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FMI

Foundation Medicine

$106.50

4.35 (4.26%)

, RHHBY

Roche

$0.00

(0.00%)

05:22
06/19/18
06/19
05:22
06/19/18
05:22

Roche acquires Foundation Medicine for $137 per share or $2.4B

Roche (RHHBY) and Foundation Medicine (FMI) announced they have entered into a definitive merger agreement for Roche to acquire the outstanding shares of Foundation Medicine not already owned by Roche and its affiliates at a price of $137.00 per share in cash. This corresponds to a total transaction value of $2.4B on a fully diluted basis, and a total company value of $5.3B on a fully diluted basis. This price represents a premium of 29% to FMI's closing price on June 18. The merger agreement has been unanimously approved by the board of Roche and a Special Committee of the independent directors of FMI and by its full board of directors with the Roche designated directors abstaining from the deliberations and vote. All current members of the FMI board have indicated that they intend to tender their FMI shares in the tender offer. Under the terms of the merger agreement, Roche will promptly commence a tender offer to acquire all of the outstanding shares of FMI's common stock not already owned. The closing of the tender offer will be subject to a majority of FMI's outstanding shares not already held by Roche being tendered in the tender offer, it noted. In addition, the transaction is subject to other customary closing conditions. Following completion of the tender offer, Roche will acquire all remaining shares at the same price of $137 per share through a second step merger. The closing of the transaction is expected to take place in the second half of 2018. Daniel O'Day, CEO Roche Pharmaceuticals, said, "This is important to our personalised healthcare strategy as we believe molecular insights and the broad availability of high quality comprehensive genomic profiling are key enablers for the development of, and access to, new cancer treatments. We will preserve FMI's autonomy while supporting them in accelerating their progress."

FMI

Foundation Medicine

$106.50

4.35 (4.26%)

RHHBY

Roche

$0.00

(0.00%)

FMI Foundation Medicine
$106.50

4.35 (4.26%)

01/29/18
GSCO
01/29/18
INITIATION
Target $73
GSCO
Neutral
Foundation Medicine initiated with a Neutral at Goldman Sachs
Goldman analyst Patrick Donnelly initiated Foundation Medicine with a Neutral and $73 price target.
02/15/18
COWN
02/15/18
INITIATION
Target $90
COWN
Outperform
Foundation Medicine initiated with an Outperform at Cowen
Cowen analyst Doug Schenkel started Foundation Medicine with an Outperform rating and $90 price target. The company is the "uniquely positioned" leader in comprehensive cancer profiling, Schenkel tells investors in a research note. He believes Foundation's clinical volumes are likely to accelerate following the recent CMS/FDA dual path approval.
02/15/18
02/15/18
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. Portland General Electric (POR) initiated with a Buy at Mizuho. 2. Arsanis (ASNS) initiated with an Overweight at Cantor Fitzgerald. 3. Cantor says PolarityTE (COOL) can revolutionize regenerative medicine. 4. Foundation Medicine (FMI) initiated with an Outperform at Cowen. 5. Box (BOX) initiated with a Buy at DA Davidson. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
RHHBY Roche
$0.00

(0.00%)

06/13/18
MSCO
06/13/18
NO CHANGE
MSCO
HHS 'smoke signals' worth noting for drugmakers, says Morgan Stanley
After HHS Secretary Alex Azar spoke at a two-hour Senate hearing, Morgan Stanley analyst David Risinger noted that Azar suggested that U.S. drug pricing needs to move to a system without rebates and said payments from drugmakers to PBMs should be eliminated. In listing four HHS actions that could hurt manufacturers, Risinger pointed out that Azar said he is interested in removing 100% cap on Medicaid rebates; he would like to adjust the Part D protected drug classes so that plans can extract rebates from manufacturers; HHS wants to require manufacturers to disclose drug list prices in TV ads; and HHS is focused on transitioning Part B to lower-priced private sector management. In summary, the analyst said that for drugmakers there was "no fire, but smoke signals worth noting." Publicly traded large-cap drugmakers include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY).
06/18/18
JEFF
06/18/18
NO CHANGE
Target $300
JEFF
Hold
PTC data add to Biogen's longer term uncertainty, says Jefferies
While the spinal muscular atrophy data from PTC Therapeutics (PTCT) and Roche (RHHBY) are early, they may add to the ongoing uncertainty about durability of Biogen's (BIIB) Spinraza past 2020, Jefferies analyst Michael Yee tells investors in a research note. The data reinforce a need for more visible Biogen growth drivers, the analyst adds. Yee admits, however, that Biogen "remains inexpensive" and has fairly low expectations. He keeps a Hold rating on the shares with a $300 price target. :theflyonthewal
06/18/18
WBLR
06/18/18
UPGRADE
WBLR
Outperform
William Blair upgrades PTC Therapeutics to Outperform after SMA data
William Blair analyst Raju Prasad upgraded PTC Therapeutics (PTCT) to Outperform from Market Perform after the company and Roche (RHHBY) presented an update from the Firefish trial with risdiplam in type 1 muscular atrophy babies ages 1-7 months. The analyst now has increased confidence that the drug is achieving a clinical benefit. Wile Roche is responsible for commercialization, risdiplam could conservatively net about $150M in peak royalties to PTC as well as an additional $410M in remaining milestones, Prasad tells investors in a research note. The analyst expects further positive updates from risdiplam in 2018.
06/18/18
MZHO
06/18/18
NO CHANGE
Target $423
MZHO
Buy
Biogen move downward on PTC data appears overdone, says Mizuho
Mizuho analyst Salim Syed estimates that the 6% move lower in Biogen (BIIB) shares following PTC (PTCT) and Roche's (RHHBY) data on their SMA candidate implies that the consensus Spinraza worldwide peak revenue estimate should decline from a current figure of $2.5B to about $1B, which he thinks is overdone as he would argue perhaps a $500M-$750M downward adjustment is more reasonable. While risdiplam's data is good, it has only been 6 months and 21 patients and there is no comparative data in the PTC trial, he tells investors. Additionally, Spinraza has the first mover advantage and by the time PTC's drug makes it to market, doctors may be reluctant to change, added Syed. He keeps a Buy rating and $423 price target on Biogen shares, which is down 5.7% to $287.73 in late day trading.

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