Merck (NYSE:MRK), heretofore surprisingly quiet with its COVID-19 development plans during the pandemic, announces three major initiatives aimed at developing potential vaccines and a novel antiviral against SARS-CoV-2.
It will acquire Vienna, Austria-based Themis Bioscience, a developer of a range of vaccines and immunomodulation therapies for infectious diseases, including COVID-19.
A collaboration with nonprofit scientific research organization IAVI (International AIDS Vaccine Initiative) to develop a COVID-19 vaccine.
A collaboration with Ridgeback Biotherapeutics LP to develop an antiviral candidate against SARS-CoV-2 called EIDD-2801. Under the terms of the agreement, Merck will secure exclusive global rights in exchange for an undisclosed upfront payment, milestones and a share of net proceeds of EIDD-2801 and related molecules, if approved. Merck will be responsible for clinical development, regulatory filings and manufacturing.
Shares up 4% premarket on light volume.
SunTrust’s Robyn Karnauskas has lifted her view on Gilead Sciences (GILD +0.6%) to Hold from Sell and boosted her price target $3 to $73 (flat) after talking with management about remdesivir, approved by the FDA on May 1 for the emergency treatment of COVID-19 patients.
Executives expect to start generating sales in July. Pricing has yet to be disclosed, but she believes global revenue could hit $1.1B this year assuming $10K per treatment, likely bullish considering an ICER report that the antiviral’s fair value should be ~$4,500.
Piper’s Tyler van Buren (Overweight) is more bullish, believing that sales could top $2B if the company prices remdesivir at $4,500.
The FDA has signed off on Sorrento Therapeutics’ (NASDAQ:SRNE) IND for a Phase 1 clinical trial evaluating STI-6129, a CD38-targeting antibody-drug conjugate (ADC), in patients with advanced relapsed/refractory systemic amyloid light chain amyloidosis.
The primary objectives are safety, tolerability, pharmacokinetics, preliminary efficacy and to identify the optimal dose for a Phase 2 trial.
Shares up 17% premarket on robust volume.
Aphria (NYSE:APHA) will transfer its stock exchange listing to The Nasdaq Global Select Market (Nasdaq) from the New York Stock Exchange (“NYSE”), effective June 5, 2020, after the market close.
Nasdaq trading is expected to begin on June 8, at market open under the same ticker symbol “APHA.”
The transition will not impact the Company’s primary listing on the Toronto Stock Exchange.
Shares are up 5% premarket.
Stereotaxis (STXS -0.3%) to issue ~3.66M shares at $4.10/share to Consonance Capital Management, for gross proceeds of ~$15M.
