On Thursday, PDL BioPharma Inc (NASDAQ:PDLI)’s shares declined -0.73% to $5.45.
AcelRx Pharmaceuticals, Inc. (ACRX), a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of acute and breakthrough pain, recently declared the monetization of the predictable royalty stream from the sales of Zalviso™ (sufentanil sublingual tablet system) in the European Union by its commercial partner Grunenthal GmbH. Gross proceeds from the sale are $65 million from PDL BioPharma (PDLI). Specifically, PDL will receive 75% of the European royalties under the Grunenthal license in addition to 80% of the first four commercial milestones, subject to a capped amount. AcelRx will receive 25% of the royalties, 20% of the first four commercial milestones, 100% of the remaining commercial milestones and all development milestones, counting a potential $15 million payment for the approval of the Zalviso MAA. The proceeds from the transaction will provide AcelRx with additional operating capital, which will be used for general corporate purposes, counting regulatory activities associated with ARX-04 and Zalviso.
The transaction will be treated as a sale for tax purposes. AcelRx has established a wholly owned partner, ARPI LLC, to facilitate the transaction. Credit Suisse acted as sole structuring and financial advisor to AcelRx in connection with the transaction. AcelRx was represented by Cooley LLP, PDL by Gibson, Dunn & Crutcher LLP and Credit Suisse by Cadwalader, Wickersham & Taft LLP.
PDL BioPharma, Inc., manages a portfolio of patents and royalty assets, consisting of its Queen et al. patents, license agreements with various biotechnology and pharmaceutical companies, and royalty and other assets acquired. The Company provides non-dilutive growth capital and financing solutions to late-stage public and private healthcare companies and offers immediate financial monetization of royalty streams to companies, academic institutions, and inventors.
FMC Technologies, Inc. (NYSE:FTI)’s shares dropped -0.67% to $32.55.
FMC Technologies has received an award from Shell Offshore, Inc. (Shell) for its Appomattox deepwater development in the Gulf of Mexico.
FMC Technologies will provide Improved Vertical Deepwater Trees, subsea manifolds, topside controls, a control system, and a distribution system for the field, which lies in the Mississippi Canyon area of the eastern Gulf of Mexico in 7,200 feet of water, 140 nautical miles southeast of New Orleans.
“FMC Technologies has supported Shell’s subsea requirements for more than two decades, and this project represents the continued strength of that relationship,” said Tore Halvorsen, Senior Vice President, Subsea Technologies.
FMC Technologies, Inc. is a provider of technology solutions for the energy industry. The Company’s segments include Subsea Technologies, Surface Technologies and Energy Infrastructure. Subsea Technologies designs and manufactures products and systems and provides services used by oil and gas companies involved in deepwater exploration and production of crude oil and natural gas.
At the end of Thursday’s trade, Praxair, Inc. (NYSE:PX)‘s shares surged 0.39% to $101.03.
Praxair declared that it has attained Tecnogas, a local producer and distributor of carbon dioxide and industrial gases in Peru. Financial terms of the transaction were not revealed.
Tecnogas has been serving customers in Peru for more than 50 years. With annual revenue of about $10 million, the business serves almost four hundred customers across a variety of end markets counting food and beverage, healthcare and metal fabrication. Additionally, Tecnogas owns and operates three carbon dioxide production plants that Praxair will use to serve the growing demand for the gas in the country.
Praxair, Inc. (Praxair) is an industrial gas supplier in North and South America, Asia and Europe. The Company’s operations are organized into five segments, four of which have been determined on a geographic basis of segmentation: North America, Europe, South America and Asia.
Hanesbrands Inc. (NYSE:HBI), ended its Thursday’s trading session with 0.31% gain, and closed at $29.55.
Hanesbrands has dropped 13.46% during the last 3-month period . Year-to-Date the stock performance stands at 6.92%. The stock has dropped 4.37% in the last five trading days, however, the shares have posted positive gains of 4.6% in the last 4 weeks.
The mean estimate for the short term price target for Hanesbrands Inc. (NYSE:HBI) stands at $37.07, according to 7 Analysts. The higher price target estimate for the stock has been calculated at $42 while the lower price target estimate is at $32.
Hanesbrands Inc. is a manufacturer and marketer of apparel. The Company operates through four segments: Innerwear, Activewear, Direct to Consumer and International.
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