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I'd have to assume that Revances Reps hit the road right after the merger became public. A decent portion of their income is tied to stock and to see not only their income get strained but all the stock they bought through the employee programs hopelessly underwater, Dermal Sales probably fell through the floor.
Dew
16.4. Termination in case of a Change of Control
The Supplier shall have the right, but not the obligation, to terminate, with a
This might be about the term "merger" rather than sale. It's probable Teoxane has certain rights if a change in ownership occurs and Revance has called this a merger which might blunt those rights.
I get the feeling Teoxane isn't happy with Crown being their U,S, Distributor
Revance Therapeutics plunges as Crown Labs tender offer delayed amid Teoxane dispute
RVNC -0.68%Sep. 23, 2024 7:47 AM ET
Revance Therapeutics (NASDAQ:RVNC) dropped 12% in premarket trading after the company said Crown Laboratories tender offer has been delayed until at least Oct. 4 amid a dispute with Teoxane.
Revance (RVNC) disclosed that on Aug. 16 it received a notice to remedy alleged material breaches, including breaches of the maximum levels of buffer stock and required efforts to promote and sell Teoxane products, under the company’s exclusive distribution agreement with Teoxane, according to an 8-K filing on Monday. The company denies the alleged material breaches asserted in the notice, does not believe that the asserted allegations constitute material breaches under the terms of the distribution agreement, and intends to defend itself vigorously. Revance is engaged in discussions with Teoxane regarding the notification.
In light of the discussion, on Sept. 19, Revance (RVNC) and Crown Labs agreed to extend the date where Crown Labs has to start its tender offer to Oct. 4 or such other date as may be mutually agreed to between the company and the buyer parties, according to the filing.
"The Company’s ongoing discussions with Teoxane and the Buyer Parties could result in delays to the consummation of the Offer or in the Company or the Buyer Parties seeking remedies in accordance with the terms of the Merger Agreement.," the company said in the 8-K.
Revance (RVNC) also disclosed that the HSR waiting period for the sale to Crown Labs expired on Thursday.
The disclosures come after Revance (RVNC) shares fell 9% last Monday after Crown Laboratories failed to start a tender offer for the company by a deadline.
Novo Nordisk says Ozempic a 'very likely' target in next Medicare drug pricing talks
A top executive at Novo Nordisk (NVO) warned Tuesday that the company’s diabetes therapy Ozempic will likely be selected for the next round of Medicare drug pricing negotiations, which aim to seek discounts for blockbuster meds supplied to the federal healthcare program.
“It is very likely that Ozempic will be part of negotiations in the coming round, and we’re ready for that,” said Ulrich Otte, Novo’s (NVO) senior vice president of finance & operations at Cantor Global Healthcare Conference in New York.
A year ago, the U.S. Centers for Medicare & Medicaid Services unveiled the first ten drugs targeted for the initial round of pricing negotiations.
https://seekingalpha.com/news/4150413-novo-nordisk-ozempic-targeted-medicare-pricing-talks
What do you know about Crown and it's ability to carry out this transaction?
Novo Nordisk ADRs traded higher in the premarket on Wednesday after the Danish drugmaker released full results from an early-stage trial for its experimental weight-loss pill, amycretin.
The results, presented at a European medical event on diabetes in Madrid, Spain, on Tuesday, indicated that the drug's potential is comparable to that of the company's existing obesity products.
Early data from the study sent Novo (NVO) shares sharply higher in March. In addition to GLP-1, which is the sole target of the company's incretin-based obesity therapy Wegovy (semaglutide), amycretin targets a pancreatic hormone called amylin that affects hunger.
The complete data from the Phase 1 trial indicated that patients who received the maximum dose of amycretin at 2x50 mg lost 13.1% of their starting weight at the end of the 12-week trial.
https://seekingalpha.com/news/4148595-novo-nordisk-stock-rises-data-obesity-pill
Weight-loss market to see 16 new drugs by 2029, report estimates
https://finance.yahoo.com/news/weight-loss-market-see-16-184629649.html
Nippon Steel Looks to Woo US Union With Extra $1.3 Billion
Additional investments pledged for Mon Valley, Gary operations
Plants are among the legacy shops operated by US Steel
Bloomberg
Nippon Steel Corp. plans to invest an additional $1.3 billion at plants operated by United States Steel Corp. as the Japanese company steps up efforts to secure union support for a takeover bid that’s been opposed by both President Joe Biden and Donald Trump.
