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শুক্রবার, ৩ মে, ২০১৩
Allergan delays drug that would rival Regeneron's Eylea
By Esha Dey and Ransdell Pierson
(Reuters) - Allergan Inc said approval of its Darpin eye drug could be delayed up to two years, providing a new boost to Regeneron Pharmaceuticals Inc whose successful treatment, Eylea, stands to gain from a lack of new competition.
Shares of Allergan, which makes wrinkle treatment Botox, fell 13.1 percent after the company said mid-stage trial results of Darpin did not warrant an immediate move into far larger late-stage trials. Regeneron shares closed up 10.3 percent.
If eventually approved, Darpin would also compete with Roche Holding AG's, Lucentis, to treat age-related macular degeneration - the most common form of blindness in the elderly.
Adnan Butt, an analyst with RBC Capital Markets, said Darpin's delay was "great news" for Regeneron. He noted that Wall Street had feared the Allergan drug might have a superior clinical profile to Eylea.
"This gives Eylea even more time to become entrenched as the drug to beat," Butt said.
He estimates that each year of Darpin delay will translate into an upside of about $15 to $20 for Regeneron shares, now trading at about $240.
Eylea, which was approved in November 2011, had sales last year of $838 million. Regeneron expects 2013 Eylea sales of $1.2 billion to $1.3 billion. Company officials would not comment on the setback for Allergan's drug.
Regeneron is expected to report first quarter results on Friday and could update its sales projections.
Allergan Chief Executive David Pyott said on a conference call that a mid-stage trial of Darpin showed some product differentiation over Lucentis, but did not support directly moving to late-stage development.
The company now plans to perform additional mid-stage trials to assess Darpin, which will delay its potential approval by one to two years.
"There was a rush to ascribe a lot of value to Darpin and our view is that this is still very much an unproven asset with limited data," Piper Jaffray analyst David Amsellem said.
"The earliest it could get to market now is likely 2019," Amsellem said. "If you couple that with the setback of the hair loss product, the late-stage pipeline for Allergan right now is really quite thin."
A mid-stage trial of Allergan's hair loss treatment Bimatoprost Scalp also failed to provide sufficient efficacy to proceed to a late-stage study, further weighing on company shares.
ROOM TO GROW
Regeneron in the past two years has vaulted seemingly out of nowhere to become one of the world's biggest biotechnology companies, thanks largely to Eylea.
The company has repeatedly raised its sales forecasts for the drug, which is injected into the eye, as it steadily steals market share from Lucentis.
Some specialty pharmacies also use Roche's Avastin cancer drug, which works the same way as Lucentis, but is far less expensive, when divided into smaller portions for treating macular degeneration.
Roche has said that dividing Avastin through a procedure not closely monitored by health regulators, called compounding, could compromise its sterility.
Regeneron Chief Executive Leonard Schleifer said in a recent interview that sales of Eylea could jump sharply if potential rivals stumble, or if U.S. regulators clamp down on the compounding of Avastin for eye use.
Moreover, he said some analysts believe Eylea sales could swell if it is approved for a new indication called diabetic macular edema now in late-stage trials. Lucentis is already approved for the condition.
"So Eylea is a growth story unto itself, with lots of room to still grow," Schleifer said.
Allergan on Wednesday also posted a higher-than-expected quarterly profit, helped by strong sales of Botox.
Net income for the first quarter fell to $12.5 million, or 4 cents per share, due to a loss of $259 million from discontinued operations. Profit was $229.8 million, or 74 cents per share, a year earlier.
Excluding special items, Allergan earned 98 cents per share. Analysts were expecting 96 cents, according to Thomson Reuters I/B/E/S.
Global company sales rose 8 percent to $1.46 billion, above Wall Street's average estimate of $1.44 billion.
Sales of Botox, which is also approved for treating migraine headaches, overactive bladder and underarm sweating, rose 15 percent to $457.9 million.
Allergan said it now expects 2013 adjusted earnings of $4.70 to $4.76 per share, compared with its prior outlook of $4.75 to $4.83 a share.
The company forecast a second-quarter profit of $1.18 to $1.20 per share, below analysts' average estimate of $1.22 a share. The new forecasts reflect the impact of its MAP Pharmaceuticals acquisition earlier this year.
Allergan shares fell $14.88 to $98.67 on the New York Stock Exchange, while Regeneron shares rose $25.15 to $237.29.
