FAA proposes fine of $1.25M on Boeing over factory actions, Reuters says » 17:2008/0508/05/20
The Federal Aviation…
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Merck deal sparks interest in GLP-1:glucagon agonists, says Piper Sandler » 15:1808/0408/04/20
Merck (MRK) and Hanmi…
Merck (MRK) and Hanmi Pharma this morning entered into an agreement for Merck to license efinopegdutide, a GLP-1:glucagon agonist, for development in nonalcoholic steatohepatitis, Piper Sandler analyst Yasmeen Rahimi tells investors in a research note. With only a $10M upfront payment for Hanmi's asset, there is a "strong rationale" for Altimmune's (ALT) GLP-1:glucagon agonist ALT-801, which is expected to start Phase 1 testing in Q4, to bring a cleaner gastrointestinal tolerability profile, says the analyst. Large pharma interest in dual GLP-1:glucagon agonists validates the mechanism of action in NASH, and ALT-801's therapeutic has a potentially higher value than efinopegdutide, contends Rahimi. The analyst keeps an Overweight rating on Altimmune with an $80 price target.
Boeing files automatic mixed securities shelf 16:3508/0308/03/20
FAA says notice of proposed rulemaking for Boeing 737 MAX directive available » 14:3608/0308/03/20
The Federal Aviation…
The Federal Aviation Administration announced that it has sent a notice of proposed rulemaking for a Boeing 737 MAX airworthiness directive to the Office of the Federal Register for publication. "The NPRM proposes mandating a number of design changes to address an identified unsafe condition. When the NPRM publishes in the Federal Register, a 45 day public comment period will begin. The FAA is posting the NPRM on its website today to enable the public to begin review early. The FAA will also be placing the Preliminary Summary of the FAA's Review of the Boeing 737 MAX in the docket to assist with the review of the proposed AD," the FAA announced on its website. Reference Link
FAA announces NPRM for Boeing 737 MAX airworthiness directive 14:3408/0308/03/20
Triumph Group to sell composites operations to Arlington Capital Partners » 09:0508/0308/03/20
TGI, BA, EADSY, ERJ, NOC
Triumph Group (TGI)…
Triumph Group (TGI) announced a definitive agreement to sell its composites operations to Arlington Capital Partners. Included in the sale are the Triumph Aerospace Structures composites locations in Milledgeville, Georgia and Rayong, Thailand. The operations cover approximately 800 thousand square feet of factory space and employ approximately 600 people. The composites business provides structural and engine composite fabrications and assemblies across commercial, business jet, and defense platforms. Key programs supported by the sites include Boeing (BA) 787, 777 and V-22, Airbus (EADSY) A320, A330 and A350, Embraer (ERJ) E-2, Northrop Grumman (NOC) Global Hawk, as well as the Gulfstream G650/700. The transaction is subject to customary closing conditions and is expected to close in Triumph's second quarter of FY21. Following the close of the transaction, the business will retain its management, technical and supporting staff, and will continue operations at the current facilities.
Vanda Pharmaceuticals: FDA grants priority review of applications for HETLIOZ » 07:0208/0308/03/20
Vanda Pharmaceuticals announced that the U.S. FDA has accepted for priority review Vanda's applications for Smith-Magenis Syndrome. The applications include a Supplemental New Drug Application for HETLIOZ capsules and a New Drug Application for the liquid formulation of HETLIOZ for the treatment of adults and children, respectively, with Smith-Magenis Syndrome. The FDA has set December 1, 2020 as the target date for its decision under the Prescription Drug User Fee Act.
Spirit Aero to reduce headcount on commercial programs by 1,100 workers » 17:5807/3107/31/20
Spirit AeroSystems (SPR)…
Spirit AeroSystems (SPR) announced it will further reduce employment at its facility in Wichita, Kan., as a result of the most recent rate reduction on the 737 MAX (BA) and the ongoing global pandemic, which continue to impact the demand for new commercial aircraft and the airline industry as a whole. "Our production rates for commercial aircraft have fallen from historic highs to significantly lower volumes in a matter of months," said Tom Gentile, President and CEO, Spirit AeroSystems. "We are taking this action to better calibrate our employment level to the reduced demand we see from our customers. This action, along with previous actions, is intended to reduce costs, increase liquidity and position Spirit to remain financially healthy while we move through a period of recovery in the commercial aviation market." The 737 MAX production rate reduction is the third this year, lowering Spirit's production from 125 units to 72 units for 2020, a reduction of more than 80 percent from its 2019 production rates. To support the alignment of workforce levels with the customer demand for aircraft, Spirit will reduce headcount on commercial programs by 1,100 employees. This announcement represents 450 new layoffs at the Wichita site when taking into account prior layoff notifications and employees transitioning to defense programs, moving to the temporary special project to build ventilators or electing to participate in the voluntary layoff opportunity.
Boeing awarded $265.02M USSOCOM contract modification » 17:1807/3107/31/20
Boeing was awarded a…
Boeing was awarded a $265.02M firm-fixed-price, delivery order contract modification to a contract for the procurement of nine MH-47G Chinook aircraft in support of U.S. Special Operations Command, or USSOCOM. This modification raises the contract ceiling to $285M. FY20 procurement funds in the amount of $265.02M are being obligated at the time of award. The majority of the work will be performed in Ridley Park and is expected to be completed February 2023. This contract is a non-competitive award and is in accordance with Federal Acquisition Regulation 6.302.1. USSOCOM is the contracting activity.
Boeing submits response to the Future Fighter Capability Project RFP » 12:3207/3107/31/20
Boeing announced that the…
Boeing announced that the Super Hornet response for the Future Fighter Capability Project was submitted on Tuesday, July 28. The company said, "The F/A-18 Super Hornet Block III is a proven, affordable choice for the Royal Canadian Air Force and one that would bring unparalleled, guaranteed opportunities to Canadian industry from coast to coast."