“The neurology aspect is who we are, hematology is who we are,” Hantson said. The drug company Alexion Pharmaceuticals announced Tuesday that it would spend $1.4 billion to acquire Portola Pharmaceuticals, which sells a … But Portola shares have dropped precipitously in recent months; … Shares of Portola Pharmaceuticals more than doubled in premarket trading on news that Boston-based Alexion Pharmaceuticals is acquiring the company and its blood-disorder assets for $1.41 billion in cash.. Alexion said the acquisition of Portola will bolster its commercial portfolio and create long-term value for its shareholders. Portola is now a wholly owned subsidiary of Alexion. While the firm has been transparent about this change in regulatory disclosures, juggling two distinct goals isn’t something that investors are accustomed to.“If you’re a hedge fund and you want to make that kind of a concentrated bet, you’re entitled to do that,” Lichtenfeld said, but “as a software company to make this kind of a bet is completely irresponsible.”‘Critical Point’Saylor said the company has been upfront with investors throughout. The $1.9 trillion package includes multiple forms of aid for U.S. households. The company’s top medicine, eculizumab (Soliris), treats paroxysmal nocturnal hemoglobinuria (PNH), a rare disease in which part of the immune system destroys red blood cells. But the drug fell short of sales expectations, and the company’s share price has suffered as a consequence. lumber imports will need to increase by roughly 14% to 15% this year, Jannke said. )For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Whether risk-hungry or risk-averse, you should tread carefully with OCGN stock. Obviously, that would be bad news for OCGN stock. An estimated 3 to 5 percent of patients treated with factor Xa inhibitors experience serious bleeding, according to an Alexion investor presentation. Alexion will pay $18 per Portola share in cash, a premium of 132% to Portola's last closing price, the companies said. What’s the best move? Do this now. So, if Covaxin is a bust, OCGN stock will head fast back towards its prior price levels. (Bloomberg) -- It’s the latest corporate strategy for companies from Tesla Inc. to Square Inc.: shift a portion of cash reserves into cryptocurrencies as digital assets become more mainstream.Still, few have gone as far as MicroStrategy Inc. He said he’s also put his own money into the digital asset, amassing a personal holding worth more than $1 billion.“If you go back 10 years, how many people agreed that Facebook, Google, Apple and Amazon would own the world?” he said. Those who got in early have made tremendous profits. Factor Xa inhibitors are used for reducing stroke risk and treating pulmonary embolism and deep vein thrombosis. Bitcoin is struggling to break above its current all-time high set in mid February. What Could Come Next. Alexion, which has been fighting to maintain its leadership in treating certain rare blood disorders, has embarked on a string of acquisitions to boost its pipeline of rare disease drugs. Bill Gates is now the largest owner of farmland in the U.S. having made substantial investments in at least 19 states throughout the country. Yellen Says U.S. Inflation Risk Remains Small, ‘Manageable’, Global Central Banks Confront Enthusiasm of Investors: Eco Week, Box Office: 'Raya and the Last Dragon' Repeats No. The companies expect to close the deal in the third quarter of this year. It won’t take much to send it soaring again. The COVID-19 relief bill that President Joe Biden signed into law eliminates an obstacle to broad-based student debt cancellation — the tax treatment of any discharged debt. Unlike the U.S., European lumber production is expected to exceed consumption, allowing Europe to boost its exports, he said.U.S. However, this alone doesn’t guarantee that Covaxin is well on its way to getting FDA approval. The 10-year rate has failed to close above 1.60% since early 2020, though it has surpassed that level in volatile intraday trading several times in recent weeks.“We’re talking about a fair amount of stimulus -- both fiscal and monetary -- going forward,” BTG Pactual Asset Management’s John Fath said, referring to the $1.9 trillion pandemic-relief bill and prospects for more, along with the Federal Reserve’s pledge to stay accommodative. Andexanet alfa is not exactly a rare disease drug. Rates leaped across notes and bonds, with the biggest moves in the long end, steepening the yield curve. Even with the $23 million in proceeds from its recent direct offering, Ocugen still doesn’t have the balance sheet to support that lofty number, either. The biotech company sells Andexxa, a medicine to reverse the effects … China’s Regulators Punished Tech Giants and Rattled Investors. The offer values Alexion at $175 a share, a 45 percent premium to the closing price on Friday. The front end of dollar funding markets has remained relatively anchored of late with a flood of dollars and supply-demand imbalances in various money markets exerting downward pressure on rates, and even driving levels on repurchase agreements below zero.With Friday’s sudden spike, Treasury yields across the long end exceeded levels seen after the disastrous seven-year U.S. bond auction from Feb. 25. 7 OTC Stocks That Could Still Run with the Big Boys What does that mean? Right now, OCGN has a market capitalization of $1.88 billion. Lumber futures rallied to record highs above $1,000 per 1,000 board feet in February, driven in part by low supplies of wood products. All rights reserved. That is the environment that led us to decide we should consider Bitcoin as a treasury reserve asset.”‘Every Scar’Not everyone agrees with the strategy.