have a look, I continue to find similarities very impressive.
Deal Reporter - Genfit could attract takeover interest after Phase IIb result
French biotechnology company Genfit [EPA:GNFT] could attract significant takeover interest in March if its lead pipeline product GFT505 produces favourable Phase IIb data, said three sector bankers.
Genfit’s involvement in treating non-alcoholic steato-hepatitis (NASH) is the main draw for a potential buyer and GFT505, an oral treatment for the disease, could deliver promising data in March, said one of the bankers. It would be difficult for buyers to take serious interest before it is known whether GFT505 can pass on to Phase III trials, said a second banker.
Genfit declined to comment.
Although Genfit’s main competitor Intercept Pharmaceuticals [NASDAQ:ICTP] is further along in clinical development with a Phase III ready NASH candidate, obeticholic acid (OCA), it has been clouded by a safety signal observed in its Phase II program, said a liver-disease expert. Intercept's Phase II trial named FLINT demonstrated promising efficacy, with improvement in liver disease among 45% of treated patients, but was also associated with elevations in LDL, or "bad" cholesterol.
So far, GTF505 has a very clean safety profile, the liver disease expert said. The FLINT trial "set the bar" for efficacy, and GFT505 has a good chance of matching that efficacy, he added.
Genfit, which has a market capitalization of EUR 1.2bn, would interest existing large-cap players in liver disease such as AbbVie [NYSE:ABBV] and Merck [NYSE:MRK], said the bankers. Gilead [NASDAQ:GILD] could potentially be interested, said the first and second bankers. But an analyst following Genfit questioned whether Gilead would be interested in another NASH acquisition. Gilead announced in the beginning of January that it would acquire privately-held Phenex Pharmaceuticals AG, which is in the early stages of developing a treatment for NASH.
As NASH is a disease that is present in obese patients and those with diabetes, Genfit could also be an attractive target for companies who also operate in these spaces, such as Eli Lilly [NYSE:LLY] and Novo Nordisk [SWX:NOVOB], said the analyst. Sanofi [EPA:SAN], which has a small stake in Genfit, could also be interested, said the second and a third banker. The fact that both companies are French should not be underestimated, the third banker added. Genfit has a longstanding research partnership with Sanofi.
Players in the gastro-intestinal space, such as Shire [LON:SHP] could potentially look at Genfit as well, said the first banker. The third pointed out, however, that Shire has been focused on rare diseases. But, with NASH affecting 12% of the US population, this disease could potentially be a very large market that any major pharmaceutical buyer could tap into, said the second banker. Pfizer [NYSE:PFE], for example, would be interested should GFT505 prove to have blockbuster potential, said the third banker.
The liver disease expert, who is an industry consultant, said at least four large pharmaceutical companies have expressed interest in acquiring NASH assets, to his knowledge. Any company that doesn't have an in-house NASH pipeline product would likely be interested in Genfit, he continued.
One question is whether Genfit management would be willing to sell, said the analyst. Co-founder and CEO Jean-Francois Mouney is the company’s largest shareholder through his holding in SAS Biotech Avenir. Since July, he has sold down his stake incrementally. Biotech Avenir stated on 4 November that it held 7.43% of the capital and 13.06% of the voting rights in Genfit.
Both the first banker and the analyst foresaw the prospect of a rights issue if Genfit does not sell itself and GFT505 successfully moves on to Phase III. The size of the rights issue will depend on the money needed to set up the trial, they said.
Cemex CEO says company could sell Latam stake, assets in northern Europe, the Mediterranean and Asia, to pay off debt
Cemex could consider selling a 5% to 10% stake in its Cemex Latam Holdings subsidiary, as well as assets in northern Europe, the Mediterranean and Asia, to pay off debt, CEO Fernando Gonzalez was cited as saying in a 10 February newswire report.
The Reuters report cited Gonzalez as saying Cemex could earmark half of the proceeds from the sales for debt payments. The report noted that Cemex is trying to recover its previous investment grade credit rating after suffering ratings downgrades from a combination of expensive acquisitions and the downturn of the US housing market towards the end of last decade.
Gonzalez was cited in a 5 February report by this news service as saying the USD 1bn to USD 1.5bn in asset sales Cemex plans to conduct over the next 12 to 18 months would see the sale of non-core items. The plans will repay at least USD 500m worth of debt this year, with most of the funds coming from asset sales, Gonzalez noted.
