Is an Acquisition in Portola Pharmaceuticals’ Future? Deal Date: Dec 10, 2020. Certain statements made in this press release may constitute forward-looking statements. Portola's main drug Andexxa is what's known as a reversal agent for Factor Xa inhibitors, a class of anticoagulant drugs that includes Bristol Myers Squibb and Pfizer's Eliquis as well as Johnson & Johnson and Bayer's Xarelto. Alexion completed the acquisition through a tender offer and subsequent merger of Portola with Odyssey Merger Sub Inc., a wholly owned subsidiary of Alexion ("Buyer"). Ned Pagliarulo Biotech deals have been comparatively few so far in 2020, a year in which many predicted the record activity seen last year would continue. Discover announcements from companies in your industry. Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) today announced the successful completion of its acquisition of Portola Pharmaceuticals, Inc. (NASDAQ:PTLA).The acquisition adds Factor Xa inhibitor reversal agent Andexxa ® [coagulation factor Xa (recombinant), inactivated-zhzo], marketed as Ondexxya ® in Europe, to Alexion’s commercial portfolio. In connection with the merger, all shares of Portola common stock outstanding immediately prior to the effective time (other than shares owned by Alexion, Buyer, Portola, any other subsidiary of Alexion or any subsidiary of Portola, or shares that are held in Portola’s treasury, or shares held by any Portola stockholder who has properly demanded and perfected appraisal rights under Delaware law) have been converted into the right to receive $18.00 per share in cash, without interest (less any required withholding taxes), the same amount paid for all shares validly tendered and not validly withdrawn in the tender offer. The major Alexion (ALXN) and Portola Pharmaceuticals (PTLA) acquisition news updates & events are listed below.A comprehensive data source for traders & investors looking to familiarize themselves with the Alexion (ALXN) merger with Portola Pharmaceuticals (PTLA) and trade the merger arbitrage spread, or for existing shareholders wishing to stay abreast of the latest deal developments. They are the first notable buyouts since Gilead's March purchase of Forty Seven for $4.9 billion and Eli Lilly's January takeover of Dermira for $1.1 billion. Crucial data on AstraZeneca's vaccine are coming. BOSTON–(BUSINESS WIRE)–Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) today announced the successful completion of its acquisition of Portola Pharmaceuticals, Inc. (NASDAQ:PTLA). Rare disease drugmaker Alexion will buy Portola Pharmaceuticals for $1.44 billion, the latest deal aimed at expanding its business beyond Soliris, its flagship product and top-selling therapy. All of the conditions to the tender offer having been satisfied, Buyer has accepted for payment and will promptly pay for all shares tendered. Since winning U.S. approval for Andexxa in May 2018, Portola has had trouble building a market for the drug. The Company offers novel therapeutics for thrombosis, hematologic disorders, and inflammation. Amongst bleeding patients, commonly reported side effects were ischemic stroke and pyrexia, with uncommon reported side effects of cerebral infarction, cerebrovascular accident, transient ischemic attack, acute myocardial infarction, cardiac arrest, myocardial infarction, deep vein thrombosis, iliac artery occlusion, pulmonary embolism. Executive Director, Corporate Communications, Investors Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) today announced the successful completion of its acquisition of Portola Pharmaceuticals, Inc. (NASDAQ:PTLA). The acquisition will diversify Alexion’s hematology, neurology and critical care commercial portfolio, creating long-term value for patients and shareholders. June 6, 2018 Editor Long-time Portola Pharmaceuticals (NASDAQ: PTLA) CEO Bill Lis has decided to retire, and the surprising decision is boosting bullish investors’ optimism: Some feel that the C-suite shake-up presents the perfect opportunity for a suitor to come knocking on this biotech’s door. This press release and further information about Alexion can be found at: www.alexion.com. For Portola, the buyout ends a 17-year run as an independent company. Bevyxxa market opportunity makes Portola Pharmaceuticals a very intriguing acquisition target, but Bevyxxa isn't the only one of its drugs that an acquirer might want to get its hands on. Mar 15 – Mar 17, 2021, • - Acquisition diversifies company’s hematology, neurology and critical care commercial portfolio with addition of only approved Factor Xa inhibitor reversal agent -. Long-time Portola Pharmaceuticals (NASDAQ: PTLA) CEO Bill Lis has decided to retire, and the surprising decision is boosting bullish investors'. Alexion is a global biopharmaceutical company focused on developing life-changing therapies for people living with rare disorders. As a result, a number of important factors could cause actual results to differ materially