“Saylor equated Bitcoin to a bank – that’s just ridiculous,” said Marc Lichtenfeld, chief income strategist at the Oxford Club, a financial-research firm that has no stake in MicroStrategy. Before that, it had bought Sweden's Wilson Therapeutics for $855 million and followed that up with the purchase of Syntimmune for a total value of up to $1.2 billion. An equivalent measure for the five-year note touched its strongest level since 2008.Treasuries remained under pressure after data showed U.S. consumer sentiment improved in early March by more than forecast as the vaccine rollout and fiscal relief boosted optimism. The Portola transaction was among the events Elliott criticized, noting that the $1.7 billion loss in Alexion market capitalization on the day was greater than the $1.4 billion price paid for the company. And that’s after pulling back some 46% from its highs set last month. In a move that had numerous precursors to its ultimate implementation, the Biden administration has formally withdrawn a Trump administration rule on the definition of independent contractors under the Fair Labor Standards Act. Given the high level of stimulus and savings rates, the country could see “monster retail sales,” as the economy opens up, Fath said. Andexanet alfa is the only approved factor Xa reversal agent in the US and Europe. As a result of the merger, Portola became a wholly owned subsidiary of Alexion. It was replaced by a Trump administration economic realities test that took two of the provisions and elevated them to "core factors": an employee's degree of control over the work and the worker's opportunity to profit if he or she showed initiative and drive. Alexion said it has entered into a definitive agreement to acquire commercial-stage biopharma Portola for $18 per share in cash, or about $1.4 billion in … Alexion has also been working to build up sales of eculizumab’s successor, a PNH drug called ravulizumab (Ultomiris). But, with interim results from its Phase 3 clinical trial showing Covaxin “demonstrates 81% efficacy,” Ocugen may be one step closer to getting it approved in the States. The Trump administration's WHD released guidance letters based on the proposed rule as late as just a few days before President Joe Biden took office. Source: Alexion Pharmaceuticals, Inc. and Portola Pharmaceuticals, Inc. Alexion will pay $18 per Portola share in cash, a premium of 132% to Portola's last closing price, the companies said. The treatment reverses the affects of drugs Eliquis and Xarelto in cases of life-threatening or uncontrolled bleeding. On July 2, 2020, Alexion completed its acquisition of Portola through the merger of Buyer with and into Portola without a vote of Portola’s shareholders pursuant to Section 251(h) of the Delaware General Corporation Law. In addition, it will pick up the cash on Portola’s balance sheet, net of debt of USD 215.00 million that will become due upon closing. The Alexion and Portola boards of directors have approved the acquisition. After cutting advertising and axing 400 jobs unsuited to home-work, the Tysons Corner, Virginia-based firm was sitting on a cash pile of $550 million with nowhere to put it. Alexion Pharmaceuticals Inc. agreed to buy Portola Pharmaceuticals Inc. for about $1.4 billion, in a deal the drugmaker expects will help it diversify after an activist investor pushed for changes. Alexion Pharmaceuticals (NASDAQ: ALXN) is a more than $20 billion company that has announced it is acquiring Portola Pharmaceuticals (NASDAQ: PTLA) for … The contract, which averaged around $456 last year, was at $972 on Thursday.Renovation activity is expected to stay “extremely strong,” according to Brendan Lowney, principal of macroeconomics at FEA. “Every scar informs you, and I wouldn’t be who I am without having lived through those experiences.”Steady RevenueSaylor has continued to run the analytics software business he founded in 1989, and has overseen annual revenue streams of around $500 million for the last decade, though sales have dipped in recent years.Bitcoin’s price has soared in recent months, hitting a record above $58,000 last month as big investors pile in and the asset class matures.Saylor shrugs off concern about Bitcoin’s volatility and said crypto critics are behind the curve. Last year, Alexion agreed to buy Achillion Pharmaceuticals Inc for $930 million to gain access to its rare blood disorder treatments. Last month, Bristol Myers Squibb (NYSE: BMY) and Pfizer (NYSE: PFE) terminated an agreement covering the development and commercialization of andexanet alfa in Japan, which Portola says is the third largest market for factor Xa inhibitors behind the US and the five largest European countries. Under the $1.9 trillion relief bill known as the American Rescue Plan, any student debt wiped away through the end of 2025 wouldn’t be counted as income for tax purposes. Quoting a legal case on the issue, employees are defined as "those who as a matter of economic realities are dependent upon the business to which they render service." FDA approved betrixaban (Bevyxxa), an anticoagulant that blocks the blood-clotting protein factor Xa, Andexanet alfa is the only approved factor Xa reversal agent in the US, Biogen’s Ehlers Leaving for Apple Tree, Steps Into Limelight as CEO, Beam Therapeutics Preps IPO and Sheds Light on Its Gene-Editing Drugs, ESMO 2019: PARP and Prostate, SeaGen’s Win, KRAS Update & More, What to Include in Your Life Sciences Company Fundraising Pitch Deck, How to Approach Life Sciences Fundraising, The Importance of Early Planning for Biotechs & Engaging with a CRO for Molecule Development. The Massachusetts company calculates that the market for factor Xa reversal will grow from 17.7 million US and European patients this year to 26 million in 2025. Alexion to acquire all shares of Portola’s common stock at $18/ share