The 10 February Reuters report cited Gonzalez as projecting a 10% to 12% increase in the price of Cemex products in the US and that Cemex could generate USD 4.7bn in EBITDA in 2018.
Gapping up
In reaction to earnings/guidance: GNW +11.4%, GNRC +7.9%, PAYC +6.4%, CG +6.1%, THOR +4.4%, SGMO +4.2%, AKAM +3.8%, WIX +3.8%, AFSI +3.8%, ARMH +3.5%, PEP +3.4%, CRL +2.9%, TSRA +2.8%, ING +2.7%, ING +2.7%, COVS +2.5%, BDL +2.4%, WU +2.2%, EZCH +2%, MDLZ +1.9%, MOS +1.4%, FSRV +1.3%, (also announces plan to separate into two independent public companies), ZTS +1.3%, VOYA +1.1%, NNA +0.6%, TWX +0.5%
M&A news: INXN +12.5% (InterXion and TelecityGroup reach non-binding agreement on all-share merger), CHS +9.3% (WSJ reporting that Sycamore Partners may buy Chico's)
Other news: BLDP +36.1% (entered into a Technology Solutions transaction with Volkswagen Group (VLKAY) for an aggregate amount of ~$80 mln), PME +34.2% (Pingtan Marine Enterprise has entered into an Investment Agreement with China Agriculture Industry Development Fund pursuant to which China Agriculture will invest ~$64.0 million into Pingtan Fishing for an 8% equity interest in Pingtan Fishing's operating company), HTBX +20.5% (presents positive preclinical data on a novel approach to combination immunotherapy at the Keystone Symposia on tumor immunology), MSTX +11.6% (announces Vepoloxamer alone and in combination with tPA improved neurologic function and reduced brain tissue loss compared to tPA alone and saline controls), PSTR+7% (co engaged Evercore Group to explore strategic alternatives), ONCY +6.5% (confirms receipt of orphan drug designation from the FDA for REOLYSIN, for the treatment of ovarian cancer), NLST +6.3% (announced a U.S. Court of Appeals decision denying an emergency motion from Diablo Technologies), FCEL +5.5% (in sympathy with BLDP), PLUG +4.9% (in sympathy with BLDP), PLKI +3.6% (to replace TDY in the S&P SmallCap 600), CVM +3.4% (announced that the Philippines Regulatory Agency (PFDA) cleared co to commence patient enrollment of Phase III head and neck cancer trial of Multikine in the Philippines), EGY +3.2% (announced first production from Etame 10-H, the second development well drilled from the newly installed Etame platform, offshore Gabon), DHRM +3% (announces strategic cooperation agreement in China with the Clinical Sleep Medicine Center of the Air Force General Hospital), HLF +2.5% (in symp with NUS), UNIS +2% (CEO on Fast Money), CSIQ +1.4% (in symp with FSLR), FSLR +1.3% (late move higher on Apple partnership news), BT +1.3% (rival b sky b outbid co for Premier League TV right),QIWI +1.3% (QIWI and MegaFon announce strategic partnership by launching a co-branded wallet), TDY +1% (to replace CVD in the S&P MidCap 400)
Analyst comments: NUS +3.4% (upgraded to Buy from Neutral at Citigroup), YELP +1.9% (upgraded to Buy from Hold at Brean Capital), VMW +0.6% (upgraded to Mkt Perform from Underperform at Bernstein)
In reaction to earnings/guidance: GNW +11.4%, GNRC +7.9%, PAYC +6.4%, CG +6.1%, THOR +4.4%, SGMO +4.2%, AKAM +3.8%, WIX +3.8%, AFSI +3.8%, ARMH +3.5%, PEP +3.4%, CRL +2.9%, TSRA +2.8%, ING +2.7%, ING +2.7%, COVS +2.5%, BDL +2.4%, WU +2.2%, EZCH +2%, MDLZ +1.9%, MOS +1.4%, FSRV +1.3%, (also announces plan to separate into two independent public companies), ZTS +1.3%, VOYA +1.1%, NNA +0.6%, TWX +0.5%
