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News of Note - February 27, 2023

BULL BEAR BRES|NAHAN

Monday, February 27, 2023

09:18



Not sure how I feel about Pfizer taking out Seagen, though the groundwork was clearly laid for it last year (multiple ADC spinouts/ cullings, deals closed, immaculate balance sheet, etc.).. Bourla will have some “immediately accretive” gymnastics to do here, if this happens..


How:

  • ADCs -> dropped HER2, Pyxis spin, Pyxis additional

  • ARRY -> talk of spinning them out

  • Deals -> all closed

  • Balance sheet -> LOL


Why now:

  • Besides LOE window, competition in key assets is a bigger deal than is talked about, looking at you palbo, enza, tofa..

  • Now, this would run a bit ahead of the multiple they mentioned at the JPM Healthcare confab (2.6x) but maybe they’ve got much higher revenue projections for Seagen?

  • Not to be lost in this is that, of course, Seagen has an ARRY asset onboard X) haHA!

  • As always, other bits of the Pfizer story to consider beyond net cash and fcf..

  • CentreOne reports on its own now (wink/nod)

  • ViiV stake, 11.7%

  • Haleon stake, 32%

  • $1bn + of various equity (they likely don't sell these)


This wouldn't end deals in the least, firepower galore; though it is a relatively large swing.. I don't *hate* it completely..


😊


Br. -john


p.s. https://investor.seagen.com/overview/default.aspx






 



*PRESS RELEASES*



ABBV

AbbVie


AbbVie Receives Positive CHMP Opinion for Upadacitinib (RINVOQ®) for the Treatment of Adults with Moderate to Severe Crohn's Disease


AbbVie Inc. discovers, develops, manufactures, and sells pharmaceuticals worldwide. -CapIQ



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ORNBV FH

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Darolutamide receives approval for additional prostate cancer indication in Japan

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  • cc: BAYN GY Bayer

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CYTK

Cytokinetics


Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases.



 



*ARTICLES, ETC.*



Pfizer in Talks to Acquire Seagen in Deal Likely Valued at More Than $30 Billion

  • Potential deal would help the drug company add to its lineup of cancer treatments


Have we found the genetic signature for vasovagal syncope?



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