As originally announced back in December, Cardiome Pharma Corp. reached an agreement with former Vernakalant development partner Merck to eliminate its outstanding US$50 million LT debt (half of a US$100 million line-of-credit, part of the US$800 million Vernakalant alliance announced in Apr/09), and on highly attractive terms requiring Cardiome to provide cash payment of only US$23 million, including repurchase US$3 million in Vernakalant finished goods and active ingredient inventory. Vernakalant-based assets could eventually be sold or provide clinical-grade material for future human atrial fibrillation (AF) studies, but even if they do not, Cardiome was able to pay down debt obligations…
Author: Lisa Bowe
Intesa Sanpaolo reported a net loss of EUR 83 million for the fourth quarter of 2012 and a net income of EUR 1,605 million for the full-year 2012. Both numbers were dramatic improvements from the same time last year as Intesa took EUR 10.2 billion in goodwill write-downs during the fourth quarter of 2011, which led to sizable net losses for the fourth quarter and full-year 2011. Operating margin for the fourth quarter of 2012 was EUR 2,197 million, an increase of 12% from the same time last year and operating margin for the full year was EUR 8,968 million,…
Novartis reported fourth-quarter results that slightly exceeded consensus expectations. The company also issued long-term operating income growth guidance through 2015: a mid-single-digit decline in 2013 followed by high-single-digit growth in both 2014 and 2015. While analysts continue to believe long-term growth prospects are improving, 2013 will face several headwinds. The patent loss on cardiovascular drug Diovan alone will probably shave 400 basis points off Novartis’ total growth in 2013. The patent losses on another cancer drug Zometa and osteoporosis drug Aclasta will also weigh on growth. Further, increased competition from Eylea (age-related macular degeneration) and BG-12 (multiple sclerosis) will probably…
In a move to retreat from the U.S. market, Aviva is selling its U.S. life and annuities business to Athene Holding, an insurance outfit that is backed by private equity firm Apollo. The deal, valued at $1.8 billion, represents the company’s continued effort to narrow its focus on fewer and more profitable businesses and markets. Aviva indicated that the capital relief from the sale will put its solvency ratio within the target range of 160%-175%. Aviva is one of the largest insurers in Europe, but it is also one of the most poorly capitalized in the industry. Its U.S. annuities…
ASM International reported mixed third-quarter results as the firm is feeling the effects of a cyclical slowdown in the chip equipment industry. For the quarter, revenue was EUR 409 million, up 8% sequentially, and an increase from sales of $376 million in the year-ago quarter. However, orders fell to EUR 274 million from EUR 420 million in the second quarter. In the firm’s front-end segment, which supplies manufacturing equipment to chipmakers for fabricating circuits on semiconductor wafers, bookings fell 25% to EUR 64 million as customers have paused capital investments in response to the uncertain near-term outlooks for the semiconductor…