49.73 +0.24 (0.00%)
After hours: 6:12PM EDT
|Bid||49.51 x 800|
|Ask||49.55 x 800|
|Day's Range||49.14 - 49.66|
|52 Week Range||37.62 - 51.84|
|Beta (5Y Monthly)||0.50|
|PE Ratio (TTM)||25.51|
|Forward Dividend & Yield||1.70 (3.46%)|
|Ex-Dividend Date||Apr 30, 2020|
|1y Target Est||56.25|
Shares of Regeneron Pharmaceuticals Inc. were down 0.5% in premarket trading on Monday after the company said it had expanded a collaboration with Intellia Therapeutics Inc. to include CRISPR/Cas9-based therapeutic targets and a new focus on developing treatments for hemophilia A and B. Intellia's stock was up 23.6% before the market opened. Regeneron will pay $70 million upfront and make a $30 million equity investment in Intellia at $32.42 per share. Regeneron recently wrapped up a longtime development arrangement with Sanofi . Year-to-date, Regeneron's stock is up 63.2%, shares of Intellia have gained 19.3%, and the S&P 500 is down 5.7%.
The U.S. government on Monday entered into a $628 million contract with drugmaker Emergent BioSolutions to boost manufacturing capacity for a potential COVID-19 vaccine. As drugmakers race to develop vaccines, tests and therapies for COVID-19, the United States is looking to secure manufacturing capacity under its "Operation Warp Speed" program announced in May to accelerate vaccine development. "Securing more manufacturing capacity here in America for candidates that make it to the final stages of Operation Warp Speed will help get a vaccine to American patients without a day wasted," Department of Health and Human Services (HHS) Secretary Alex Azar said in a statement.
The company produced expectation-beating results. The acquisition of Celgene has gone very well, but shares trade with a multiple of less than 10 times earnings Continue reading...
The malaria drug is quickly falling out of favor with the medical community as a potential treatment for the disease.
A survey of fitness-center operators is that they’ll reopen soon, that their customers will abandon the Peloton app, and that they’ll hit their prepandemic numbers.
President Donald Trump announced that the U.S. was revoking its support for the agency, the latest escalation in a battle that has seen the president accuse the WHO of being too beholden to Beijing.
Sanofi has temporarily stopped recruiting new COVID-19 patients for two clinical trials on hydroxychloroquine and will no longer supply the anti-malaria drug to treat COVID-19 until concerns about safety are cleared up, it said on Friday. The moves come after the World Health Organization paused its large trial of hydroxychloroquine, prompting several European governments to ban the use of the drug, also used in rheumatoid arthritis and lupus. Sanofi has been conducting two randomised, controlled clinical trials of hydroxychloroquine for COVID-19.
Merck (MRK), Glaxo (GSK) and Roche (RHHBY) make progress in coronavirus research efforts.
The U.S. Food and Drug Administration (FDA) said on Thursday it has recommended five pharmaceutical firms to voluntarily recall their diabetes drug metformin after the agency found high levels of a possible cancer-causing impurity in some versions of the medication. The agency said the drugs contained the probable carcinogen N-nitrosodimethylamine (NDMA) beyond acceptable limits in their extended-release formulations alone. NDMA contamination was responsible for the recall of heartburn drug Zantac sold by Sanofi SA and some generic versions of the treatment last year.