from those indicated by such forward-looking statements, including: the anticipated benefits of Andexxa and other Portola therapies not being realized, including the result of delays or failure to obtain regulatory approval and failure to attain sales targets; the phase 4 study regarding Andexxa does not meet its designated endpoints and/or is not deemed safe and effective by the Food and Drug Administration (the “FDA”) or other regulatory agencies (and commercial sales are prohibited or limited); future clinical trials of Portola products not proving that the therapies are safe and effective to the level required by regulators; anticipated Andexxa sales targets are not satisfied; Andexxa does not gain acceptance among physicians, payers and patients; the commercial efforts of Alexion do not result in increased sales of Andexxa; potential future competition by other Factor Xa inhibitor reversal agents (or other competitive therapies); decisions of regulatory authorities regarding the adequacy of the research and clinical tests, marketing approval or material limitations on the marketing of Portola products; delays or failure of product candidates or label extension of existing products to obtain regulatory approval; delays or the inability to launch product candidates (including products with label extensions) due to regulatory restrictions; unanticipated expenses; interruptions or failures in the manufacture and supply of products and product candidates; failure to satisfactorily address matters raised by the FDA and other regulatory agencies; the possibility that results of clinical trials are not predictive of safety and efficacy results of products in broader patient populations; the possibility that clinical trials of product candidates could be delayed or terminated prior to completion for a number of reasons; the adequacy of pharmacovigilance and drug safety reporting processes; the impact of the COVID-19 pandemic on Alexion’s business operations, including sales, clinical trials, operations and supply chain; and a variety of other risks set forth from time to time in Alexion's filings with the SEC, including but not limited to the risks discussed in Alexion's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and in its other filings with the SEC. Portola shareholders received $18 per share in cash at a premium of 130% for a total of $1.38B. In announcing the deal to investors, Alexion argued its marketing of Andexxa will be aided by a "near complete overlap" between the hospitals and physicians it's already targeting for Soliris and its successor drug Ultomiris. Forward-looking statements are based on management’s current expectations, beliefs, estimates, projections and assumptions. How Rocket Pharma quietly became one of gene therapy's high flyers, Detailed Lilly data give mixed picture of Alzheimer's drug's benefit, Acadia shares plunge after unexpected FDA feedback, FDA sets meeting to review 6 speedy cancer drug approvals as evaluation widens, How to Accelerate Time to Market by Optimizing Manufacturing, Enhancing Time to Market Without Compromising Efficacy, Inside the rapidly changing world of gene therapy. This year, some 18 million people in the U.S. and Europe are expected to be treated with Factor Xa inhibitors, which are used to reduce the risk of blood clots in conditions like atrial fibrillation. Andexxa is the first and only approved … Portola Pharma UK Limited: Website: portola.com: Portola Pharmaceuticals is an American clinical stage biotechnology company that researches, develops and commercializes drugs. Headquartered in Boston, Massachusetts, Alexion has offices around the globe and serves patients in more than 50 countries. The acquisition adds Factor Xa inhibitor reversal agent Andexxa® [coagulation factor Xa (recombinant), inactivated-zhzo], marketed as Ondexxya® in Europe, to Alexion’s commercial … Is an Acquisition in Portola Pharmaceuticals' Future? The free newsletter covering the top industry headlines, Permission granted by Centessa Pharmaceuticals, By signing up to receive our newsletter, you agree to our, Central Europe Summer Time (UTC +2) • Online, • Alexion focuses its research efforts on novel molecules and targets in the complement cascade and its development efforts on the core therapeutic areas of hematology, nephrology, neurology, metabolic disorders and cardiology. on Portola … Portola’s commercialized medicine, Andexxa ® [coagulation factor Xa (recombinant), … “We are excited to add a transformative, first-in-class medicine like Andexxa, which rapidly reverses life-threatening bleeds that result from Factor Xa inhibitors, to our growing critical care portfolio. The surprise departure of its long-time CEO and the recent approval of two new drugs have investors wondering if a deal is coming. 