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Will This News Move These Stocks Today?

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Buyback

Anadarko Petroleum Corp. (APC) is boosting its share-buyback by $1 billion, and debt-reduction program by $500 million, raising its total spend on the equity and debt buyback programs to $5.5 billion. The buyback authorization extends through the end of June, 2019.

Asset Acquisition

Clinical-stage oncology drug developer MabVax Therapeutics Holdings, Inc. (MBVX), said family-owned pharma company Boehringer Ingelheim has acquired all rights in and to its program targeting a glycan commonly over-expressed on multiple solid tumor cancers. In return, MabVax will receive US $11 million in upfront and near-term milestones as well as downstream regulatory milestone payments, plus further earn-out payments. MabVax added that this asset acquisition is separate and distinct from its other programs under development.

Potential catalyst

The FDA is scheduled to make an approval decision in July or August on Elagolix, a drug for treating endometriosis-associated pain. Elagolix was originally developed by Neurocrine Biosciences (NBIX), which licensed the drug to AbbVie seven years ago. An approval would mean milestone payments and sales royalties to Neurocrine Biosciences, which currently has just one approved drug on the market.

Investment

Online luxury fashion retailer Secoo Holding Ltd. (SECO) to receive a $175 million investment from Private equity firm L Catterton Asia, and Chinese retailer JD.com, Inc. (JD).

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

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