(Reporting by Esha Dey in Bangalore and Bill Berkrot in New York; Editing by Michele Gershberg, Sreejiraj Eluvangal, Carol Bishopric and Andre Grenon)
Source: http://news.yahoo.com/allergan-delays-drug-rival-regenerons-eylea-185323020.html
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বৃহস্পতিবার, ২ মে, ২০১৩
Ashton Kutcher's A-Grade Fund Raising At $100 Million Valuation
Today at TechCrunch Disrupt NY, Ashton Kutcher took the stage with Guy Oseary to talk about their A-Grade fund. Arrington started right away about a rumor that the fund is raising money at a $100 million valuation. The two partners confirm the rumors, saying that they are raising “enough money.” It means that financial institutions and companies will invest a certain amount of money in exchange for equity in the A-Grade fund, valuing the existing investments and activities at $100 million. With three partners (Ashton Kutcher, Guy Oseary and Ron Burkle), the fund has been investing for about two and a half years. Until today, the three partners only invested personal money. It is still unclear how much money they put into the fund to date. Among its portfolio companies, the A-Grade fund has invested in Spotify, Uber, Shazam, Soundcloud, Fab and Airbnb. It mainly takes part in seed and Series A rounds. When asked whether it is bundling current investments or creating a new fund, Ashton Kutcher answered that it is doing both. “We’re just somewhat formalizing what we’ve been doing,” Kutcher said. The new fund will keep the A-Grade name. While the new funding is not official yet, Kutcher and Oseary said that it’s mostly a one-time investment. “We are pretty well filled up,” Kutcher said. The partners will make an announcement when the deal finalizes.Source: http://feedproxy.google.com/~r/Techcrunch/~3/nO7y3noGMWA/
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Locked Out of Your Facebook Account? Trusted Contacts Will Save You
Starting today, Facebook is rolling out a new Trusted Contacts feature under your account security settings. Here, you can pick three to five folks who will have the power to help you when you lock yourself out of your account luck a dummy.
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The power of negotiation - Purchasing and supply blog - Supply ...
It never fails to amaze me in business the number of people and organisations that accept the initial offer a vendor has put forward to them. Are people scared of negotiating? Is it seen as a faux pas or a dirty habit? Don?t get me wrong I am not saying you should act like you are negotiating on a rug in an Istanbul market but you should at least open up a discussion.
I have heard several times you cannot negotiate with suppliers as it doesn?t meet probity requirements, this is not the case at all. As long as you treat all the negotiations in the same professional manner and keep good records as to what was discussed and what was agreed this is perfectly acceptable. Another good way to drive costs down while ensuring probity is to run an e-auction, this way all the suppliers will be treated in the same manner as they compete against each other to reduce costs.
If you are not restricted by public sector probity then the world of negotiation is your oyster. Here is an easy step-by-step guide to negotiating:
- What type of negotiation is this? There are three types, a one-off negotiation, a negotiation that will be repeated in the future and a negotiation where you are looking to form a long-term relationship. Each should be treated in a different way ? you can afford to be more assertive with a one-off negotiation.
- The meaning of the negotiation. There are two reasons why we would want to enter into a negotiation. The first is a necessity to, and the second is to seek out an opportunity. Is there an agreement needed? Remember the power to walk away from a deal is a very strong tool to have. Don?t get carried away with the emotion of buying a new car for instance, it will be there tomorrow, maybe another retailer will offer you a lower price.
- Have the facts with you. Do some benchmarking, shop around a little, find out what market rates are for this good or service. Who else can you buy this from, what is happening to prices ? are they rising or falling?
- Do not give a range. If you tell the salesperson you will be happy to accept between 5-10 per cent, then he knows he only has to offer you the 5 per cent.
- Do not lie, if you get caught you will lose all credibility.
- Be prepared to make strategic concessions. You may have to lose a battle to win the war. For instance can you give away some lead-time to get the price you want?
- Read the other person?s body language. You do not have to have a PhD in body language to see how comfortable the other person is with your requests. But remember ?the flinch?, a good salesperson will be trained to flinch when you put a proposal forward, don?t let this put you on the back foot and make you think you are asking for too much. Remember, you have done your research, you know the facts!
- ?Last but not least, remember this is not personal, it is just business. Negotiation is part and parcel of business life.
? James Williams is a partner at Optimus Business Solutions
Source: http://blog.supplymanagement.com/2013/05/the-power-of-negotiation/
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