Nippon Steel plans to make the investments at the Mon Valley Works and Gary Works, as part of its pending $14.1 billion acquisition of US Steel, it said Wednesday in a statement.
Mon Valley, a flagship plant where founder Andrew Carnegie built his first mill in the 1870s, and Gary are among the legacy US Steel operations that use traditional blast-furnace production of steel from iron ore. Those types of facilities are typically unionized, and increasing spending to extend their lifelines is part of a bid by Nippon Steel to garner support from the United Steelworkers union, which has so far opposed the corporate tie-up.
https://www.bloomberg.com/news/articles/2024-08-28/nippon-steel-plans-additional-1-3-billion-spending-at-us-steel?srnd=homepage-americas&sref=XLA0GJqR
Our Gov at it's best......
And they didn’t mince words. “It’s just atrocious,” said Glen Capelo, a managing director at Mischler Financial Group. “There’s a big problem,” said Claudia Sahm, chief economist at New Century Advisors. “It’s crazy,” said Andrew Brenner, head of international fixed income at NatAlliance Securities.
The problems began when the Bureau of Labor Statistics failed to release a key revision to jobs data at 10 a.m. New York time as had been expected.
That error was compounded when BLS officials then began to provide the data — which showed that job growth estimates will be marked down significantly — to analysts who called up the agency.
So for a few excruciating minutes, a handful of firms, including BNP Paribas and Mizuho Financial Group, had the data while everyone else was left in the dark as markets shot higher and lower. Rumors flew, with some regurgitating the correct number and others spreading incorrect figures. The BLS finally released the data on its website a little after 10:30 a.m., when it showed that the number of jobs created in the year through March was likely to be revised down by 818,000, the most since 2009.
Marthambles.
That's an interesting question. Lilly's release this morning really tells us how these drugs will fare over time. The Surmont1 trial had patients use the drug for around 170 weeks and on the obesity side the weight loss really didn't increase by any margin after the previously released 50-60 week trial. The other benefits of this treatment held their own or increased. At the end of the trial they monitored the patients for 17 weeks and some gained weight (not quantified) and the other benefits also slid somewhat.
Two investable ideas come to mind. The first being that 20% weight loss isn't good enough for many patients and they're going to need something that doubles that at a minimum. The second idea is that these drugs are very expensive to just maintain your weight loss.
I would have to say these results are close to the best we'll see from the GLP/GLP1 class of drugs. Lilly will continue to own this area and over time I'd say Novo fades somewhat.
I would have to guess the next step would have to be in the bio field to take what we've learned and go forward.
That's impressive. I think hydro only accounts for 20 something percent of that.
By no means was I comparing the medical conditions of Nash to Weight Loss. I was referring to the number of Companies that are chasing the field.
I think the field is too crowded for the GLP drugs at this point. It reminds me of the 80 companies chasing Nash years ago.
Seems like a sector play. ALT was up around the same percentage.
Too Much Steel in China Means Trouble for the World
The prospect of peak steel demand in China has profound implications for the global industry.
https://www.bloomberg.com/news/features/2024-08-17/china-s-steel-oversupply-threatens-to-destabilize-global-market?srnd=homepage-americas&sref=XLA0GJqR
Only in the Left Coast
California Governor Gavin Newsom plans to propose legislation requiring oil companies in the most-populous US state to amass stockpiles of gasoline and other fuels to prevent supply shortages and price spikes during refinery outages.
Thyssenkrupp reported a FQ3 net loss on Wednesday as new orders and sales fell significantly, and lowered its profit forecast for the third time this year.
Thyssenkrupp , which posted a €33M net loss in the quarter ending in June, said it does not expect the market to stabilize in the short term because of persistently weak demand and high energy costs.
The company swung to a Q3 net loss of €54M from a profit of €83M in the year-earlier quarter on sales that fell 6% Y/Y to €8.99B; adjusted EBIT fell 39% to €149M.
Order intake fell nearly 11% to €8.4B after momentum in automotive technology, machinery and construction slowed.