2, 2020-- Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) today announced the successful completion of its acquisition of Portola Pharmaceuticals, Inc. (NASDAQ:PTLA). On July 2, 2020, Alexion completed its acquisition of Portola through the merger of Buyer with and into Portola without a vote of Portola’s shareholders pursuant to Section 251(h) of the Delaware General Corporation Law. Follow Last year, sales of the drug totaled some $112 million, although fourth quarter figures disclosed by Portola were 20% below third quarter sales. Powered by Madgex Job Board Software, https://www.businesswire.com/news/home/20200702005276/en/, http://www.businesswire.com/news/home/20200702005276/en. After debuting on the public markets in 2013, Portola shares peaked in 2017 at $66 per share. Andexxa is the first and only … Andexxa is the first and only approved Factor Xa inhibitor reversal agent and has demonstrated transformative clinical value by rapidly reversing the anticoagulant effects of Factor Xa inhibitors rivaroxaban and apixaban in severe and uncontrolled bleeding. Twitter. Forward-looking statements include, among other things, statements related to the acquisition of Portola by Alexion, including: Alexion’s belief that the acquisition will build on the progress that Alexion has made diversifying its portfolio over the last few years; that Andexxa is a transformative, first-in-class medicine; that Andexxa will be a strategic fit within Alexion’s existing hematology and neurology portfolio; and Alexion’s belief that it can apply its global commercial excellence to enhance access and broaden the number of patients helped by Andexxa. As the global leader in complement biology and inhibition for more than 20 years, Alexion has developed and commercializes two approved complement inhibitors to treat patients with paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS), as well as the first and only approved complement inhibitor to treat anti-acetylcholine receptor (AchR) antibody-positive generalized myasthenia gravis (gMG) and neuromyelitis optica spectrum disorder (NMOSD). All rights reserved. Portola Pharmaceuticals, Inc. provides specialty pharmaceutical products. Subscribe to BioPharma Dive to get the must-read news & insights in your inbox. The COVID-19 pandemic, which has overwhelmed hospitals in some states and limited capacity in others, will make engaging with hospitals on a new product much more difficult, however. http://www.businesswire.com/news/home/20200702005276/en, © 1985 - 2021 BioSpace.com. Portola Pharmaceuticals, Inc. Investigation. Portola is now a wholly owned subsidiary of Alexion. The acquisition adds Factor Xa inhibitor reversal agent Andexxa ® [coagulation factor Xa (recombinant), inactivated-zhzo], marketed as Ondexxya ® in Europe, to Alexion’s commercial portfolio. This important medicine is also a clear strategic fit with our existing expertise in hematology and neurology, and we are confident we can apply our demonstrated global commercial excellence to enhance access and broaden the number of patients helped by Andexxa.”. The acquisition adds Factor Xa inhibitor reversal agent Andexxa ® [coagulation factor Xa (recombinant), inactivated-zhzo], marketed as Ondexxya ® in … The tender offer for all of the outstanding shares of common stock of Portola at a price of $18.00 per share expired as scheduled, one minute following 11:59 p.m., New York City time, on July 1, 2020. Please refer to full Prescribing Information for more information, including Boxed Warning, at www.Andexxa.com. BOSTON--(BUSINESS WIRE)--Jul. One quarter of the medcines cleared by the FDA's main review office over the last five years have been cancer drugs, a tally that reflects the advent of cancer immunotherapy as well as continued progress in matching treatment to genetics. Portola Pharmaceuticals Inc is a biotechnology company focused on developing and commercializing novel therapeutics. Megan Goulart, 857-338-8634 Eurofins Viracor BioPharma Launches PanCancerIQ Comprehensive Genomic Profiling Service to A... Medisafe Secures $30M in Series C Funding to Build Future Model of Patient Support, Vir breaks through with study success for COVID-19 antibody, Vertex begins human testing for diabetes cell therapy, Galapagos reports long-awaited safety data for inflammation drug, Vir shares tumble after apparent setback for COVID-19 drug. By buying Portola, Alexion is betting it can greatly increase sales of Portola's chief drug Andexxa, which is used to reverse the effects of popular blood thinning drugs like Xarelto and Eliquis. The merger agreement has been unanimously approved by the boards of Alexion and Portola. Alexion Pharmaceuticals (NASDAQ:ALXN) has completed its acquisition of Portola Pharmaceuticals (NASDAQ:PTLA), through a tender offer and … Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) and Portola Pharmaceuticals, Inc. (NASDAQ:PTLA) announced today that they have entered into a definitive merger agreement for Alexion to acquire Portola, a commercial-stage biopharmaceutical company focused on life-threatening blood-related disorders. BOSTON--(BUSINESS