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BDSI

BioDelivery Sciences

$1.95

0.025 (1.30%)

, CERC

Cerecor

$3.75

0.03 (0.81%)

08:27
05/17/18
05/17
08:27
05/17/18
08:27

BioDelivery Sciences announces agreement with Broadfin Capital

BioDelivery Sciences (BDSI) announced that it has entered into an agreement with an affiliate of Broadfin Capital LLC, a large BDSI stockholder, to reconstitute BDSI's board and to significantly strengthen BDSI's financial position. The closing of this agreement is subject to and effective upon the closing of BDSI's $50M equity financing announced earlier. Under the agreement, at the closing, Broadfin Managing Partner Kevin Kotler will join BDSI's board, along with pharmaceutical industry veterans Todd Davis and Peter Greenleaf, who were selected by Broadfin. Mr. Davis recently served as Founder, Managing Partner and President of RoyaltyRx Capital, LLC, a special opportunities investment firm focused on pharmaceuticals. Mr. Greenleaf is currently the CEO of Cerecor, Inc. (CERC), and previously served as the CEO of Sucampo Pharmaceuticals, Inc. (SCMP) through its sale to Mallinckrodt PLC (MNK) in February 2018. Both individuals have strong commercial and merger and acquisitions experience, which BDSI believes will be essential as it looks to potentially expand in the pain space and accelerate BELBUCA sales in an effort to create significant stockholder value. Chairman of the Board Dr. Frank O'Donnell, Vice Chairman of the Board Dr. Mark Sirgo, and W. Mark Watson will remain on BDSI's board in their existing roles, along with BDSI's newly appointed Chief Executive Officer, Herm Cukier. Four existing members of the BDSI board, Thomas D'Alonzo, Barry Feinberg, Samuel Sears and Timothy Tyson, will voluntarily retire from the BDSI board as part of the agreement. Kevin Kotler, Managing Partner of Broadfin, stated, "As a large BDSI stockholder, Broadfin is pleased to reach this agreement with BDSI that strengthens the company's balance sheet and reconstitutes the board through the addition of three highly-qualified independent directors, each of whom will support BDSI's positive commercial and strategic growth. Once appointed to the board, I look forward to working with newly appointed CEO Herm Cukier, my fellow directors and management to help build on the early commercial success of BELBUCA and enhance value for all stockholders." Pursuant to the agreement, at the closing, Broadfin will withdraw its notice of nomination of persons for election as directors at BDSI's 2018 annual meeting of stockholders. Broadfin also agreed to vote its shares at the annual meeting for BDSI's director nominees and otherwise in accordance with the board's recommendations, and to certain customary standstill restrictions through the 30th day prior to the nomination deadline for BDSI's 2019 annual meeting. Mr. Davis and Mr. Greenleaf will join the BDSI board as Class I directors who will be up for election at BDSI's 2018 annual meeting of stockholders. Mr. Kotler will join the Board as a Class II director who will be up for election at BDSI's 2019 annual meeting of stockholders. The $50 million equity financing is being led by Broadfin Capital and includes participation by new and existing shareholders of the company including Stonepine Capital LP, Armistice Capital and CRG Capital. BDSI also announced that it has entered into an amendment to its senior credit facility with affiliates of CRG Capital that provides BDSI with certain positive accommodations. This amendment is also subject to and effective upon the closing of BDSI's $50 million equity financing. Under the terms of the loan amendment, the interest only period of the loan and BDSI's ability to defer a portion of the interest under the loan to maturity will be extended by one year. In addition, the loan agreement provides that if BDSI achieves and maintains a predetermined market capitalization, payment of the entire loan principal may be deferred until the December 21, 2022 maturity date. Also, the loan amendment provides for certain favorable modifications to the minimum revenue covenants. BDSI has previously drawn $60 million of the $75 million that is potentially available under the CRG facility. The complete agreement between BDSI and Broadfin as well as agreements related to the equity financing and CRG loan amendments have been or will be included as exhibits to BDSI's Current Reports on Form 8-K which have been or will be filed with the SEC.

BDSI

BioDelivery Sciences

$1.95

0.025 (1.30%)

CERC

Cerecor

$3.75

0.03 (0.81%)

SCMP

Sucampo

$0.00

(0.00%)

MNK

Mallinckrodt

$15.57

-0.06 (-0.38%)

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BDSI BioDelivery Sciences
$1.95

0.025 (1.30%)

04/13/18
HCWC
04/13/18
NO CHANGE
Target $4
HCWC
Buy
Rx trends suggest solid Q1 for BioDelivery Sciences, says H.C. Wainwright
H.C. Wainwright analyst Oren Livnat says prescribing trends for Belbuca suggest solid Q1 results for BioDelivery Sciences. The company's buprenorphine buccal film for pain continues to show a steady growth trend, hitting new all-time highs in volume and market share, Livnat tells investors in a research note. The analyst reiterates a Buy rating on BioDelivery with a $4 price target.
01/26/18
01/26/18
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. Williams Scotsman (WSC) initiated with an Outperform at Oppenheimer. 2. RedHill Biopharma (RDHL) initiated with a Buy at Nomura Instinet. 3. BioDelivery Sciences (BDSI) initiated with a Buy at Seaport Global. 4. NuStar GP Holdings (NSH) initiated with a Buy at B. Riley FBR. 5. Atara Biotherapeutics (ATRA) initiated with an Outperform at Cowen. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
01/26/18
GHSC
01/26/18
INITIATION
Target $5
GHSC
Buy
BioDelivery Sciences initiated with a Buy at Seaport Global
Seaport Global analyst Corey Davis initiated BioDelivery Sciences (BDSI) with a Buy and $5 price target saying the re-acquisition of Belbuca from Endo (ENDP), has been transformed the company from a commercially stagnant check collector to a revitalized organization with a differentiated growth driver.
05/11/18
ROTH
05/11/18
NO CHANGE
Target $3.5
ROTH
Buy
BioDelivery Sciences price target lowered to $3.50 from $5.00 at Roth Capital
Roth Capital analyst Scott Henry said BioDelivery Sciences reported Q1 results that were "fundamentally strong," but he lowered his price target on the shares to $3.50 from $5.00 due to greater than expected dilution as he projects equity raises in 2018 and 2019. He maintains a Buy rating on BioDelivery Sciences shares.
CERC Cerecor
$3.75

