EBS Opens Wallet, OPNT Surges In After-hours, Busy Months Ahead For NCNA

(RTTNews) - Today's Daily Dose brings you news about Emergent BioSolutions' acquisition of privately-held Adapt Pharma; anticipated milestones of NuCana, and second quarter financial results of Tilray.

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Emergent BioSolutions Inc. (EBS) is all set to acquire Adapt Pharma and its flagship product NARCAN Nasal Spray for a total consideration of up to $735 million.

NARCAN Nasal Spray is the first and only needle-free formulation of naloxone approved by the FDA and Health Canada for the emergency treatment of known or suspected opioid overdose as manifested by respiratory and/or central nervous system depression.

The acquisition is expected to generate revenues of $200 million to $220 million and to be accretive to adjusted net income and EBITDA in 2019.

The transaction, which is subject to customary closing conditions, including antitrust regulatory approval, is slated to close in the fourth quarter of 2018.

With the completion of this acquisition and the recently announced acquisition of PaxVax, Emergent BioSolutions believes that it will be able to achieve or exceed its growth plan goal of $1 billion in revenue in 2020.

EBS touched a new high of $61.86 in intraday trading on Tuesday, before closing the day's trading at $61.53, up 0.62%.

Tasly Pharmaceutical Group has been permitted by the Chinese regulatory authorities to enter into an investment agreement as well as a development and collaboration agreement with Mesoblast Ltd. (MESO) to commercialize cell therapies for cardiovascular diseases in China.

The agreement, inked last month, entitles Mesoblast to receive US$40 million, comprising a US$20 million upfront technology access fee and US$20 million for equity in Mesoblast purchased by Tasly at AUD$1.86 per share.

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MESO closed Tuesday's trading at $5.80, down 3.49%.

NuCana plc (NCNA) has a couple of events to watch out for in the coming months, some of which are the following.

-- Report additional Phase 1b data of Acelarin combined with cisplatin as a first-line treatment for patients with advanced biliary tract cancer at ESMO on October 21, 2018. -- Initiate a phase III study of Acelarin combined with cisplatin as a first-line treatment for patients with advanced biliary tract cancer. -- Report current study status of the ongoing Phase 3 study of Acelarin compared to gemcitabine as a first-line treatment of patients with metastatic pancreatic cancer at ESMO on October 21, 2018. -- Report additional Phase 1 data of NUC-3373 in advanced solid tumors at ESMO on October 22, 2018. -- Initiate a Phase 1b study of NUC-3373 in patients with advanced colorectal cancer in combination with other approved agents with which 5-FU is typically combined, including leucovorin, oxaliplatin and irinotecan.

NCNA closed Tuesday's trading at $25.70, down 1.27%.

Shares of Opiant Pharmaceuticals Inc. (OPNT) surged more than 50% in extended trading on Tuesday, following news of its commercial partner Adapt Pharma being acquired by Emergent BioSolutions Inc. (EBS).

Adapt Pharma Ltd developed Narcan Nasal Spray, an FDA-approved nasal form of naloxone for the emergency treatment of a known or suspected opioid overdose, in partnership with Opiant Pharmaceuticals.

In the second quarter ended June 30, 2018, Opiant recognized $3.1 million of royalty revenue from the license agreement between Opiant and Adapt for the sale of NARCAN Nasal Spray, which is a sequential growth of over 70% in royalty revenue.

OPNT closed Tuesday's trading at $15.57, up 0.13%. In after-hours, the stock was up 54.14% at $24.

Tilray Inc. (TLRY) announced financial results for second quarter and six months ended June 30, 2018.

Net loss for the recent second quarter was $12.8 million compared to $2.4 million for the second quarter of 2017. Revenue increased to $9.7 (C$12.7) million, up 95.2% compared to the second quarter of last year. The increase in revenue was driven by increased patient demand in Canada, sales to other Licensed Producers and international sales.

The Company completed its IPO in July whereby 10.350 million shares of Class 2 Common Stock were sold at an initial price to the public of $17.00 per share.

TLRY closed Tuesday's trading at $51.50, down 3.63%.