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PGNX

Progenics

$5.63

0.31 (5.83%)

, LNTH

Lantheus

$20.74

-0.125 (-0.60%)

08:28
11/04/19
11/04
08:28
11/04/19
08:28

Progenics urges shareholders to revoke any consents delivered to Velan Capital

Progenics Pharmaceuticals (PGNX) issued the following letter that it intends to mail to shareholders, urging shareholders to revoke any consents previously delivered to Velan Capital L.P. by signing and returning Progenics' WHITE Consent Revocation Card. The letter read in part: "Velan Capital, L.P. is attempting to take control of Progenics by replacing five of the seven directors on the Board of Directors through a consent solicitation campaign. Your choice in this matter will determine the future value of your investment. Your Board has heard the call for change and has carefully evaluated the Company's challenges with a clear and open-mind. To address these challenges, your Board determined that combining with Lantheus (LNTH) is the best path forward for the Company and maximizes value for you, our shareholders. Even though they haven't yet had a chance to fully evaluate the Lantheus transaction, the Velan nominees say they have a better idea. But you should be very skeptical of their untested "plan to build a plan" - which we believe could lead to considerable risk and uncertainty...Make no mistake: if you give Velan control of the Progenics Board, they won't just re-examine the transaction, they will do everything they can to undermine it. Don't let Velan rob you of your right to a true and fully informed opportunity to vote on the compelling Lantheus transaction and maximize the value of your investment...Shareholders deserve the right to make a fully informed decision with key information on the process and prospects of the Lantheus transaction."

PGNX

Progenics

$5.63

0.31 (5.83%)

LNTH

Lantheus

$20.74

-0.125 (-0.60%)

PGNX Progenics
$5.63

0.31 (5.83%)

12/07/18
FBCO
12/07/18
INITIATION
Target $6.5
FBCO
Outperform
Progenics initiated with an Outperform at Credit Suisse
Credit Suisse analyst Martin Auster initiated Progenics with an Outperform rating and $6.50 price target. In a research note to investors, Auster says he believes Progenics' royalties and future milestones from Relistor and revenue from Azedra support a core business with an NPV of about $5 per share, and says that as the commercial uptake of Azedra begins to unfold, investor focus is expected to turn to upside opportunities in prostate cancer PSMA-targeting diagnostic and therapeutic approaches. He adds that Novartis' (NVS) recent $2.1B acquisition of Endocyte (ECYT) supports pharma interest and attractive valuations in the space.
07/29/19
BRKL
07/29/19
INITIATION
Target $10
BRKL
Buy
Progenics initiated with a Buy at Brookline
Brookline Capital Markets analyst Kumaraguru Raja initiated Progenics with a Buy and $10 price target.
10/02/19
FBCO
10/02/19
NO CHANGE
FBCO
Lantheus deal for Progenics has 'some strategic merit,' says Credit Suisse
Credit Suisse analyst Martin Auster said Lantheus' (LNTH) deal to acquire Progenics (PGNX) would value the latter at about $6 per share based on Lantheus closing price yesterday, though Lantheus is down about 20% following the deal announcement. He sees some strategic merit in the deal, given Lantheus' manufacturing and commercial expertise with radiopharmaceuticals and imaging agents, though he said there is still uncertainty on the launch path for Azedra and the PyL readout. The premium is "generally on the lighter side of biotech transactions," but Auster thinks the combined entity will have adequate resources to continue investing and calls expected synergies a source of potential upside.
LNTH Lantheus
$20.74

-0.125 (-0.60%)

08/16/19
08/16/19
UPGRADE

Lantheus upgraded to Outperform from Market Perform at CJS Securities
CJS Securities analyst Lawrence Solow upgraded Lantheus to Outperform from Market Perform.

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