M&A news: INXN +12.5% (InterXion and TelecityGroup reach non-binding agreement on all-share merger), CHS +9.3% (WSJ reporting that Sycamore Partners may buy Chico's)
Other news: BLDP +36.1% (entered into a Technology Solutions transaction with Volkswagen Group (VLKAY) for an aggregate amount of ~$80 mln), PME +34.2% (Pingtan Marine Enterprise has entered into an Investment Agreement with China Agriculture Industry Development Fund pursuant to which China Agriculture will invest ~$64.0 million into Pingtan Fishing for an 8% equity interest in Pingtan Fishing's operating company), HTBX +20.5% (presents positive preclinical data on a novel approach to combination immunotherapy at the Keystone Symposia on tumor immunology), MSTX +11.6% (announces Vepoloxamer alone and in combination with tPA improved neurologic function and reduced brain tissue loss compared to tPA alone and saline controls), PSTR+7% (co engaged Evercore Group to explore strategic alternatives), ONCY +6.5% (confirms receipt of orphan drug designation from the FDA for REOLYSIN, for the treatment of ovarian cancer), NLST +6.3% (announced a U.S. Court of Appeals decision denying an emergency motion from Diablo Technologies), FCEL +5.5% (in sympathy with BLDP), PLUG +4.9% (in sympathy with BLDP), PLKI +3.6% (to replace TDY in the S&P SmallCap 600), CVM +3.4% (announced that the Philippines Regulatory Agency (PFDA) cleared co to commence patient enrollment of Phase III head and neck cancer trial of Multikine in the Philippines), EGY +3.2% (announced first production from Etame 10-H, the second development well drilled from the newly installed Etame platform, offshore Gabon), DHRM +3% (announces strategic cooperation agreement in China with the Clinical Sleep Medicine Center of the Air Force General Hospital), HLF +2.5% (in symp with NUS), UNIS +2% (CEO on Fast Money), CSIQ +1.4% (in symp with FSLR), FSLR +1.3% (late move higher on Apple partnership news), BT +1.3% (rival b sky b outbid co for Premier League TV right),QIWI +1.3% (QIWI and MegaFon announce strategic partnership by launching a co-branded wallet), TDY +1% (to replace CVD in the S&P MidCap 400)
Analyst comments: NUS +3.4% (upgraded to Buy from Neutral at Citigroup), YELP +1.9% (upgraded to Buy from Hold at Brean Capital), VMW +0.6% (upgraded to Mkt Perform from Underperform at Bernstein)
Gapping down
In reaction to disappointing earnings/guidance: PIR -33.3%, ( lowers FY15 EPS guidance; also names Laura Coffey Executive Vice President ,Interim CFO effective immediately; replacing retiring Cary Turner ), AWRE -20.7%, JIVE -12.2%, WBAI -8.8%, ATEN -8%, ACCO -7.1%, MKTO -6.2%, TRMB -5.1%, RKUS -4.9%, CSTE -4.1%, LOCK -3.8%, ANDE -3.5%, XOOM -3.2%,ARMK -3.1%, PXD -2.1%, OXLC -2%, VSAT -1.4%, GHDX -1.3%, USNA -1.3%, KGC -1.2%, LPX -1.2%, WEC -1.1%, ICL -1%, TMH -0.8%, CERN -0.7%
Select Brazil related names showing weakness: VIV -7.6%, GOL -5.5%, SID -4.1%, ABEV -2.7%, EBR -2.3%, TSU -2.1%, CBD -1.8%
Select oil/gas related names showing early weakness: SN -3%, WLL -2.7%, RDS.A -2.7%, BP -2.7%, SSL -2.5%, STO -2.1%, RIG -1.9%, TOT -1.9%, HAL -0.8%