(Bloomberg) -- Wall Street bankers are a lot less busy these days, what with the pandemic-induced drop-off in mergers and acquisitions and initial public offerings.But there’s a gritty, less glamorous dealmaking realm that has held up, and it’s helping banks offset some of that lost M&A and IPO revenue. A variety of companies, looking for liquidity in the weak economy, are selling off big stakes they’ve long held in public corporations.The latest came Monday when French pharmaceutical giant Sanofi launched a $13 billion sale of its 16-year-old, 21% stake in Regeneron Pharmaceuticals Inc. Regeneron, a New York-based biopharmaceutical firm, agreed to buy back about $5 billion of stock while the remaining $7 billion was sold to public investors in the largest public equity offering in the heath-care industry on record, according to data compiled by Bloomberg.Sanofi’s move came a few weeks after the pandemic’s first big deal of this kind, PNC Financial Services Group Inc.’s sale of its quarter-century-old stake of more than $13 billion in BlackRock Inc. The sale was the second-largest equity offering in the U.S. since Alibaba Group Holding Ltd.’s $25 billion IPO in 2014, according to data compiled by Bloomberg.PNC’s BlackRock stake was picked up by existing investors including Wellington Management, Capital Group Cos. and Fidelity Investments, according to people familiar with the matter. At least four state investment vehicles from the Middle East also took part in the offering, the people said.More such sales are coming. SoftBank Group Corp. raised $11.5 billion from transactions related to its stake in Alibaba Group Holding Ltd. which it bought in 2000, and another $2.9 billion capitalizing a 5% stake in its wireless arm. It is also closing in on a deal to sell its roughly 25% T-Mobile US Inc. stake, worth about $20 billion, with a portion being sold to Deutsche Telekom AG, people familiar with the matter have said.These transactions so far account for some of the biggest-ever announced of their kind. All told, there’s been $80.6 billion over 21 secondary offerings announced this year, which beats $53.1 billion over 36 such deals during the same period last year, according to data compiled by Bloomberg.That compares with a 33% drop to $22 billion in volume this year for IPOs in the U.S., the data shows. M&A activity involving U.S.-based targets plummeted 62% during the same period, sinking to $241 billion, according to the data.For Wall Street, the secondary offerings aren’t as lucrative as other dealmaking but they require less work. Banks usually receive about 1% to 2% of the deal size for advisers fees, compared with 5% to 7% for handling an IPO. But IPOs often involve intensive road shows lasting weeks.Jim Cooney, head of equity capital markets for the Americas at Bank of America Corp., said selling stakes can make sense in the current economy. “The market prefers that companies stick to their core mission and monetize non-strategic assets before selling their own equity,” he said.The offerings mark another way that companies, distressed or not, have been hunting for liquidity since the beginning of the pandemic. Some have drawn down revolving credit lines, sold bonds or new shares and sold stakes to private equity firms. Investors have been willing buyers of shares, attracted by the discounts since shares are marketed at prices below where the stock is trading.These stake sales have investors speculating on what holdings could be unwound next. Here are some sizable ones to watch based on Bloomberg’s data. Bloomberg News isn’t aware of talks about potential sales of these stakes.SoftBank, UberSoftBank is Uber Technologies Inc.’s largest shareholder with a 13% stake worth $7.7 billion. The Japanese conglomerate, led by founder Masayoshi Son, forecasts an operating loss of 1.4 trillion yen ($13 billion) for the fiscal year ended in March after writing down values of the Vision Fund’s investments including WeWork and OneWeb, a satellite operator that filed for bankruptcy.While it isn’t SoftBank’s oldest or most sizable investment, it could help to recoup some losses.Walgreens Boots, AmerisourceBergenWalgreens Boots Alliance Inc. is the largest shareholder in AmerisourceBergen Corp. with a 28% stake, worth about $5.3 billion. AmerisourceBergen recently made an offer to buy the Walgreens pharmaceutical wholesale division, Reuters reported earlier this month.The news had analysts speculating it could be part of a transaction related to Walgreens exiting part of its stake in AmerisourceBergen. The two companies first saw their paths intertwine in 2013 through a $400 million distribution deal that was supposed to last a decade.Nestle, L’OrealSanofi’s deal to sell Regeneron stock also had analysts speculating it could buy back L’Oreal SA’s 9.4% stake in the drug company.That, in turn, raises the possibility that L’Oreal would buy back a 23% stake worth $35.5 billion that