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Wednesday, June 16, 2021

-=Kindred Biosciences (KIN) to be acquired by Elanco Animal Health (ELAN) for $9.25/share


Elanco Animal Health (ELAN) said Wednesday it would buy Kindred Biosciences (KIN) for roughly $440 million, in a move that could help it take on rival Zoetis (ZTS).
  • Co announced the parties have entered into a definitive agreement for Elanco to acquire KindredBio, a biopharmaceutical company focused on developing novel pet therapeutics based on validated human targets. The acquisition further accelerates Elanco's expansion in the attractive pet health market, particularly advancing Elanco's presence in the fast-growing billion-dollar dermatology category.
  • The acquisition agreement builds on Elanco's existing relationship with KindredBio, which began with licensing the global commercial rights of KindredBio's late-stage treatment for canine parvovirus, and continues Elanco's proven approach as an innovation partner of choice.
  • Under the terms of the agreement, Elanco will acquire all outstanding stock of Kindred Biosciences at a price of $9.25 per share, or approximately $440 million, a premium of 52% based on the 30-day average. Elanco intends to fund the acquisition with pre-payable debt. Elanco expects to extend its leverage objective of under three times net leverage to Adjusted EBITDA by three months, from the end of 2023 to the end of the first quarter of 2024.
  • Elanco expects to unlock upside to its long-term growth algorithm, with the potential to add a full percentage point of consistent annual revenue growth, starting in 2024, and further expand the company's margin potential over time. Transaction and operating costs will be slightly dilutive to Elanco's reported and adjusted earnings per share in 2021, with the impact expected to be concentrated in the fourth quarter, and also slightly dilutive to the full year 2022.
  • ELAN reaffirms guidance for Q2 (Jun), sees Q2 (Jun) revs of $1.225-1.255 bln vs. $1.24 bln S&P Capital IQ Consensus.
  • ELAN reaffirms guidance for FY21 (Dec), sees FY21 (Dec) revs of $4.67-4.71 bln vs. $4.7 bln S&P Capital IQ Consensus.

Tuesday, June 15, 2021

-=Cboe Global Markets (CBOE) to extend global trading hours for S&P 500 Index (SPX) options and Cboe Volatility Index (VIX) options


Cboe Global Markets to extend global trading hours for S&P 500 Index (SPX) options and Cboe Volatility Index (VIX) options beginning November 21
  • The planned extension of Cboe's Global Trading Hours session aims to cater to growing customer demand globally for expanded access to trade Cboe's flagship SPX and VIX options, which are designed to help enable investors to hedge or gain exposure to the broad U.S. market and global equity volatility. SPX and VIX options are currently available in a GTH session that runs from 3:00 a.m. ET to 9:15 a.m. ET. The planned expanded GTH session would begin at 8:15 p.m. ET and run until 9:15 a.m. ET the following morning. Regular trading hours (RTH) then run from the U.S. market open at 9:30 a.m. ET until the market close at 4:15 p.m. ET. For each Monday business day, trading in GTH would begin Sunday evening.
  • In addition, the Regular trading hours session will be followed by a new curb session -- an extra half hour session for electronic trading beginning at 4:30 p.m. ET, Monday through Friday -- beginning September 27, 2021, subject to regulatory review. The curb session will be limited to SPX and VIX products and is intended to maximize the overlap in time that SPX and VIX options are open alongside the related futures contracts. Certification to the curb session will be available for customers beginning August 2, 2021, with test symbols available in the production environment beginning August 30, 2021.

  • =Uxin (UXIN) : financing transaction of up to US$315 million


    Uxin entered into definitive agreements with NIO Capital and Joy Capital - agreed to invest a total of up to US$315 mln in the company
    Concurrently, the Company has agreed with its convertible notes holders, including, TPG and Warburg Pincus, to convert their convertible notes in an aggregate principal amount of US$69 million into Class A ordinary shares of the Company. Over ten important investors, including NIO Capital, Joy Capital and the above mentioned convertible notes holders will agree not to sell their shares in the Company in the next nine months. The transaction is subject to customary closing conditions stipulated in the agreements.

    Friday, June 11, 2021

    This week's biggest % winners & losers: June 7 - 11, 2021 (wk 23)

    This week's biggest % gainers/losers The following are this week's top percentage gainers and losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

    This week's top % gainers
    • Healthcare: PRTA (44.89 +56.68%), BIIB (398.09 +39.12%), SENS (4.04 +38.83%), IOVA (23.4 +30.58%), ESPR (26.08 +25.08%), BKD (8.46 +24.59%), CCXI (12.35 +23.13%), FATE (89.25 +22.61%), FGEN (25.92 +22.55%)
    • Materials: USCR (74.45 +30.29%), CLF (24.39 +22.75%)
    • Consumer Discretionary: SIG (73.76 +25.29%)
    • Information Technology: AMSWA (24.24 +24.73%), EBIX (36.66 +24.69%), APPN (112.76 +23.97%)
    • Financials: IVR (4.21 +25.15%)
    This week's top % losers
    • Healthcare: MGNX (21.3 -21.14%), ACRS (18.27 -15.92%)
    • Materials: BVN (10.84 -11.7%), LPX (58.44 -10.38%)
    • Industrials: REVG (15.92 -17.34%), ARCB (60.13 -13.89%)
    • Consumer Discretionary: CCS (66.29 -14.12%), LGIH (156.15 -9.74%)
    • Information Technology: MTLS (23.06 -18.2%), DQ (68.79 -14.91%), GTT (2.54 -14.76%), RAMP (41.96 -14.51%), CMTL (21.62 -11.83%)
    • Financials: AFG (124.54 -11.23%)
    • Energy: KLXE (9.45 -33.26%), LBRT (15.31 -12.46%), DM (13.01 -12.32%), SLCA (11.15 -9.79%)
    • Consumer Staples: UNFI (35.14 -10.59%)

    -=Novan (NOVN) reports Phase 3 Trial of SB206 met primary endpoint

    • Molluscum is a common, contagious skin infection caused by the molluscipoxvirus. 

    Novan reports Phase 3 Trial of SB206 met primary endpoint
  • Co announced positive topline efficacy and safety results for the B-SIMPLE4 pivotal Phase 3 clinical study of SB206, a topical antiviral gel, for the treatment of molluscum contagiosum. Molluscum is a common, contagious skin infection caused by the molluscipoxvirus, affecting approximately six million people in the U.S. annually, with the greatest incidence in children aged one to 14 years.
  • Consistent with results from the Company's Phase 2 and earlier Phase 3 studies, SB206 was found to be safe and well tolerated. No treatment-related serious adverse events were reported.
  • Novan intends to submit New Drug Application no later than the third quarter of 2022.