Other news: DCTH -18.2% (announces proposed public offering of common stock and warrants), JONE -9.5% ( provides 2014 year-end reserves, operations update, and 2015 guidance; launches public offering of common stock), NBG -8.5% (concerns over Greece/EU meetings today), ACHN -4.5% (commenced an underwritten public offering of 10 mln shares of its common stock),TSLA -2.3% (China VP of Communications has left the company, according to reports), EFC -2.2% (lowered Q4 div to $0.65/sh from from $0.77/sh prior), VIAB -1.7% (John Stewart will be leaving 'The Daily Show' (Comedy Central is owned by VIAB)), TXMD -0.5% (pricing of an underwritten public offering of approximately 13.6 million shares of its common stock, offered at a price of $4.05 per share)
Analyst comments: TCK -2.3% (downgraded to Underperform from Neutral at BofA/Merrill), NICE -1.9% (downgraded to Neutral from Overweight at JP Morgan), CR -1% (downgraded to Sector Perform from Outperform at RBC Capital Mkts), WMT -0.7% (downgraded to Neutral from Overweight at HSBC Securities)
In reaction to disappointing earnings/guidance: PIR -33.3%, ( lowers FY15 EPS guidance; also names Laura Coffey Executive Vice President ,Interim CFO effective immediately; replacing retiring Cary Turner ), AWRE -20.7%, JIVE -12.2%, WBAI -8.8%, ATEN -8%, ACCO -7.1%, MKTO -6.2%, TRMB -5.1%, RKUS -4.9%, CSTE -4.1%, LOCK -3.8%, ANDE -3.5%, XOOM -3.2%,ARMK -3.1%, PXD -2.1%, OXLC -2%, VSAT -1.4%, GHDX -1.3%, USNA -1.3%, KGC -1.2%, LPX -1.2%, WEC -1.1%, ICL -1%, TMH -0.8%, CERN -0.7%
Select Brazil related names showing weakness: VIV -7.6%, GOL -5.5%, SID -4.1%, ABEV -2.7%, EBR -2.3%, TSU -2.1%, CBD -1.8%
Select oil/gas related names showing early weakness: SN -3%, WLL -2.7%, RDS.A -2.7%, BP -2.7%, SSL -2.5%, STO -2.1%, RIG -1.9%, TOT -1.9%, HAL -0.8%
Other news: DCTH -18.2% (announces proposed public offering of common stock and warrants), JONE -9.5% ( provides 2014 year-end reserves, operations update, and 2015 guidance; launches public offering of common stock), NBG -8.5% (concerns over Greece/EU meetings today), ACHN -4.5% (commenced an underwritten public offering of 10 mln shares of its common stock),TSLA -2.3% (China VP of Communications has left the company, according to reports), EFC -2.2% (lowered Q4 div to $0.65/sh from from $0.77/sh prior), VIAB -1.7% (John Stewart will be leaving 'The Daily Show' (Comedy Central is owned by VIAB)), TXMD -0.5% (pricing of an underwritten public offering of approximately 13.6 million shares of its common stock, offered at a price of $4.05 per share)
Analyst comments: TCK -2.3% (downgraded to Underperform from Neutral at BofA/Merrill), NICE -1.9% (downgraded to Neutral from Overweight at JP Morgan), CR -1% (downgraded to Sector Perform from Outperform at RBC Capital Mkts), WMT -0.7% (downgraded to Neutral from Overweight at HSBC Securities)
Early premarket gappers
Gapping up: PME +37.6%, BLDP +32%, GNW +16.5%, INXN +14.3%, CHS +10.7%, GNRC +7.8%, PSTR +7%, AKAM +4.8%, THOR +4.4%, PLKI +4.3%, SGMO +4.2%, NUS +3.6%, PEP +3.4%, EGY +3.2%, EGY +3.2%, COUP +3%, CRL +2.9%, TSRA +2.8%, PAYC +2.5%, ZTS +2.5%, MOS +2.4%, BDL +2.4%, ING +2.3%, UNIS +2%, MOS +2%, YELP +1.9%, WU +1.9%,FSLR +1.8%, CSIQ +1.5%, CSIQ +1.5%, YNDX +1.3%, BT +1.3%, FSRV +1.3%, TWX +1.2%, TDY +1%
Gapping down: PIR -31.1%, AWRE -20.7%, DCTH -18.2%, JIVE -12.2%, JONE -9.4%, NBG -8.5%, ATEN -8%, MKTO -6.2%, RKUS -4.9%, ACHN -4.6%, TXMD -4%, TRMB -4%, SDRL -3.6%, ANDE -3.5%, XOOM -3.2%, WLL -2.6%, RDS.A -2.5%, SSL -2.4%, LOCK -2.3%, LOCK -2.3%, REXX -2.2%, BP -2%, OXLC -2%, NICE -1.9%, STO -1.7%, TSLA -1.6%, ARMK -1.5%, RIG-1.4%, VSAT -1.4%, VOYA -1.4%, TOT -1.3%, USNA -1.3%, ACCO -1.3%, SAN -1.2%, KGC -1.2%, SN -1.1%, WEC -1.1%, AU -1%, HAL -0.9%, CERN -0.9%, BHP -0.8%, PXD -0.8%
