09 (6.21%)

03/29/18
JEFF
03/29/18
NO CHANGE
Target $172
JEFF
Buy
Shire investors may be amenable to $50B-plus bid, says Jefferies
With challenges in the hemophilia market near term, Shire (SHPG) investors could be amenable to another $50B-plus bid, similar to AbbVie's (ABBV) 2014 offer, Jefferies analyst David Steinberg tells investors in a research note. This would represent a 35% premium to Shire's recent near five-year low valuation, the analyst writes. He says "it remains to be seen" how Takeda Pharmaceutical (TKPYY) could structure a transaction for Shire given the companies' similar equity valuations. The analyst finds it possible that Takeda's disclosed interest could spark competitive bids from large cap pharma companies. He keeps a Buy rating on Shire with a $172 price target.
03/28/18
BOFA
03/28/18
NO CHANGE
BOFA
Buy
Still considerable value in Shire even in no Takeda bid scenario, says BofA/Merrill
BofA/Merrill analyst Graham Parry notes that Takeda (TKPYY) has said in a statement that it is considering an approach for Shire (SHPG) but that the consideration is at a preliminary and exploratory stage and no approach has been made to the board of Shire. The analyst continues to see considerable value in Shire with concerns over hemophilia more than priced into the stock and upsides from pipeline, notably SHP643 for HAE and SHP647 for Ulcerative colitis and Crohns, and the value of its plasma/immunology franchise overlooked. Even in a no bid scenario, Parry believes passage through hemophilia overhangs and increased awareness of the value in these assets should see Shire trade higher on 12-month view. He reiterates a Buy rating on Shire's shares.
03/07/18
HCWC
03/07/18
NO CHANGE
Target $12
HCWC
Buy
Caladrius price target raised to $12 from $7 at H.C. Wainwright
H.C. Wainwright analyst Raghuram Selvaraju raised his price target for Caladrius Biosciences (CLBS) to $12 after the company acquired from Shire (SHPG) an exclusive worldwide license to data and regulatory filings for a late-stage CD34+ cell therapy program for the treatment of chronic myocardial ischemia targeting refractory angina. The deal "significantly enriches" Caladrius' existing pipeline and should provide an "additional attractive shot on goal" in the coming years, Selvaraju tells investors in a research note. He increased his valuation of the company to $120M from $60M and reiterates a Buy rating on the shares.
02/22/18
BOFA
02/22/18
NO CHANGE
BOFA
Buy
Shire post results weakness overdone, says BofA/Merrill
BofA/Merrill analyst Graham Parry believes Shire post results weakness is overdone and says shares remain undervalued. The analyst argued that cons EPS cuts are already priced in, and reiterates a Buy rating on the shares.
TKPYY Takeda Pharmaceutical
$0.00

(0.00%)

10/03/17
JMPS
10/03/17
NO CHANGE
Target $25
JMPS
Outperform
Myovant Phase 3 results further de-risk ongoing trials, says JMP Securities
After Myovant Sciences (MYOV) and partner Takeda (TKPYY) announced a Japanese study evaluating the efficacy and safety of relugolix to treat uterine fibroids met its primary endpoint, JMP Securities analyst Jason Butler said the results represent a "best case outcome" and have a clear positive read through to ongoing international Phase 3 trials in uterine fibroids and endometriosis. The analyst, who increased his view of the probability of success in UF and EM, raised his price target on Myovant shares to $25 from $23 and keeps an Outperform rating on the stock.
01/16/18
BTIG
01/16/18
DOWNGRADE
BTIG
Neutral
TiGenix downgraded at BTIG to Neutral on valuation
As noted earlier, BTIG analyst Timothy Chiang downgraded TiGenix (TIG) to Neutral from Buy, saying the run-up of 81% year to date in the stock price has exceeded his target and warrants a move to the sidelines. Chiang believes that the acquisition offer by Takeda (TKPYY) will pass the required regulatory review of TiGenix lead product Alofisei in the E.U., adding that there is now less than 5% difference in the stock price relative to the Takeda offer.

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MDT

Medtronic

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RIGL

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