Andrada Mining acquisition elevates the miner to emerging mid-tier status. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksCLIN.L Share News (CLIN)

  • There is currently no data for CLIN

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Clinigen bounds upwards on purchase of Proleukin's US rights

Wed, 13th Feb 2019 10:05

(Sharecast News) - Clinigen Group shares jumped on Wednesday after the company signed an agreement with Novartis to acquire the US rights to its Proleukin drug for up to $210m in cash.Clinigen, which already acquired the rights to Proleukin outside the US in July, will pay an initial $120m, with $60m deferred over the next 12 months and then a further $30m depending on the drug's sales.In the year to 30 June 2018, metastatic melanoma and metastatic renal cell carcinoma treatment Proleukin made US-based revenue of $60.0m according to IQvia, with the drug's gross profit margin expected to be similar to other specialty medicines within Clinigen's Commercial Medicines division.As such, the acquisition is expected to be "modestly" EPS accretive in the current financial year as the product transitions to the AIM traded company, and at least 25% accretive in the first full financial year.Shaun Chilton, chief executive of Clinigen, said: "As part of Commercial Medicines, Proleukin is an excellent fit within our oncology and infectious disease medicines as well as diversifying our wider portfolio - it will be the largest product in the portfolio in terms of current sales. The product has significant potential for revitalisation, which will provide further breadth and diversity to the portfolio and material increases in revenues."The company currently owns three product assets within the US, Foscavir, Ethyol and Totect, with commercial rights for the former currently licensed to Pfizer and to Cumberland Pharmaceuticals for the other two."For Clinigen as a whole, Proleukin creates an ideal platform to expand our existing footprint in the higher value US market and therefore enables us to exploit other opportunities across the business. This follows our acquisition last year of CSM and iQone which strengthened our Continental European footprint. At the financial level, the combination of this deal structure and the group's cash generative nature will ensure our debt profile reduces quickly over the next year," said Chilton.For the six-month period ended 31 December, the company said it expects adjusted EBITDA to have expanded from £34.4m to £41.8m and also reported that it has increased its debt facility from £300m to £375m, with the terms of the extended debt remain unchanged and the facility in place until October 2023.Clinigen's shares were up 13.71% at 838.60p at 0923 GMT.
More News
14 Jul 2020 09:07

Clinigen FY revenues continue to rise, profit growth slowed by Covid-19

(Sharecast News) - Pharmaceutical group Clinigen warned full-year profit growth would be at the lower end of guidance as a result of the Covid-19 pandemic and the launch of a low-cost competitor to its Foscavir drug.

Read more
13 Jul 2020 16:29

Clinigen gets orphan drug designation for 'aldesleukin' in the US

(Sharecast News) - Pharmaceutical services company Clinigen Group announced on Monday that the US Food and Drug Administration (FDA) Office of Orphan Products Development (OOPD) has granted orphan drug designation for 'aldesleukin', in the treatment of amyotrophic lateral sclerosis (ALS).

Read more
13 Jul 2020 13:48

Monday broker round-up

(Sharecast News) - Kingfisher: RBC Capital Markets reiterates outperform with a target price of 275.0p

Read more
13 Jul 2020 08:41

Clinigen Gets US Orphan Drug Designation For ALS Treatment Aldesleukin

Clinigen Gets US Orphan Drug Designation For ALS Treatment Aldesleukin

Read more
14 Jun 2020 19:22

Sunday newspaper round-up: Two meters, Rolls Royce, Clinigen

(Sharecast News) - Senior scientists have reported flaws in an influential World Health Organization-commissioned study into the risks of coronavirus infection and say it should not be used as evidence for relaxing the UK's 2-metre physical distancing rule. Critics of the distancing advice, which states that people should keep at least 2 metres apart, believe it is too cautious. They seized on the research commissioned by the WHO, which suggested a reduction from 2 metres to 1 would raise infection risk only marginally, from 1.3% to 2.6%. - Guardian

Read more
28 May 2020 13:34

Thursday broker round-up

(Sharecast News) - Provident Financial: RBC Capital Markets reiterates sector performer with a target price of 195p.

Read more
28 May 2020 09:37

UK BROKER RATINGS SUMMARY: Jefferies Initiates Greggs, Games Workshop

UK BROKER RATINGS SUMMARY: Jefferies Initiates Greggs, Games Workshop

Read more
26 May 2020 17:50

Clinigen Chair Leaves Audit Committee After Shareholder Engagement

Clinigen Chair Leaves Audit Committee After Shareholder Engagement

Read more
12 May 2020 10:37

McCarthy & Stone CFO Rowan Baker Defects To Laing O'Rourke

McCarthy & Stone CFO Rowan Baker Defects To Laing O'Rourke

Read more
16 Apr 2020 12:00

Clinigen Says Annual Trading In Line; Signs Erwinase License Agreement

Clinigen Says Annual Trading In Line; Signs Erwinase License Agreement

Read more
24 Mar 2020 16:00

DIRECTOR DEALINGS SUMMARY: Pearson And IHG Chairs Buy Amid Virus Pain

DIRECTOR DEALINGS SUMMARY: Pearson And IHG Chairs Buy Amid Virus Pain

Read more
20 Mar 2020 09:49

UK BROKER RATINGS SUMMARY: BHP Gets Upgrades From JPMorgan, Deutsche

UK BROKER RATINGS SUMMARY: BHP Gets Upgrades From JPMorgan, Deutsche

Read more
18 Mar 2020 13:42

Wednesday broker round-up

(Sharecast News) - Polypipe: Deutsche Bank upgrades to buy with a target price of 550p.

Read more
12 Mar 2020 16:05

UK Dividends Calendar - Next 7 Days

UK Dividends Calendar - Next 7 Days

Read more
11 Mar 2020 13:37

Wednesday broker round-up

(Sharecast News) - Clinigen Group: Liberum upgrades to buy with a target price of 780.0p.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.