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MDWD

MediWound

$5.29

-0.07 (-1.31%)

, VCEL

Vericel

$18.40

0.75 (4.25%)

06:46
05/07/19
05/07
06:46
05/07/19
06:46

MediWound enters into license and supply agreements with Vericel for NexoBrid

MediWound (MDWD) announced that it has entered into exclusive license and supply agreements with Vericel (VCEL) to commercialize NexoBrid in North America. NexoBrid is a topically-administered biologic product that removes eschar in patients with deep partial and full-thickness thermal burns, which is approved in the European Union and other international markets. The pivotal U.S. phase 3 DETECT clinical study met its primary and all secondary endpoints, and the submission of the Biological License Application FDA is planned for the Q4. Pursuant to the agreements, MediWound will be responsible for the development activities of NexoBrid to obtain U.S. marketing approval from the FDA, supported and funded by BARDA, as well as the manufacture and supply of NexoBrid. MediWound retains the commercial rights to NexoBrid in all non-North American territories. Under the terms of the license agreement, Vericel will make an upfront payment to MediWound of $17.5M, with an additional $7.5M payment contingent upon U.S. BLA approval and up to $125M in payments contingent upon meeting certain annual sales milestones. Vericel will also pay MediWound tiered royalties on net sales ranging from high single-digit to low double-digit percentages, a split of gross profits on committed BARDA procurement orders and a double-digit royalty on any additional future BARDA purchases of NexoBrid. Under the terms of the supply agreement, Vericel will procure NexoBrid from MediWound at a transfer price of cost plus a fixed margin percentage.Moelis & Company acted as financial advisor to MediWound.

MDWD

MediWound

$5.29

-0.07 (-1.31%)

VCEL

Vericel

$18.40

0.75 (4.25%)

  • 07

    May

MDWD MediWound
$5.29

-0.07 (-1.31%)

08/08/18
WELS
08/08/18
NO CHANGE
Target $11
WELS
Outperform
MediWound could be sold for 'substantially higher price,' says Wells Fargo
Wells Fargo analyst David Maris noted that MediWound's Chairman said on the company's earnings call that while the board previously thought it would have more clarity by its Q2 report on its previously disclosed consideration of a potential strategic transaction, the company is taking a "comprehensive and measured approach" as it is still in talks with several parties. If MediWound is able to conclude a strategic combination, it would be for "a substantially higher price" and one that contemplates cash flows beyond Maris' current assumptions, he stated. Maris keeps an Outperform rating and $11 price target on MediWound shares.
09/25/18
WELS
09/25/18
NO CHANGE
Target $11
WELS
Outperform
MediWound BARDA contract 'highly value-creating,' says Wells Fargo
Wells Fargo analyst David Maris estimates MediWound's new BARDA contract to develop NexoBrid for the treatment of Sulfur Mustard injuries should be worth approximately $1 per share. The analyst views the deal as an "endorsement of the promise" of NexoBrid and the potential for longer-term government contracts if approved. He currently does not model NexoBrid government sales but believes the size of the mass casualty preparedness market could rival the burn market. Overall, the contract from the U.S. Biomedical Advanced Research and Development Authority is a "highly value-creating deal," Maris tells investors in a research note. He keeps an Outperform rating on MediWound with an $11 price target.
03/12/19
RHCO
03/12/19
NO CHANGE
Target $9
RHCO
Buy
MediWound may be near strategic deal, says SunTrust
After MediWound announced that CEO Gal Cohen has decided to step down, SunTrust analyst Bruce Nudell said he believes the fact that Cohen is pursuing another opportunity while retaining his share interest in MediWound, along with the lack of formal search for a successor, is "consistent with the notion that a strategic deal is near in hand." Nudell has a Buy rating and $9 price target on MediWound shares.
03/12/19
WELS
03/12/19
NO CHANGE
Target $11
WELS
Outperform
MediWound CEO change 'occurred from a position of strength,' says Wells Fargo
After speaking to management, Wells Fargo analyst David Maris believes the CEO change at MediWound "appears to have occurred from a position of strength" after the recently announced positive Phase III data for NexoBrid and advancing strategic discussions. The analyst continues to think the company will be able to "unlock sizable value" with a strategic transaction or partnership. Further, Maris expects MediWound "will not miss a step" transitioning to new CEO Sharon Malka. He maintains an Outperform rating on the shares with an $11 price target.
VCEL Vericel
$18.40

0.75 (4.25%)

11/06/18
NEED
11/06/18
NO CHANGE
Target $18
NEED
Strong Buy
Vericel price target raised to $18 from $14 at Needham
Needham analyst Chad Messer raised his price target for Vericel to $18 citing the company's "beat and raise" quarter. Vericel reported a record $22.5M in net product sales, including $16.4M for MACI, topping the analyst's estimates of $18.6M and $13M, respectively. Vericel also raised its revenue guidance to $87M-$90M for 2018, implying Q4 revenue of $27.5M-$30M, says Messer. He raised his estimates and price target to reflect higher MACI sales and keeps a Buy rating on Vericel. The analyst views the company's $97.8M cash position for a potential future acquisition as "the one wild card."
01/28/19
OPCO
01/28/19
INITIATION
Target $23
OPCO
Outperform
Vericel initiated with an Outperform at Oppenheimer
Oppenheimer initiated Vericel with an Outperform and $23 price target.
02/26/19
02/26/19
NO CHANGE

BTIG says buy Vericel on today's weakness
BTIG analyst Ryan Zimmerman reiterated a Buy rating on Vericel, and raised his price target on shares to $22 from $20, after Vericel reported Q4 earnings that beat expectations, led by a strong MACI beat of $25.1M versus BTIG's estimate of $22.5M. The analyst believes Vericel's guidance was "appropriately conservative" at $108M-$112M, which he believes sets the company up for beats and raises through FY19.
02/28/19
NEED
02/28/19
DOWNGRADE
NEED
Hold
Vericel downgraded to Hold from Buy at Needham
Needham analyst Chad Messer downgraded Vericel to Hold citing valuation after its stock has quadrupled since March 2016 vs. the 50% advance for the Nasdaq. In that time span, the analyst notes that the MACI implant procedure related cartilage repair sales have grown dramatically, climbing 64% in 2018 alone to $67.7M. Messer contends that MACI sales should continue to generate strong growth, but also sees that potential reflected in Vericel share price, adding that rising expectations of an acquisition by the company pose "at least as much downside as upside risk for investors."

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NYSE Market Internals

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$15.35

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TPL

Texas Pacific Land Trust

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Lowe's

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CC

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