Recent Posts
Monday April 23, 2012
Daily news on ASX-listed biotechnology companies
To read all these articles in full, subscribe to Biotech Daily at the link above or at www.biotechdaily.com.au
BIOTECH DAILY
Pending shareholder approvals, Biota will acquire Nabi Biopharmaceuticals for a backdoor listing on Nasdaq, acquiring $US54 million in cash and be headquartered in the US.
Biota said it was proposed that the Rockville, Maryland-based Nabi acquire all of Biota's shares and Biota delist from the ASX.
In a media teleconference, Biota chairman Jim Fox said that the merger would provide Biota with $US54 million ($A52.4 million) in cash and a Nasdaq listing.
Mr Fox said that Biota gave a zero value to Nabis drug pipeline which included the revenue-generating drug Phoslyra for the control of hyperphosphataemia in end-stage renal failure, as well as an anti-smoking vaccine Nicvax, which had not met the primary endpoints of a phase III trial, but was currently in a combination trial.
Nabi's market capitalization on April 20, 2012 was $US79.3 million ($A76.5 million), according to the Nasdaq, while Biota's ASX market capitalization was $A172 million.
Biota chief financial officer Damian Lismore told Biotech Daily that Nabi had more than $US90 million in cash which would be used to pay debt and a return to Nabi shareholders, with Biota effectively raising the $US54 million balance at a 16 percent discount to Biotas closing price at April 20, 2012.
Mr Fox said that Biotas Australian and Oxford, UK operations would continue largely unchanged with 65 and 10 research staff, respectively.
He said that chief executive officer Peter Cook would retire, the chief executive officer and chief financial officer roles would move to the US and the company was looking for a chief executive officer known to the US markets.
Mr Fox said that despite the $US231 million US Office of Biomedical Advanced Research and Development Authority (BARDA) contract to further develop its laninamivir anti-influenza drug, available in Japan as Inavir, the deal was not reflected in the companys share price (BD: Apr 1, 2011).
He said that listing on Nasdaq would provide Biota with access to bigger and deeper capital markets
[and was] simply altering where shares are traded.
In its media release, Biota said that following the merger it would have three royalty generating products, Relenza, Inavir and potentially Phoslyra; the BARDA contract; a portfolio of clinical and pre-clinical programs comprising vapendavir for human rhinovirus, programs for respiratory syncytial virus, hepatitis C, broad spectrum antibiotic targeting gyrase; and an interest in Nicvax and more than $US100 million in cash.
Mr Lismore told Biotech Daily that BARDA was responsible for purchases of Relenza to the US stockpile and said it is a lot easier for BARDA to put an order on a US company.
Biota said the merger, through a scheme of arrangement, would require approval from both Biota and Nabi shareholders and independent reports, along with other conditions.
Biotas major shareholders are Hunter Hall with 13.66 percent and the US-based Landon Clay with 11.33 percent.
Nabi will acquire all of Biotas shares in exchange for new shares in the name of the Nasdaq listed Biota Pharmaceuticals and Biota would be de-listed from the ASX.
The company said that on completion of the merger, current Biota shareholders would own about 74 percent of Biota Pharmaceuticals and Nabi shareholders would own about 26 percent.
Biota said the board would have six former Biota directors including chairman Jim Fox and two Nabi directors, with Mr Cook and Mr Lismore continuing for the time being.
Biota said it expected the deal to close by September 30, 2012.
Biota said it would hold investor briefings in Melbourne, Brisbane and Sydney in the coming week.
Biota fell 8.5 cents or nine percent to 86 cents with 2.2 million shares traded.
To read all these articles in full, subscribe to Biotech Daily at the link above or at www.biotechdaily.com.au
Biotech Daily
Monday April 2, 2012
Daily news on ASX-listed biotechnology companies
Subscribe to Biotech Daily at the link above or at www.biotechdaily.com.au
MARCH BDI-40 UP 6% - WIDENS LEAD OVER ASX200 UP 0.8%
PSIVIDA UP 91%, SUNSHINE HEART DOWN 25%
The Biotech Daily Top 40 Index (BDI-40) consolidated its lead on the S&P ASX200 in March, climbing 6.2 percent compared to the benchmark index up 0.8 percent.
For the year to March 31, the BDI-40 (which does not include the Big Caps of Cochlear, CSL and Resmed) was down 1.9 percent compared to the ASX200 falling 10.4 percent.