WIRE)-- Alexion Pharmaceuticals Inc. (NASDAQ:ALXN) today announced the successful completion of its acquisition of Portola Pharmaceuticals, Inc., Inc. (NASDAQ:PTLA). “The acquisition of Portola represents an important next step in our strategy to diversify beyond C5. Head of Investor Relations, View this news release online at: American Stock Transfer & Trust Company, LLC, the depositary and paying agent for the tender offer, has advised Alexion that 62,654,962 shares of Portola common stock were validly tendered and not validly withdrawn in the tender offer, representing approximately 79.7% of the shares outstanding. Alexion is a global biopharmaceutical company focused on serving patients and families affected by rare and devastating diseases through the discovery, development and commercialization of life-changing medicines. As a result of the merger, Portola became a wholly owned subsidiary of Alexion. Alexion also has two highly innovative enzyme replacement therapies for patients with life-threatening and ultra-rare metabolic disorders, hypophosphatasia (HPP) and lysosomal acid lipase deficiency (LAL-D) as well as the first and only approved Factor Xa inhibitor reversal agent. The company's products include PRT054021, an oral factor Xa inhibitor for the prevention and treatment of deep vein thrombosis and pulmonary embolism after orthopedic. All fit under a diversification strategy Alexion has pursued to reduce its dependence on Soliris, an extremely pricey rare disease drug that accounted for 80% of the company's net product sales last year. By this time last year, for comparison, there were eleven major company or production acquisitions, including five worth over $1 billion. The new company will be led by Saurabh Saha, a former Bristol Myers executive, and Moncef Slaoui, who until recently led the U.S. government's coronavirus vaccine program. The telephone number of the Company at its executive offices is (650) 246-7000. Even with the sizable premium, however, Alexion is acquiring the biotech at a discount to the roughly $24 per share at which Portola traded to begin 2020. Andexxa works as an antidote of sorts, reversing the effects of blocking Factor Xa. In addition, the company is developing several mid-to-late-stage therapies, including a copper-binding agent for Wilson disease, an anti-neonatal Fc receptor (FcRn) antibody for rare Immunoglobulin G (IgG)-mediated diseases and an oral Factor D inhibitor as well as several early-stage therapies, including one for light chain (AL) amyloidosis, a second oral Factor D inhibitor and a third complement inhibitor. Boehringer Ingelheim acquired NBE … Portola's main drug Andexxa is what's known as a reversal agent for Factor Xa inhibitors, a class of anticoagulant drugs that includes Bristol Myers Squibb and Pfizer's Eliquis as well as Johnson & Johnson and Bayer's Xarelto. Deal Value: $1.4B . The acquisition is said to provide a key addition to … “The acquisition of Portola represents an important next step in our strategy to diversify beyond C5. The company focuses primarily on drugs used in the treatment of thrombosis and hematological malignancies. Headquartered and founded in South San Francisco, California, Portola Pharmaceuticals is a … Alexion Pharmaceuticals acquired Portola Pharmaceuticals including its balance sheet and debt of approximately $215M. As a result of the merger, as of July 2, 2020, Portola common stock will cease to be traded on the NASDAQ Global Select Market. Chris Stevo, 857-338-9309 Portola Pharmaceuticals, Inc., a biopharmaceutical company, discovers and develops therapeutics for acute and chronic cardiovascular and autoimmune/inflammatory diseases. The economic disruption caused by the coronavirus pandemic has likely played a major role, although companies are still brokering fundraising and licensing agreements — at times via video conferencing. But the drug has never sold particularly well, hampered first by manufacturing issues that delayed a full commercial launch by months and then by limited hospital access to the drug, according to Paul Matteis, an analyst at the investment bank Stifel. Saama Teams with Oracle to Offer Life Sciences Industry AI-Enabled Applications to Accelera... Industry Dive publications named finalists for Website of the Year; 14 Azbee Awards, The U.S. Is Sitting on Tens of Millions of Vaccine Doses the World Needs, After US approval Aveo faces a monumental task, Reining in drug patents isn't a silver bullet against high drug prices, CapsCanada Launches Liquid-Filled Hard Capsule Manufacturing Service in North America. Alexion and Portola estimate about 3% to 5% of those patients will show up at a hospital with a major bleed exacerbated by blood thinning treatment. Here's what we may learn. Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more. Commercial-stage biotechnology company Portola Pharmaceuticals Inc. (PTLA:NASDAQ), which focuses on blood-related disorders, and global biopharmaceuticals firm Alexion Pharmaceuticals Inc. (ALXN:NASDAQ) announced that they have entered into a definitive merger agreement for Portola to be acquired by Alexion.. As such, forward-looking statements are not guarantees of future performance and involve inherent risks and uncertainties that are difficult to predict. Unlike those earlier three, however, Alexion's acquisition of Portola places the company in a broader, rather than rare disease, market. Alexion will pay $18 per share for Portola, a roughly 130% premium over Portola's closing stock price on May 4. Commenting on Alexion acquisition of Portola, Scott Garland – President and CEO of Portola Pharmaceuticals, said: “In developing and launching Andexxa, Portola has established a strong foundation for changing the standard of care for patients receiving Factor Xa inhibitors that experience a major, life-threatening bleed. "The case for the deal rests on Alexion's ability to better commercialize an expensive hospital product through its network of hospital-based physicians and deep payer relationships," he wrote in a May 5 note to clients. Portola Pharmaceuticals, Inc. (Nasdaq: PTLA) is a publicly traded Delaware corporation with its principal executive offices at 270 E. Grand Avenue South, San Francisco, California 94080. Andexxa is a strategic fit with our existing portfolio of transformative medicines and is well-aligned with our demonstrated expertise in hematology, neurology and critical care,” said Ludwig Hantson, Ph.D., Chief Executive Officer of Alexion. The transaction will be funded with cash on hand. Alexion Pharmaceuticals (NASDAQ: ALXN) announced today that it will be acquiring commercial-stage biopharmaceutical company Portola Pharmaceuticals (NASDAQ: PTLA) for an initial consideration of $1.44 billion or $18 per share.While Portola shares jumped more than 130% in the pre-market session, Alexion shares dropped about 5%. Forward-looking statements include, among other things, statements related to the proposed acquisition of Portola by Alexion, including: that the acquisition would add near-term diversification to Alexion’s commercial portfolio; that the acquisition provides the opportunity to apply Alexion’s demonstrated global commercial excellence to create long-term value for patients and … Media Portola is the fourth company Alexion has bought since 2018, following deals for Achillion Pharmaceuticals, Syntimmune and Wilson Therapeutics. Apr 27 – Apr 28, 2021, • Alexion Pharmaceuticals Inc., of Boston, will diversify its portfolio beyond its top-selling Soliris (eculizumab) and C5 inhibitor Ultomiris (ravulizumab) by acquiring Portola Pharmaceuticals Inc. for $1.4 billion. Unlike those earlier three, however, Alexion's acquisition of Portola places the company in a broader, rather than rare disease, market. We are investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Portola Pharmaceuticals, Inc. (“PTLA” or the “Company”) (NASDAQ: PTLA) in connection with the proposed acquisition of the Company by Alexion Pharmaceuticals, Inc. (“ALXN”) (NASDAQ: ALXN). Alexion completed the acquisition through a tender offer and subsequent merger of Portola with Odyssey Merger Sub Inc., a wholly owned subsidiary of Alexion (“Buyer”). In addition, the depositary has advised Alexion that, as of the offer expiration time, Notices of Guaranteed Delivery had been delivered with respect to 2,701,052 additional shares, representing approximately 3.4% of the shares outstanding. The acquisition adds Factor Xa inhibitor reversal agent Andexxa® [coagulation factor Xa (recombinant), inactivated-zhzo], marketed as Ondexxya® in Europe, to Alexion’s commercial portfolio. Jun 27 – Jul 1, 2021, 10 biotechs become 1: Centessa launches with $250M to prove unorthodox R&D model. Alexion disclaims any obligation to update any of these forward-looking statements to reflect events or circumstances after the date hereof, except when a duty arises under law. On July 2, 2020, Alexion completed its acquisition of Portola through the merger of Buyer with and into Portola without a vote of Portola’s shareholders pursuant to Section 251(h) of the Delaware General Corporation Law. The acquisition expands Alexion’s hematology, neurology, and critical care portfolio. As part of the acquisition, Alexion will also be acquiring cash currently on Portola’s balance sheet, net of debt of approximately $215 million that will … The company focuses on areas of thrombosis, other hematologic disorders, and inflammation for patients who have limited or no approved treatment options. The most frequently reported adverse reactions in clinical trials in healthy subjects with Andexxa were mild or moderate infusion-related reactions comprising symptoms such as flushing and feeling hot (very common), and cough, dysgeusia, and dyspnea (common). This week has brought two outright acquisitions, first of cancer drugmaker Stemline Therapeutics and then of Portola.
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