Monday Deal Review: March 30, 2009
March 30, 2009
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Canadian deal and company info from this week
Patheon-JLL Battle Continues:
Patheon fought back against JLL’s offer this week: first with a letter advising shareholders to reject the offer, calling it “inadequate, coercive and opportunistic;” then with a request to the Ontario Securities Commission asking the OSC to review the legality of JLL’s offer on the basis that the offer fails to treat all Patheon shareholders equally and that JLL’s offering circular lacks required information. You can see all the bid and circular info on SEDAR (along with Patheon’s other filings) by following this link. Meanwhile, JLL Partners successfully completed its tender offer for PharmaNet, garnering 90.3% of the shares.
Some Securities Action from Nuvo Research and InNexus:
- Nuvo Research Inc. (TSX: NRI), has generated gross proceeds of $2.1 million from its warrant incentive program.
- InNexus Biotechnology Inc. (TSX-V: IXS; OTCBB: IXSBF) entered into a 12.5% loan facility with a group of investors for an aggregate amount of up to USD$2.5 million. The loan is payable in cash or in Common Shares of InNexus and matures 6 months from the date of drawdown with a further 6 month extension, repayable at any time with a 5% penalty. InNexus will issue a number of market-price warrants “obtained by a) dividing each lender’s loan value by b) the then prevailing market price c) multiplied by 25%,” exercisable for the earlier of a period of 60 months from closing or complete repayment of the loan.
Some partnership and commercial agreements:
People on the Move:
A whole bunch of clinical trial updates:
- Theratechnologies Inc. announced plans to submit tesamorelin for FDA approval in June, following successful Phase III data. In December, EMD Serono, part of Merck KGaA, acquired exclusive rights to commercialize tesamorelin, a treatment for excess abdominal fat in HIV patients. The deal included a $27 million initial payment from Serono and a $9.85 million investment by Merck in Theratechnologies shares at $4.52 a share.
- Isotechnika Inc. (TSX: ISA) announced that their partner, Lux Biosciences, Inc., reported positive results from the three Phase III LUMINATE trials investigating voclosporin oral capsule (LUVENIQ™ or LX211) for the treatment of uveitis. Voclosporin is a next generation calcineurin inhibitor that Isotechnika has licensed to Lux for ophthalmic indications.
- Neuromed’s Exalgo™ (hydromorphone HCl) extended-release tablets (CII) met its primary efficacy endpoint in its pivotal Phase III trial .
- Oncolytics Biotech Inc. (TSX:ONC, NASDAQ:ONCY) completed patient enrolment in its U.K. clinical trial;
- Transition Therapeutics (NASDAQ:TTHI, TSX:TTH) dosed the first patient in a Phase Ib clinical study of TT-223 in combination with a proprietary Lilly GLP-1 analogue in patients with type 2 diabetes. The treatment period is 4 weeks with a 5-month follow-up. Transition and Eli Lilly and Company (NYSE:LLY) have entered into a licensing and collaboration agreement granting Lilly exclusive worldwide rights to develop and commercialize gastrin based therapies, including the lead compound TT-223.
- YM BioSciences Inc. (TSX:YM, AIM:YMBA) reported the enrollment of the first patient into its Phase II trial of nimotuzumab (with palliative radiotherapy) for the treatment of patients with non-small-cell lung cancer (NSCLC).