The Cross-Border Biotech Blog

Biotechnology, Health and Business in Canada, the United States and Worldwide

Tag Archives: Valeant

Monday Deal Review: July 8, 2013

Welcome to your Monday Biotech Deal Review for July 8, 2013! A busy two weeks has seen  lot of activity on the debt financing side of things. This includes Paladin and Bioniche’s complex debt financing and license arrangement.
Valeant’s ambitious financing push is also nering completion, with the public offering worth $2.3 billion closing and the nearly $3.3 billion in senior notes being priced.

Click through the break to see the full rundown of the past weeks’ stories!

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Monday Deal Review: June 24, 2013

Welcome to your Monday Biotech Deal Review for June 24, 2013!

The past weeks’ big news is Antibe’s IPO, which resulted in approximately $2.1 million in proceeds. Antibe also concurrently made a private placement of shares with two private investors.

Valeant also made big news with the announcement of a public offering for proceeds of $1.75 billion, and a senior notes offering of about $3.2 billion.

Get the details on these major stories, and many more, by following the break.

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Monday Deal Review: June 3, 2013

Welcome to your Monday Biotech Deal Review for June 3, 2013! The past week’s major news was Valeant’s major acquisition of Bausch + Lomb for a combined debt and equity amount of $8.7 billion, bolstering its ophthalmology business heavily. Bausch + Lomb will retain its name and become a division of Valeant, withValeant’s existing ophthalmology businesses being integrated into the newdivision. The transaction creates a global eye health business with estimated pro forma 2013 net revenue of more than $3.5 billion. The acquisition is suggested to be a response to growing eye health trends driven by an aging patient population, an increased rate of diabetes and demand from emerging markets. 

Also on the M&Eh front, Resverlogix is continuing with their proposed spin out to Zenith, as covered last week. The shareholders of Resverlogix approved the special resolution required to conduct the spin out. 

Meanwhile, Angiotech is distributing the proceeds it received from the sale of its Interventional Products business to shareholders, and RepliCel signed an agreement with the cosmetic giant Shiseido for the development and licensing of hair regrowth technology pioneered by RepliCel.

Get the scoop on these deals and many more by hitting the break!

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Monday Deal Review: April 29, 2013

Welcome to your Monday Biotech Deal Review for April 29, 2013! This week saw Ergoresearch and Amorfix close their previously announced private offerings. Trimel, meanwhile, has raised $40 million from their public offering of 50,000,000 common shares. On the acquisition front, Valeant received approval from Uklraine’s anti-monopoly authority, after extending the deadline for their tender offer for Obagi, which has now closed.  Get the details on these key transactions, as well as the rest of the week’s major news, by clicking through!

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Biotech Trends Update — IP Constituencies: Innovator-Generic Mixing Continues in Canada

As traditional pharma companies continue to diversify their revenue sources in the face of their pending patent cliffs, we have followed their entry into and expansion of their generics business lines. We have also noted activity in the reverse – generics companies developing novel products to build their margins and take advantage of their production capacity and expertise.

This week saw a Canadian example of the latter trend in Pharmascience’s purchase of Aegera for undisclosed terms. Pharmascience is a Montreal-based generics company and Aegera is a cancer-focused clinical stage company that has been backed by a raft of mostly Canadian venture capital outfits.

Canada’s domestic “generics” companies are now almost uniformly mixed generic / innovator businesses. Apotex carries out R&D through its ApoPharma subsidiary and has at least one novel product on the market. Valeant (nee Biovail) has a number of novel products in its pipeline as well. This should be particularly noteworthy in the innovation and economic development communities given recent decreases in Canadian R&D activity by global innovator pharma companies.

Q3 Canadian Healthcare Review – Weakness Continues BUT Some Bright Spots

Data in the Q3 2010 Canadian Healthcare Review from the Equicom Group (co-authored by James Smith, Vice President Healthcare at Equicom and myself) shows a continuation of the weakness in biotech financing which we have seen in 2009 and 2010.

Bounceback From the Financial Crisis May Have Masked 2009 Weakness

While the level of funding seen during 2009 was a concern, the problem may have been partially hidden by the many large share price increases from lows they hit as a result of the financial crisis in late 2008. The level of funding in 2010 is lower and the impact of lower funding is now being seen in share price performance. Lower cash resources have resulted in lower activity levels and survival concerns, which has probably been a factor in the 40% or greater share price drop in the first 9 months of 2010 for 31 of 105 healthcare companies in the share price performance assessment. The bright spot is that investors can still make money in the sector, as 13 companies had their share prices increase by greater than 40% in that same period.

Protox and Oncolytics Start Q4 With a Bang

The $35 million dollar financing by Protox announced in September did not count in the Q3 total because the financing was not closed by September 30. The first $10 million tranche of that financing and the recent $25 million dollar bought deal financing by Oncolytics Biotech are a good start for Q4.

Pending Regulatory News May Build Buzz

There are also some upcoming events which could help create a little momentum in the sector. While Cardiome has had a delay in a U.S. Phase 3 study of its iv vernakalant (already approved in the E.U.), the start of Phase 3 trials of the oral version by its partner Merck would be a good boost. Theratechnologies is still waiting for the FDA decision on tesamorelin after the unanimous recommendation from an advisory committee. Bioniche’s parter Endo is expected to both release results from the first Phase 3 study of Urocidin™ and also start the second Phase 3 trial.

Evolution at Valeant and Angiotech

Two large companies continue to evolve. Valeant is slowly exiting from the NCE business and going back to its specialty pharma roots as it gives back clinical programs which were acquired by the prior Biovail management. Angiotech has announced a major debt restructuring which will cut its ongoing financing costs but will also result in major dilution for current common shareholders.

More to Come on Profitable Canadian Healthcare Companies

My focus as a biotech analyst over the years has been the development stage companies. The Canadian healthcare sector also includes numerous companies which are not only profitable but also do monthly distributions to shareholders. I will take a look at these companies in a future post.

Monday Biotech Deal Review: October 4, 2010

This week’s Monday Deal Review brings you the usual assortment of biotech wheelings and dealings from the past week, including a summary of the newly completed Valeant / Biovail merger.  Read more of this post

Monday Biotech Deal Review: September 27, 2010

Welcome to your Monday Biotech Deal Review. I am very excited to be writing for The Cross-Border Biotech Blog after working with Jeremy behind the scenes over the past three years. [ed. welcome (back) aboard!] It was a busy week for Canadian biotech companies, so let’s get started. Read more of this post

Monday Biotech Deal Review: June 28, 2010

We follow a number of trends here at the blog, and two of them showed up as Canadian deals this week. Add those to the Biovail-Valeant merger, Æterna’s offering and a whole slew of commercial deals, and it’s been a pretty big week in Canadian deal-making.

check it out after the jump…

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