Gapping down: PIR -31.1%, AWRE -20.7%, DCTH -18.2%, JIVE -12.2%, JONE -9.4%, NBG -8.5%, ATEN -8%, MKTO -6.2%, RKUS -4.9%, ACHN -4.6%, TXMD -4%, TRMB -4%, SDRL -3.6%, ANDE -3.5%, XOOM -3.2%, WLL -2.6%, RDS.A -2.5%, SSL -2.4%, LOCK -2.3%, LOCK -2.3%, REXX -2.2%, BP -2%, OXLC -2%, NICE -1.9%, STO -1.7%, TSLA -1.6%, ARMK -1.5%, RIG-1.4%, VSAT -1.4%, VOYA -1.4%, TOT -1.3%, USNA -1.3%, ACCO -1.3%, SAN -1.2%, KGC -1.2%, SN -1.1%, WEC -1.1%, AU -1%, HAL -0.9%, CERN -0.9%, BHP -0.8%, PXD -0.8%
Fed's Bullard (moderate, non voter): large runoffs in treasury holdings could lead to rates spiking, Fed may need to consider allowing less runoff if many bonds are maturing
- may need to vary the pace of bond runoffs
Greece govt official: China Premeir Li Keqiang assured that Chinese businesses are interested in new investments in Greece - PM Tsipras and Premeir Li Keqiang discussed sending a Greek delagation to China ahead of Tsipras visit to the country
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BFW 02/11 11:16 Merkel Cancels Hamburg Election Speech to Travel to Minsk BFW 02/11 11:09 Germany: Wider Sanctions List Focus Is Donetsk, Lugansk Rebels BFW 02/11 10:54 Merkel to Travel to Minsk With Hollande: Seibert Says BFW 02/11 11:24 *GERMANY: AGREEMENT WITH GREECE UNLIKELY AT EUROGROUP MEETING BN 02/11 11:23 *GERMANY: AGREEMENT WITH GREECE UNLIKELY AT EUROGROUP MEETING BN 02/11 11:12 *GERMAN DEFENSE MINISTER VON DER LEYEN TO HOLD HAMBURG SPEECH BN 02/11 11:12 *MERKEL'S CDU PARTY COMMENTS IN E-MAILED PRESS RELEASE BN 02/11 11:11 *MERKEL CANCELS HAMBURG ELECTION SPEECH TO TRAVEL TO MINSK BN 02/11 11:01 *SCHAEFER: WIDER SANCTIONS LIST FOCUS IS DONETSK, LUGANSK REBELS BN 02/11 10:58 *GERMAN FOREIGN MINISTRY SPOKESMAN SCHAEFER COMMENTS IN BERLIN BN 02/11 10:58 *SCHAEFER: WIDENING SANCTIONS LIST DEPENDS ON OUTCOME OF TALKS BN 02/11 10:53 *SEIBERT SAYS GOAL OF MINSK TALKS IS CEASE FIRE IN UKRAINE BN 02/11 10:50 *SEIBERT SAYS MERKEL TO ATTEND BRUSSELS SUMMIT TOMORROW BN 02/11 10:48 *SEIBERT SAYS MINSK TALKS TO BEGIN AT 18:30 LOCAL TIME BFW 02/11 10:47 *MERKEL TO TRAVEL TO MINSK WITH HOLLANDE: SEIBERT SAYS BN 02/11 10:47 *GERMAN GOVT SPOKESMAN SEIBERT SPEAKING AT BERLIN PRESS CONF BN 02/11 10:47 *MERKEL TO TRAVEL TO MINSK WITH FOREIGN MINISTER STEINMEIER BN 02/11 10:46 *MERKEL TO TRAVEL TO MINSK WITH HOLLANDE: SEIBERT SAYS BN 02/11 10:46 *GERMAN GOVT SPOKESMAN SAYS MERKEL TO TRAVEL TODAY TO MINSK
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Germany: Agreement With Greece Unlikely at Eurogroup Meeting 2015-02-11 11:29:15.0 GMT
By Birgit Jennen (Bloomberg) -- Eurogroup members at Brussels meeting Wednesday seeking common solution to Greece’s problems while not expecting agreement at the talks, German Finance Ministry spokesman Martin Schaefer said in Berlin. * Proposals of Greek Prime Minister Tsipras would require approval of German parliament
For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: {NH BFW<GO>}
To contact the reporter on this story: Birgit Jennen in Berlin at +49-30-70010-6235 or bjennen1@bloomberg.net
To contact the editor responsible for this story: Brian Parkin at +49-30-70010-6229 or bparkin@bloomberg.net