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Fly News Breaks for March 9, 2018
RHHBY, ALXN
Mar 9, 2018 | 13:08 EDT
Piper Jaffray analyst Christopher Raymond keeps an Overweight on Alexion Pharmaceuticals (ALXN) following news of a temporary trial halt for Roche's (RHHBY) Soliris/AXLN1210 challenger RO7112689 in Europe. While a bit early to write off RO7112689 as a competitive threat, the halt highlights the strength of the clinical profile for ALXN1210 and Soliris, Raymond tells investors in a research note. He remains remains confident in Alexion's positioning and bullish on the shares with a $170 price target.
News For ALXN;RHHBY From the Last 2 Days
ALXN
Apr 20, 2018 | 15:36 EDT
Recent media reports have incorrectly stated that the Brazilian Superior Court of Justice has granted a compulsory license of Soliris. Alexion would like to clarify that no compulsory license of Soliris was requested or granted in Brazil. The recent decision by the court refers to a different legal matter with the Brazilian Patent Office related to a Soliris mailbox patent that expired in 2015. Alexion is evaluating the full decision by the court in this patent case before exploring the options to respond. Alexion continues to have patent applications pending in Brazil that would provide additional protection to Soliris. Brazil represents a low single digit percentage of Alexion's worldwide sales. This patent matter has no implications for intellectual property outside of Brazil.
ALXN
Apr 20, 2018 | 14:50 EDT
Evercore ISI analyst Josh Schimmer believes today's weakness in Alexion after Brazil "shot down" the company's Soliris patent more than adequately reflects the news, which he adds was not totally unexpected. In May 2017, the company noted Brazil represented about 5% of Soliris revenue, Alexion continues to diversify away from the drug, and a biosimilar would still have to be developed and approved, Schimmer tells investors. The analyst, who would be a buyer amid the weakness, keeps an Outperform rating on Alexion.
ALXN
Apr 20, 2018 | 13:46 EDT
Shares of Alexion Pharmaceuticals (ALXN) have dropped after the Attorney General of the Union of Brazil announced that the Federal Attorney General's Office won a unanimous decision in the Third Panel of the Superior Court of Justice that makes public the patent on Alexion's Soliris. Currently, Soliris is not sold in pharmacies, and is only available through the Unified Health System in Brazil, according to a translation of the Attorney General's announcement. In the STJ, the AGU argued that patents on drugs and chemicals registered between January 1995 and May 1996 have already expired, which makes generic competition possible. In the translation of the announcement, the AG said that Soliris, also known as eculizumab, is "one of the most expensive remedies in the world and the only one available to treat disease rare that affects the blood system. Success paves the way for generic drug production at a much more affordable price." In afternoon trading following the news, Alexion shares have fallen $8.87, or 7.9%, to $102.87. Reference Link
RHHBY
Apr 19, 2018 | 15:54 EDT
The FDA Oncology Center of Excellence holds a public meeting to review and discuss a provisional list of molecular targets to which drugs are being developed for adult cancer indications, but which may also be relevant to the growth and/or progression of a cancer which occurs predominantly in children, thereby providing a possible rationale for early pediatric evaluation. Speakers include Ralf Herold, MD at Bayer; Hubert Caron, MD, PhD at Roche; Eric Rubin, MD at Merck at the FDA Silver Spring, MD offices on April 20 at 8 am. Webcast Link
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