0.03 (0.81%)

SCMP Sucampo
$0.00

(0.00%)

12/29/17
CANT
12/29/17
NO CHANGE
Target $42
CANT
Overweight
Cantor doesn't see competing bid to Mallinckrodt's for Sucampo
Citing the merger documents and his own diligence, Cantor Fitzgerald analyst Louise Chen finds it unlikely that another company would step in for Sucampo Pharmaceuticals (SCMP) as a counter to Mallinckrodt's (BID). Further, Mallinckrodt discounted the value ascribed to Sucampo's pipeline assets, but having a product like Amitiza allows it to limit the purchase price risk, Chen told investors yesterday in a research note. She does not think the January 28 FDA action date for Sucampo's Amitiza pediatric supplemental drug application should be a meaningful stock catalyst. The analyst keeps an Overweight rating on Mallinckrodt with a $42 price target.
01/05/18
UBSW
01/05/18
DOWNGRADE
Target $18
UBSW
Neutral
Sucampo downgraded to Neutral from Buy at UBS
UBS analyst Marc Goodman downgraded Sucampo Pharmaceuticals (SCMP) to Neutral to reflect the takeover by Mallinckrodt (MNK). The analyst believes the deal is likely to close without significant issues and upped his price target for the shares to $18 from $15.
01/09/18
BMOC
01/09/18
NO CHANGE
BMOC
Outperform
BMO Capital 'pleased' with Mallinckrodt steps to evolve portfolio
After Mallinckrodt (MNK) announced the divestiture of hemostasis products Recothrom and Preveleak to Baxter (BAX) for $185M, BMO Capital analyst Gary Nachman said he was "pleased" with these moves and the company's recent deal for Sucampo (SCMP) as steps toward evolving its portfolio and reducing Acthar concentration risk. While saying there is still more to do, Nachman believes Mallinckrodt's expanding pipeline warrants more attention and he keeps an Outperform rating on the stock.
02/02/18
LEHM
02/02/18
DOWNGRADE
Target $20
LEHM
Underweight
Mallinckrodt downgraded to Underweight from Equal Weight at Barclays
Barclays analyst Douglas Tsao downgraded Mallinckrodt to Underweight and cut his price target for the shares to $20 from $23. The acquisition of Sucampo (SCMP) does not address ongoing concern over Acthar and reduces the company's strategic options by raising leverage to 4.5 times, Tsao tells investors in a research note. Reimbursement pressure for Acthar could intensify, and, while not imminent, the franchise could face competition, the analyst adds.
MNK Mallinckrodt
$15.57

-0.06 (-0.38%)

05/09/18
LEHM
05/09/18
NO CHANGE
Target $12
LEHM
Underweight
Mallinckrodt price target lowered to $12 from $20 at Barclays
Barclays analyst Douglas Tsao lowered his price target for Mallinckrodt to $12 and keeps an Underweight rating on the shares. While Stannsaporfin was not expected to be a big product commercially, its failure to get the FDA panel vote raises questions on Mallinckrodt's "R&D acumen," Tsao tells investors in a research note. Further, the analyst believes uncertainty on Acthar is likely to persist.
05/04/18
WELS
05/04/18
NO CHANGE
Target $15
WELS
Market Perform
Mallinckrodt price target lowered to $15 on stannsoporfin news at Wells Fargo
Wells Fargo analyst David Maris lowered his price target on Mallinckrodt to $15 from $17.50 after deciding to take stannsoporfin sales out of his model following the joint meeting of the FDA's GI Drugs Advisory Committee and Pediatric Advisory Committee, during which the panel overwhelmingly voted against the approval of stannsoporfin. He spoke with Mallinckrodt after the AdComm and the company said it is "disappointed" with the result and that a path forward for stannsoporfin will be evaluated to see if it makes sense to continue development, Maris noted. He maintains a Market Perform rating on Mallinckrodt shares.
05/04/18
MZHO
05/04/18
NO CHANGE
Target $13
MZHO
Neutral
Mallinckrodt likely to terminate jaundice program, says Mizuho
Mizuho analyst Irina Koffler expects Mallinckrodt to terminate its drug for severe jaundice after an FDA advisory panel recommended against approval. Termination could result in 15c-20c in earnings upside in 2018, Koffler tells investors in a research note. She views the news as a pipeline setback and keeps a Neutral rating on Mallinckrodt.
05/02/18
05/02/18
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 Jefferies. 2. Spotify (SPOT) initiated with a Buy at SunTrust. 3. Skyworks (SWKS) initiated with an Outperform at Baird. 4. Mallinckrodt (MNK) initiated with a Neutral at B. Riley FBR. 5. CatchMark Timber (CTT) initiated with a Sector Perform at RBC Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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Thermo Fisher

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IDTI

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08:50
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