On Friday, in the course of current trade, Shares of Baxter International Inc. (NYSE:BAX), gained 0.01%, and is now trading at $68.27.
CTI BioPharma Corp. and Baxter International, declared new patient-stated outcome (PRO) data for pacritinib – an investigational oral multikinase inhibitor with specificity for JAK2 and FLT3 – from the Phase 3 PERSIST-1 study. As recently stated at the American Society of Clinical Oncology (ASCO) annual meeting, results show a noteworthy reduction in the Total Symptom Score (TSS) (the proportion of patients with a 50 percent or greater reduction in TSS from baseline to Week 24), and in each individual common disease-related symptom, from baseline to Week 24, in patients treated with pacritinib contrast to best accessible therapy (exclusive of a JAK inhibitor) (BAT). These PROs, in addition to other quality of life measures, will be presented at the 20th Congress of European Hematology Association (EHA) by Adam Mead, M.D., Guy’s and St. Thomas’ NHS Foundation Trust, Guy’s Hospital, London, United Kingdom in an oral presentation on Sunday, June 14, 2015 at 12:15 CEST (abstract #LB2072). These data were also selected for inclusion in the official EHA Press Briefing which occurred recently (Friday, June 12, 2015) at 08:30 CEST. As formerly stated, the PERSIST-1 trial met its primary endpoint of spleen volume reduction of 35 percent or greater from baseline to Week 24 as measured by MRI/CT scan.
Myelofibrosis is a rare blood cancer associated with significantly reduced quality of life and shortened survival. As the disease progresses, the body slows production of important blood cells and within one year of diagnosis the incidence of disease-related thrombocytopenia (very low blood platelet counts), severe anemia, and red blood cell transfusion requirements enhances significantly. Among other complications, most patients with myelofibrosis present with enlarged spleens (splenomegaly), in addition to many other potentially devastating physical symptoms such as abdominal discomfort, bone pain, feeling full after eating little, severe itching, night sweats, and extreme fatigue.
Baxter International Inc., develops, manufactures, and markets products for people with hemophilia, immune disorders, infectious diseases, kidney disease, trauma, and other chronic and acute medical conditions.
During an early morning trade, Shares of California Resources Corporation (NYSE:CRC), dipped -1.16%, and is now trading at $7.68, as oil prices dipped on Friday after Saudi Arabia said it was ready to raise output further if needed, potentially adding to oversupply amid a slowing global economy and halting gains made formerly in the week.
US crude prices hit a high of $61.82 a barrel earlier this week, their strongest since May 6, as firm demand and a strong US stock drawdown lifted the market.
California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. It produces oil, natural gas, and natural gas liquids. The company holds interests in about 2.4 million net acres. It also gathers, processes, and markets oil and gas products, in addition to produces and sells power. The company is headquartered in Los Angeles, California.
Finally, HEALTHSOUTH Corp. (NYSE:HLS), lost -0.35% Friday.
HealthSouth Corporation, declared it has reached a definitive agreement to acquire the operations of Reliant Hospital Partners, LLC and associated entities (“Reliant”) for a cash purchase price of $730 million. Reliant operates a portfolio of 11 inpatient rehabilitation hospitals in Texas, Massachusetts and Ohio, plus three inpatient satellite locations in Massachusetts for a total of 902 beds. Based on the structure of the transaction, HealthSouth anticipates to realize a tax benefit with an estimated net present value of about $125 million to $150 million. The transaction was approved by both companies’ boards of directors and is predictable to close in 2015. HealthSouth anticipates to fund the transaction with cash on hand and senior debt.
All of the Reliant hospitals are leased, and seven of the leases are treated as capital leases for accounting purposes. HealthSouth will assume the lease obligations of all the attained hospitals. The amount of the capital lease obligation to be recognized on HealthSouth’s balance sheet upon closing is subject to the final purchase price allocation and is preliminarily estimated at about $210 million. In 2014, Reliant’s operations generated revenues of about $249 million and Adjusted EBITDA of about $82 million. The acquisition of the operations of Reliant is predictable to be right away accretive, not taking into account transaction costs, to HealthSouth’s earnings per share following closing.
Operating entities for seven Reliant hospitals comprise minority limited partners. The interests held by limited partners represent less than 10% of the equity of the combined Reliant operating entities. The cash purchase price will be reduced for any remaining limited partner interests at closing.
HealthSouth Corporation owns and operates inpatient rehabilitation hospitals in the United States. The company provides specialized rehabilitative treatment on an inpatient and outpatient basis.
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