On Friday, Shares of Pharmacyclics Inc. (NASDAQ:PCYC), dropped -0.66% to $254.51.
Pharmacyclics, stated financial results for the quarter ended March 31, 2015, in addition to general business updates. Due to the pending merger with AbbVie Inc., no conference call will be held.
Key Highlights
- Total revenue for the quarter ended March 31, 2015 raised to $206 million from $119 million for the quarter ended March 31, 2014.
- Worldwide IMBRUVICA® (ibrutinib) net product revenue of $247 million was earned for the quarter ended March 31, 2015, counting $58 million of total ex-U.S. product revenue as per the calculation of outside US (ex-U.S.) pre-tax profits and losses by our partner Janssen Biotech, Inc. and its associates (Janssen) under the worldwide partnership and license agreement (Agreement).
- The quarter ended March 31, 2015 was the first quarter in which the Company achieved an ex-U.S. pre-tax commercial profit under the Agreement. Net alliance revenue of $13 million represents the Company’s 50% share of ex-U.S. pre-tax commercial profit under the Agreement, which is calculated as ex-U.S. IMBRUVICA net product revenue, less ex-U.S. cost of goods sold, ex-U.S. distribution expenses and ex-U.S. commercialization expenses, as allowed under the Agreement.
- The quarter ended March 31, 2015 represents the third profitable quarter under the Agreement.
- On March 4, 2015, Pharmacyclics reached a contract and plan of reorganization to merge with AbbVie Inc., as a wholly-owned partner.
- IMBRUVICA received regular (full) approval by the U.S. Food and Drug Administration (FDA) in all lines of therapy for patients with Waldenstrom’s macroglobulinemia (WM) on January 29, 2015. IMBRUVICA is the first and only approved treatment for WM patients.
- IMBRUVICA is now approved in a total of 47 countries.
- Two clinical trials investigating the combination of ibrutinib and a checkpoint inhibitor were initiated during the first quarter, PCYC-1135 in solid tumors and LYM-1002 in hematological malignancies.
Pharmacyclics, Inc., a biopharmaceutical company, focuses on developing and commercializing novel therapies for the treatment of cancer and immune-mediated diseases in the United States.
Shares of CommScope Holding Company, Inc. (NASDAQ:COMM), declined -0.64% to $29.32, during its last trading session.
Stockholders of CommScope Holding Company, approved three proxy proposals recently at the company’s annual stockholders meeting in New York City.
CommScope stockholders re-elected Campbell R. Dyer, Stephen C. Gray and L. William Krause as Class II directors for terms ending in 2018 and ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the 2015 fiscal year. In addition, stockholders approved, on an advisory (non-binding) basis, the compensation of CommScope’s named executive officers.
CommScope Holding Company, Inc., together with its auxiliaries, provides connectivity and infrastructure solutions for wireless, business enterprise, and residential broadband networks worldwide. The company operates through three segments: Wireless, Enterprise, and Broadband.
At the end of Friday’s trade, Shares of Banro Corporation (NYSEMKT:BAA), dwindled -0.64% to $0.25.
Banro Corporation, declared that it has closed the US$70 million balance of its formerly declared financing, such balance comprises a US$20 million gold forward sale transaction regarding the Twangiza mine and a US$50 million gold streaming transaction regarding the Namoya mine. The purchasers under these transactions are funded by investment funds managed by Gramercy Funds Administration LLC and associated accounts. The Company closed on February 27, 2015 the first tranche of the Financing, involving a US$20 million gold forward sale transaction regarding the Twangiza mine, such that the total gross proceeds from the Financing are US$90 million.
Each of the two forward sale transactions provide for the prepayment by the Purchaser of US$20 million for its purchase of 22,248 ounces of gold from the Twangiza mine, with the gold deliverable over three years, at 618 ounces per month (i.e. 1,236 ounces per month for the two Twangiza forward sales). The forward sales may be terminated at any time upon payment to the Purchaser of a one-time termination amount that would result in the Purchaser receiving an amount equal to an IRR of 20%. The terms of the forward sales also comprise a gold floor price mechanism whereby, if the gold price falls below US$1,100 per ounce in any month, additional ounces are deliverable to ensure a realized gold price of US$1,100 per ounce for that month.
The streaming transaction provides for the payment by the Purchaser of a deposit in the amount of US$50 million and the delivery to the Purchaser over time of 8.33% of the life-of-mine gold production from the Namoya mine (or any other projects located within 20 kilometres from the current Namoya gold mine). The ongoing payments to Namoya upon delivery of the gold are US$150 per ounce.
Banro Corporation, together with its auxiliaries, engages in the exploration, development, and production of mineral properties. It primarily explores for gold. The company holds a 100% interest in 4 gold properties, counting Twangiza, Namoya, Lugushwa, and Kamituga comprising 13 exploitation permits that cover an area of about 2,612 square kilometers in the South Kivu and Maniema provinces of the Democratic Republic of the Congo.
Finally, Newfield Exploration Co. (NYSE:NFX), ended its last trade with -0.64% loss, and closed at $38.99.
Newfield Exploration Company, declared plans to combine its Onshore Gulf Coast and Rocky Mountain business units into one operating region, located in The Woodlands, Texas. The reorganization of these regional operating units will better align Newfield’s workforce with near-term drilling and asset administration plans and create future cost efficiencies. As part of this restructuring, Newfield plans to close its offices in Denver, Colorado, and North Houston (Greenspoint area). Newfield will continue to manage its growing operations in the Mid-Continent from its regional office in Tulsa, Oklahoma.
Newfield anticipates that the one-time costs associated with this restructuring plan will approximate $20 million and will be recorded primarily in the second half of 2015.
Newfield Exploration Company, an independent energy company, engages in the exploration, development, and production of crude oil, natural gas, and natural gas liquids. The company’s primary areas of operation comprise the Mid-Continent, Rocky Mountains, and onshore Gulf Coast regions in the United States.
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