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VICL

Changed to BBI

$1.16

-0.01 (-0.85%)

05:47
06/03/19
06/03
05:47
06/03/19
05:47

Vical and Brickell Biotech announce merger agreement

Vical and Brickell Biotech announced they entered into a definitive merger agreement under which Brickell would merge with a wholly-owned subsidiary of Vical in an all-stock transaction. The Merger would create a pharmaceutical company focused on developing novel and differentiated prescription therapies addressing unmet patient needs in hyperhidrosis, cutaneous T-cell lymphoma, psoriasis, and other debilitating dermatologic disorders. Brickell's lead pipeline asset, sofpironium bromide, is a pivotal Phase 3-ready topical soft anticholinergic intended for axillary hyperhidrosis. Brickell's development partner, Kaken Pharmaceutical, has reported positive Phase 3 results in a clinical trial conducted in Japan. Upon closing of the transaction, the combined company would operate under the name, Brickell Biotech, Inc. and trade on the Nasdaq Capital Market under a new ticker symbol still to be determined. Under the terms of the Merger, it is anticipated that existing Vical stockholders will own 40% of the combined company and Brickell stockholders will own 60% of the combined company, in each case upon completion of the Merger and subject to assumptions regarding the calculation of the fully diluted shares of the parties. The ownership split is based on a $60 million valuation for Brickell and a $40 million valuation for Vical, a premium to the 30-day volume weighted average share price of Vical. The actual allocation between the two groups of stockholders is subject to adjustment based on Vical's and Brickell's respective net cash and net working capital balances prior to the completion of the Merger. The transaction has been approved by the boards of directors of both companies and the required percentage of stockholders of Brickell needed to approve the transaction. The Merger is anticipated to close in the third quarter of 2019, subject to customary closing conditions, including approval of the Merger by the stockholders of Vical, and the satisfaction of the closing conditions to the Funding Agreement. An affiliate of NovaQuest Capital Management has committed up to $25 million in near-term research and development funding to Brickell following the closing of the Merger. Immediately following the closing of the Funding Agreement, the combined company will issue a warrant to NovaQuest to purchase shares of Vical common stock in an amount based on 10% warrant coverage on the $25 million funding commitment and the exchange ratio for the Merger. The combined company intends to use proceeds from NovaQuest, in addition to Vical's cash balance expected to be approximately $35 million at the closing of the Merger, to primarily fund the development of sofpironium bromide through Phase 3 clinical trials in axillary hyperhidrosis. Following the Merger, the combined company will be led by the current Brickell management team, including, Robert Brown as CEO, Andy Sklawer, Co-Founder and COO, Deepak Chadha, Chief R&D Officer, R. Michael Carruthers, CFO, Gary Walker, Chief Marketing Officer, and David McAvoy, General Counsel. The corporate headquarters will be located in Boulder, Colorado.

VICL Changed to BBI
$1.16

-0.01 (-0.85%)

06/19/18
HCWC
06/19/18
NO CHANGE
Target $3.5
HCWC
Buy
Vical price target lowered to $3.50 from $5 at H.C. Wainwright
H.C. Wainwright analyst Raghuram Selvaraju lowered his price target for Vical to $3.50 saying that while the VCL-HB-01 failure is a disappointment, it is "not the end of the road." The analyst now values Vical solely on the basis of its antifungal drug candidate, VL-2397. He notes that the VL-2397 Phase 2 clinical trial continues to progress. As such, the analyst reiterates a Buy rating on Vical.
02/21/19
IFSG
02/21/19
DOWNGRADE
IFSG
Market Perform
Vical downgraded to Market Perform from Outperform at IFS Securities
02/25/19
HCWC
02/25/19
DOWNGRADE
HCWC
Neutral
Vical downgraded to Neutral from Buy at H.C. Wainwright
H.C. Wainwright analyst Raghuram Selvaraju downgraded Vical to Neutral without a price target after the company announced that it would be discontinuing the Phase 2b trial of its lead clinical-stage candidate, VL-2397. The analyst says he does not have forward visibility at this time.

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COP

ConocoPhillips

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AMZN

Amazon.com

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AKS

AK Steel

$2.45

0.055 (2.30%)

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ArcelorMittal

$14.58

0.03 (0.21%)

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MT

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NUE

Nucor

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STLD

Steel Dynamics

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TMST

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GM

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AAVMY

ABN Amro

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Banco Bilbao

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BLK

BlackRock

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BNP Paribas

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C

Citi

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CAIXY

CaixaBank

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MA

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MS

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RY

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State Street

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3.69 (6.18%)

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Zurich Insurance

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STT

State Street

$63.40

3.69 (6.18%)

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SUN

Sunoco

$32.43

0.32 (1.00%)

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TLF

Tandy Leather

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AAPL

Apple

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JPM

JPMorgan

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0.21 (0.17%)

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PYPL

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MA

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V

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EBAY

eBay

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BKNG

Booking Holdings

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GLD

SPDR Gold Shares

$140.47

-0.13 (-0.09%)

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TECK

Teck Resources

$16.48

0.11 (0.67%)

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OSK

Oshkosh

$77.22

0.46 (0.60%)

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OVLY

Oak Valley Bancorp

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-0.16 (-0.97%)

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FTNW

FTE Networks

$0.79

-0.0185 (-2.29%)

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TNXP

Tonix Pharmaceuticals

$0.45

0.0048 (1.07%)

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RLMD

Relmada Therapeutics

$20.18

1.07 (5.60%)

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NWSA

News Corp.

$13.48

-0.19 (-1.39%)

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News Corp.

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News Corp

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NYT

New York Times

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WAIR

Wesco Aircraft

$11.01

0.01 (0.09%)

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FOMX

Foamix

$3.15

-0.09 (-2.78%)

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