U.S. HRC is sitting at $650 today after starting the year at $1150. Not Pretty.
At 34,000 feet the seabed surface pressure would be around 14,700 psi so then the well pressure would be in the 6000 psi range. It makes sense.
Did they mention the depth of water they were drilling in?
tia
Fred,
I would be more afraid if the deal doesn't get done. Obviously the Management has decided to quit rather than fight on. They didn't agree to this deal because of it being lucrative, it was more from preventing revance from going down the drain.
EDDY
You fool, I left at $10. You've lost whatever credibility you had left.
Randy,
I actually think Daxi could have a brighter future under another entity. In many ways I think revance burnt all their bridges with the injectors and demanded no respect at all.
From day one I've considered Revance's management the bottom of the barrell and sadly I was right.
Why is the word "MERGER" used in the press releases. Doesn't Foley understand the difference.
They’re throwing in the towel for $6.xx bucks
Absolute failure. They’re throwing in the towel
TCO completed its Sour Gas Injection and Second-Generation Plant (SGI/SGP) expansion project in 2008, which brought daily production capacity to approximately 75,000 tonnes (600,000 barrels) of crude oil and 22 million cubic meters (750 Mscm) of natural gas.
https://www.chevron.com/what-we-do/energy/oil-and-natural-gas/assets/tengiz-expansion
The street didn't seem to like the price.... $727,000
Most gene therapies are in the $400K range.
What they doing is that after stripping their natural gas stream they're separating the sour gas component off. The sour gas normally has a very high hydrogen sulfide component and is very toxic.
Chevron is injecting the sour gas back into the well for two reasons, first, that will be the final resting storage space for the sour gas and secondly it is somewhat miscible in crude. If you compress it to a high pressure and inject it you will of course speed up production but at the same time you would be pushing a decent amount of the reserve into cracks and crevices pushing oil out of the reservoir. TCO has been described as a enormous pool of oil with the surface area of about 50 sq miles and 1 mile in depth. It's located 2.5 to 3.5 miles under the surface.
Considering you'll need between 6k to 7k PSI to get the reserve to the surface. Normal injection would probably be in the 10k psi range which would give you around 3k psi at the wellhead (est) whereas you could inject at a lower pressure which would do less damage but you'll have to increase the pressure to move it out the pipeline.
good luck
It's surprising that it's still halted.
They seem to have a bright future being that Galapogas just gave them $90m to partner one of their drugs. They're predicting max sales at around $400m/yr for this indication and the have another drug ready to submit to the FDA.
It'll open at 7:05am
Adaptimmune Receives U.S. FDA Accelerated Approval of TECELRA® (afamitresgene autoleucel), the First Approved Engineered Cell Therapy for a Solid Tumor
Download as PDFAugust 01, 2024 8:20pm EDT
Approved for advanced MAGE-A4+synovial sarcoma in adults with certain HLA types who have received prior chemotherapy
TECELRA is the first new treatment option for people with synovial sarcoma in more than a decade
https://www.adaptimmune.com/investors-and-media/news-center/press-releases/detail/271/adaptimmune-receives-u-s-fda-accelerated-approval-of
FibroGen, Inc.
Pamrevlumab arm of the Precision PromiseSM study in metastatic pancreatic cancer, sponsored and conducted by the Pancreatic Cancer Action Network (PanCAN), did not meet the primary endpoint of overall survival as determined by the protocol pre-specified Bayesian statistical analysis
LAPIS study in locally advanced, unresectable pancreatic cancer, sponsored by FibroGen, did not meet the primary endpoint of overall survival
Pamrevlumab was generally safe and well tolerated across both studies, with no clinically meaningful difference in overall safety vs. control arms
Company to implement immediate and significant cost reduction plan in the U.S.
Terminate pamrevlumab research and development (R&D) investment and expeditiously wind down remaining obligations
Reduce U.S. workforce by approximately 75%
I never heard this before but just today, my Doc told me I wasn't permitted to get a cologuard type test because the the type of polyps I've had in the past. The test would automatically come back with a false positive.
Mufaso,
Would it be logical to say the each trial participant would cost in the $1k-$2k range? What would be your estimate?
thanks