Nestle SA holds in the French cosmetics maker. Since this is a 40-year plus relationship, the deal idea has been long pitched by bankers. Over the years, both sides have said that the investment is long-term.HKEx, Kweichow MoutaiHong Kong Exchanges & Clearing Ltd., owner of the Hong Kong Stock Exchange, has a 8.5% stake worth $20 billion in distiller Kweichow Moutai Co.Kweichow Moutai has become a favorite stock in mainland China, and is up 15% this year, while the Shanghai Shenzhen CSI 300 Index fell 6.7%. Cashing out could help fuel HKEx’s ambitions as a dealmaker. It made a surprise bid for the London Stock Exchange last year.Mondelez, Dr PepperMondelez International Inc., the maker of Oreo cookies and Triscuit crackers, holds about about 13% of Keurig Dr Pepper, following a deal in 2018 when Keurig took control of the soda maker. In early March, right as the pandemic led to lockdowns in North America, Mondelez, and another investor connected to JAB Holdings BV called Maple Holdings BV,sold a $1.1 billion stake in Dr Pepper.The broader question for investors is whether Mondelez could sell more of its shares, Bank of America analyst Bryan Spillane said at the time. Mondelez could tap its equity stakes as a source of liquidity to fund acquisitions, he said.Coke, MonsterThe Coca-Cola Co. owns more than 18% of Monster Beverage Corp.’s stock, making it the Corona, California-based company’s largest shareholder, and Monster also uses Coke’s distribution network. While Coke took the minority stake back in 2014 in a push to capitalize on promising new brands, the beverage giant is getting more aggressive with its own offerings, which has sparked tensions with Monster. Analysts have been trying to figure out what Coke’s energy products mean for the future of the partnership.Liberty Broadband, CharterA 26% stake in Charter Communications Inc. has become a crown jewel for John Malone’s Liberty Broadband Corp. which has guided the company on acquisitions since it invested in 2013. But Malone, a savvy dealmaker, has not stopped reshaping his portfolio even in a pandemic and helped pull off a merger of Liberty Global’s U.K. business with Telefonica SA’s earlier this month.(Updates with BlackRock investors in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The U.S Food and Drug Administration said on Wednesday it had found high levels of a possible cancer-causing impurity in some versions of the popular diabetes drug metformin. The agency is reaching out to companies whose drugs had N-nitrosodimethylamine (NDMA) over accepted levels and will take appropriate action, a spokesman for the FDA said in an emailed statement. Bloomberg, which first reported the FDA's findings, said that some recalls of metformin were expected as soon as this week, citing a person familiar with the matter.
Sanofi (SNY) secures an FDA nod for Dupixent as the first biologic medicine for children aged from six to 11 years with moderate-to-severe atopic dermatitis.
The drug company has not said what it plans to do with the cash, but analysts speculate that it will pursue a gene therapy company worth around $5 billion.
Medicare recipients will be able to get prescription plans that limit copays for insulin, a potential savings of hundreds of dollars, the White House announced Tuesday in a pivot to pocketbook issues that could influence November’s election.
French drugmaker Sanofi has sold half of its stake in Regeneron, the US pharmaceutical group, in a $6.1bn deal that marks the biggest healthcare equity offering on record. Sanofi said on Tuesday that it had sold 11.8m Regeneron shares at $515 each, 9.6 per cent below Friday’s closing price, prior to news of the deal. The sale was downsized from 12.8m shares as the discounted pricing allows Regeneron to purchase more of its own shares in a separate deal with Sanofi, according to one person with knowledge of the share sale.
Sanofi (NASDAQ: SNY) plans to sell most of its stake in longtime partner Regeneron Pharmaceuticals (NASDAQ: REGN). None of that will change after Sanofi sells its shares. Instead, the decision seems to be tied to Sanofi's desire to raise capital.
Regeneron said it would buy back $5 billion of its shares directly, and announced a secondary offering for the rest of its shares held by Sanofi.
Biotech firm Novavax has entered its coronavirus vaccine in a Phase 1 clinical trial in Australia — the first in the Southern Hemisphere.
The Zacks Analyst Blog Highlights: Moderna, Pfizer, BioNTech, Sanofi and GlaxoSmithKline
Regeneron (REGN) commences underwritten public secondary offering of its common stock held by Sanofi and repurchases shares for $5 billion.
Novavax led among biotechs, Merck rose on the Dow Jones today as coronavirus optimism sent stocks to a powerful start.
Sanofi (SNY) intends to sell majority of its shareholding in its collaboration partner, Regeneron. However, there will be no change in the ongoing collaboration terms.