QRxPharma Snubbed Again, Illumina Shines, ENTA Gets Rich, LLY Opens Wallet

(RTTNews) - Allergan Inc. (AGN), which has received a takeover proposal from Valeant Pharmaceuticals International Inc. (VRX) (VRX.TO), touched an all-time high of $165.45 on Tuesday before closing at $163.35.

The company noted that it will carefully review and consider the proposal and pursue the course of action, which it thinks is best for the stockholders.

In a move to strengthen and diversify its animal health business, Elanco, Eli Lilly and Co. (LLY) has agreed to acquire Novartis Animal Health for approximately $5.4 billion in an all-cash transaction. The transaction is expected to close by the end of the first quarter of 2015, subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act.

Upon completion of the acquisition, Elanco will be the second-largest animal health company in terms of global revenue, noted Eli Lilly.

LLY touched a new high of $61.15 on Tuesday before closing at $60.03.

Enanta Pharmaceuticals Inc. (ENTA) said that its partner AbbVie has submitted a New Drug Application for ABT-450, an investigational, all-oral, interferon-free regimen for the treatment of adult patients with chronic genotype 1 (GT1) hepatitis C virus (HCV) infection.

Enanta will receive a $20 million milestone payment from AbbVie, now that the NDA has been filed.

AbbVie also plans to submit applications for regulatory approval of its regimen in the European Union in early May. Enanta is entitled to receive an additional $20 million upon the first regulatory filing in the European Union.

ENTA closed Tuesday's trading at $36.82, up 7.38%.

Evoke Pharma Inc. (EVOK) has initiated a phase III clinical trial investigating the use of EVK-001, a novel metoclopramide nasal spray, for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in women.

Gastroparesis is a disorder in which the stomach is delayed in emptying its contents to the small intestine (in the absence of an obstruction), and is associated with symptoms such as nausea, vomiting, abdominal pain, early satiety and bloating.

The phase III study, which is designed to enroll 200 patients at sites across the United States, is expected to be completed in 2015.

Evoke Pharma went public last September, offering its shares at $12 each.

The Food and Drug Administration advisory panel has unanimously voted against recommending QRxPharma Ltd.'s (QRXPY.OB) Moxduo, an immediate release Dual Opioid for the treatment of moderate to severe acute pain.

The Advisory Committee said that there is not sufficient evidence to warrant approval of Moxduo at this time.

MoxDuo is comprised of a patented 3:2 fixed ratio combination of morphine and oxycodone, which is intended to provide effective analgesia while reducing the frequency and severity of opioid-related side effects.

The FDA's final decision is slated for May 25, 2014.

Shares of Illumina Inc. (ILMN) rose more than 10 percent to $163.30 in extended trading on Tuesday after the company reported strong results for Q1, 2014.

In the first quarter of this year, the company's non-GAAP net income was $80 million or $0.53 per share on revenue of $421 million. This compared with non-GAAP net income of $63 million or $0.46 per share and revenue of $331 million in Q1, 2013.

For fiscal 2014, Illumina expects revenue growth of 21% to 23% and non-GAAP earnings per share of $2.10 to $2.15.

RXi Pharmaceuticals Corp. (RXII) has signed a purchase agreement with Lincoln Park Capital Fund, LLC, a Chicago-based institutional investor, to seek funds to advance its ophthalmological pre-clinical drug pipeline.

Under the agreement, Lincoln Park has committed to purchase up to an aggregate of up to $20 million shares of RXi common stock over a 30-month term.

RXII closed Tuesday's trading 7.84% higher at $3.99.

Vascular Solutions Inc. (VASC) has entered into a cooperative research & development agreement with the U.S. Army Medical Materiel Development Activity to develop a freeze-dried plasma product for use in battlefield treatment of severe hemorrhage.

The company expects filing a Biologics License Application for its freeze-dried plasma product in 2018-2019, following completion of the required clinical studies.

VASC closed Tuesday's trading at $24.36, up 0.74%.