Eli Lilly and Co. (NYSE: LLY): Closing price $50.17
On Monday, Goldman Sachs downgraded Eli Lilly from Neutral to Sell, and lowered its price target from $52 to $48. Analyst Jami Rubin recommended caution as to the lack of differentiation in Lilly’s pipeline, observing that, “As Lilly’s primary care business declines due to patent expirations, the new product portfolio is increasingly important to support Lilly’s earnings post 2014. However, we see a lack of differentiation for key pipeline products in Lilly’s diabetes and oncology portfolios, which comprise the majority of Lilly’s new products.”
AstraZeneca Plc. (NYSE:AZN): Closing price $52.38
AstraZeneca on Monday announced its plans to invest 120 million euros, or $190 million, in a new facility located at its global manufacturing site in Macclesfield, United Kingdom, so as to continue output of Zoladex, an injectable treatment for patients who have prostate cancer. The investment secures 300 existing Zoladex jobs at the site and will create more than 200 temporary jobs during the construction and commissioning phase between the present and early 2017. Zoladex has been manufactured at AstraZeneca’s Macclesfield plant for more than 25 years, providing the medicine to in excess of one hundred markets globally.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA): Closing price $37.25
Teva has reached an accord with the Israel Tax Authority to pay roughly $718 million for the release of trapped profits, resolving tax assessments for the years 2005 through 2007, and applying similar principles through 2011. All told, Teva will pay about $565 million within the framework of amendment 69 to the Law for the Encouragement of Capital Investments. This includes the payment of $95 million made in May 2013. Beyond that, Teva will pay around $237 million, regarding tax assessments for the years 2005 to 2011.
Galena Biopharma Inc. (NASDAQ:GALE): Closing price $2.45
Galen has announced a poster presentation at the Society for Immunotherapy of Cancer Conference 2013 was held over the weekend in National Harbor, Maryland. The data presented were the results of the Phase 1 portion of the trial for the Folate Binding Protein vaccine, which is a folate receptor alpha-derived, peptide-based cancer immunotherapy administered to HLA A2 positive patients in combination with granulocyte macrophage-colony stimulating factor, as an adjuvant treatment to prevent recurrences in high-risk, endometrial, and ovarian cancer patients rendered disease-free after completing standard of care therapy. Galena is a biopharmaceutical firm that develops and commercializes innovative, targeted oncology treatments which address major unmet medical needs to promote cancer care.