But as the long-term chart (below) shows, the 12-month comparison is against its record high since inception and over the 69 months since June 30, 2006, the BDI-40 has more than doubled, up 111.9 percent to a collective market capitalization of $7551 million, while the ASX 200 has fallen 14.6 percent.
The Big Caps were up 8.2 percent for the month, with CSL again the driver, up 10.1 percent to $18,753 million, on speculation that a weaker Australian dollar helped market expectations. Cochlear slipped 0.6 percent to $3,458 million and Resmed improved 7.6 percent to $4,622 million. The Big Caps lost 5.9 percent over the 12 months to March 31.
Twenty-one of the BDI-40 stocks were up, 10 fell and nine were untraded. Only three companies fell more than 10 percent, while 11 were up more than 10 percent. Heartware and Mesoblast effectively cancelled each other, with Mesoblast up $93 million and Heartware down $68 million, both moving less than 10 percent.
Psivida was Marchs best, up $14 million or 90.5 percent to $40 million, but still half its value of a year ago. Avita was up 32.6 percent to $57 million; followed by Starpharma (30.8%) for the month, to an all time high of $491 million and 61 percent above its market capitalization a year ago; followed by Biota (30.2%); Reva (29.5%); Tissue Therapies (23.3%); Phosphagenics (19.6%); Alchemia (17.9%); and Impedimed (12.5%).
Sunshine Heart led the falls, down $14 million or 24.6 percent to $43 million; followed by Antisense down 17.4 percent to $19 million; Genetic Technologies (13.7%).
There were no significant movements outside the BDI-40 in March, but we note that Biotron has climbed 153.3 percent from $15 million a year ago to a market capitalization of $38 million.
BDI-40 v ASX200 Jun 30, 2006 To Mar 31, 2012
BDI-40 v ASX200 Mar 31, 2011 To Mar 31, 2012
Subscribe to Biotech Daily at the link above or at www.biotechdaily.com.au
FEBRUARY BDI-40 UP 11%, ASX200 UP 0.8%:
- PRIMA, LIVING CELL UP 50%, CATHRX DOWN 46%
ELLEX PROMOTED
Biotech Daily
Thursday March 1, 2012
Daily news on ASX-listed biotechnology companies
Subscribe to Biotech Daily at the link above or at www.biotechdaily.com.au
BIOTECH DAILYS TOP 40 INDEX
The Biotech Daily Top 40 Index (BDI-40) continues its bumpy upward trend adding 11.0 percent in February to a collective market capitalization of $7,112 million, its highest point since September 2011, and compares to the S&P ASX200 flat-lining in the same period.
For the year to February 29, 2012, the BDI-40 (which does not include the Big Caps of Cochlear, CSL and Resmed) was up 4.2 percent compared to the ASX200 falling 11.0 percent.
The three Big Caps were up 4.2 percent for the month, with all three improving, and CSL clearly the driver, up 5.3 percent to $17,026 million, continuing a recovery that began in September 2011.
Cochlear was up 2.95 percent to $3.48 billion and Resmed improved 0.7 percent to $4.295 billion. The Big Caps lost 13.1 percent over the 12 months to February 29, 2012.
Eighteen of the BDI-40 stocks were up, 15 fell and seven were untraded. Only four companies fell more than 10 percent, while 12 were up more than 10 percent.
Mesoblast contributed $350 million of the $704 million increase despite continued downward pressure from Macquarie Banks analyst, but many companies were up.
Prima was Februarys best, up 51.1 to $266 million, followed by Living Cell up 50 percent to $24 million, Avita up 43.3 percent to $43 million, Alchemia (39.8%), Optiscan (20%), Mesoblast (19.2%), Sunshine Heart (18.75%), Anteo (18.2%) and Genera (18.2%).
Cathrx led the falls, down $6 million or 46.2 percent to $7 million, followed by Bioniche down 23.2 percent to $63 million, Clinuvel (20%) and Genetic Technologies (19%).
Ellex climbed 33 percent to $16 million on improved half-yearly revenue and profits and will replace Cathrx in the BDI-40.
BDI-40 v ASX200 Feb 28, 2011 To Feb 29, 2012
BDI-40 v ASX200 Jun 30, 2006 To Feb 29, 2012
Subscribe to Biotech Daily at the link above or at www.biotechdaily.com.au
|
|
Recent Comments
I've not commented on anything yet :(
|
Add Comments
Read More