In the news on the Biotech Segment, we take a close look at three upcoming Biotech stocks in AbbVie, Bind Therapeutics & MannKind.
Despite three rejections so far, AbbVie is reportedly still attempting to convince Shire and its major shareholders that a buyout is in their best interest. Per sources familiar with the dealings, AbbVie’s CEO Richard Gonzalez traveled to London recently to hold discreet meetings with Shire’s largest shareholders.
Shire’s management has repeatedly stated that the reported tender offer of $46 billion does not properly value the company in light of its growth prospects, especially those in the orphan drug arena.
Biotech Stock News
Small-cap biopharma Bind Therapeutics announced yesterday that it has ended its cancer partnership with Amgen, causing shares to fall by over 15% in after hours trading. Bind’s shares are down over 10% in premarket trading. The partnership was terminated due to “unsatisfactory results” from clinical work using Bind’s nanomedicine platform combined with an undisclosed proprietary cancer compound developed by Amgen.
Shares of MannKind Corp. have now dropped nearly 7% since announcing the approval of its inhaled insulin product Afrezza by the Food and Drug Administration last Friday. On Monday, shares jumped almost 10%, but have since plummeted, as investors begin to take profits following the recent run-up heading into the approval. Looking head, MannKind’s next catalyst is likely to be a partnership.
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Biotech Financial News
While nothing specific is lined up, stay tuned for the usual pipeline and regulatory updates. Moreover, with AbbVie upping its offer for Shire, these two companies will be in the news as investors mull the renewed offer. If the acquisition goes through, AbbVie will join a string of U.S. health care companies that have been looking towards overseas acquisitions to lower their tax rates. Earnings updates should also start trickling in over the next few days.
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