in cash with a premium of 132%. Ocugen Could Rally Once More, But It’s Still a Big Gamble All told, I remain skeptical on this speculative biotech play. But, likely much closer to that than where shares change hands today. Alexion is collaborating with Caelum Biosciences to develop CAEL-101 for light chain (AL) amyloidosis, a rare systemic disorder that causes misfolded immunoglobulin light chain protein to build up in and around tissues, resulting in progressive and widespread organ damage. According to financial terms announced Tuesday, Boston-based Alexion (NASDAQ: ALXN) will pay $18 for each outstanding share of Portola (NASDAQ: PTLA). Trading for far less than $1 per share for most of 2020, OCGN stock went into hyperdrive starting in late December. Even with the sizable premium, however, Alexion is acquiring the biotech at a discount to the roughly $24 per share at which Portola traded to begin 2020. Employee-sponsored retirement accounts would disappear with a transfer to IC status. Investors Jennifer Zibuda, [email protected]portola.com. So, future developments with Covaxin need to go off without a hitch.InvestorPlace - Stock Market News, Stock Advice & Trading Tips In short, the long-term direction of this stock remains unclear. On Friday, Saylor tweeted that MicroStrategy bought 262 additional Bitcoins for $15 million in cash, bringing the total to about 91,326. The same thing will likely happen with Novavax, if it can cinch approval in May. Portola's shares have fallen 68% in 2020 through Monday's close. Bill Gates and Warren Buffett should thank American taxpayers for their profitable farmland investments. That means Elon Musk's bet on the cryptocurrency has netted Tesla more than a billion dollars. Alexion's Stock Performance. But Hantson said that andexanet alfa can be sold via the hospital connections that Alexion has already established from selling its PNH drugs. Alexion Pharmaceuticals Inc., of Boston, will diversify its portfolio beyond its top-selling Soliris (eculizumab) and C5 inhibitor Ultomiris (ravulizumab) by acquiring Portola Pharmaceuticals Inc. for $1.4 billion. We’re still very early. 1, there’s still a long road ahead for Ocugen when it comes to profiting off the Bharat vaccine. The chief executive officer is now worth $3 billion, according to the Bloomberg Billionaires Index, joining the ranks of the world’s richest crypto holders, a list that isn’t definitive since some fortunes can’t be identified or verified.MicroStrategy’s crypto fixation began soon after the pandemic hit when the firm found it had a cash-flow problem: There was just too much of it. In a Tuesday afternoon research note, Porges pointed to the drug’s label as a possible explanation for the drug’s poor sales. )For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Bitcoin prices head for a sharp weekly rise on Friday, even as the cryptocurrency was facing some negative headlines tied to a major trading platform. In another passage aimed at the driving sector, but primarily for services such as Uber, the WHD said "research on drivers who work for online transportation companies in California and New York also finds that many drivers receive significantly less than the applicable state minimum wages." More articles by John Kingston New federal rule on worker classification may not see light of day Labor Department tackles employee classification; AB5 may not be affected PRO Act with its ABC test approved in House See more from BenzingaClick here for options trades from BenzingaIncreasingly Difficult Yearly Comps Are A Distraction; The Market Is RollingPPP Money Flowing To Transportation, Warehousing At Same Rate As Before© 2021 Benzinga.com. “Andexxa has currently only penetrated 3 percent of its indicated patient population so there’s substantial room for growth within the existing label,” Hantson said. Source: Shutterstock The reason? Over the years, three trends in farm subsidy programs have emerged. In addition to going beyond the initial European launch of seven countries, the company also has the opportunity to bring the drug to Japan. Under the previous rule that is now back in place, the definition of a worker as an employee or independent contractor was shaped largely by earlier court decisions regarding "economic realities" tests. A transfer of a worker to IC status results in higher tax liabilities as the IC is obligated to pick up employer components. The WHD first announced in February it was considering delaying the rule that was to go into effect in March, then delayed to May and now has withdrawn it. In 2000, a shareholder filed a class-action lawsuit against MicroStrategy, alleging it misled investors over the company’s earnings by booking revenue prematurely to inflate profits.MicroStrategy agreed to restate its revenue figures and Saylor, once dubbed the wealthiest man in Washington, D.C., with a fortune of $7 billion, lost almost all of it in a matter of weeks after shares fell 95%. If Covaxin Fails, There’s Very Little to Soften the Blow The recently released Phase 3 interim results look promising. The billionaire famous for value investing sees no real value in cryptocurrency. Frank Vinluan is an Xconomy editor based in Research Triangle Park. Alexion Pharmaceuticals made a move to acquire Portola Pharmaceuticals. But, given its still a long-shot candidate, coupled with other concerns, the long-term prospects for this company and its share price remain unclear. “This potentially less risky treatment alternative therefore reduces the likelihood that treating physicians would choose a novel agent that could paradoxically induce the type of clotting events that factor Xa inibitors were initiated to prevent in the first place,” Porges wrote.
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