Shares of Aveo Pharmaceuticals, Inc. (AVEO) spiked more than 132% in early trading after the biopharmaceutical firm announced this morning an exclusive, worldwide license agreement with Novartis (NVS) to develop and commercialize Aveo’s GDF15 and AV-380.
Aveo said that under the terms of the agreement, it will receive an upfront payment of $15 million and will be eligible to receive reimbursement, clinical, sales and regulatory-based milestone payments totaling $311 million assuming successful advancement of the Product.
“AV-380 holds great promise as a potential treatment for cachexia secondary to multiple disease states, including cancer, chronic kidney disease, congestive heart failure and chronic obstructive pulmonary disease,” stated Michael Bailey, AVEO’s president and CEO. “Novartis brings resources and expertise to bear on advancing this program, which we believe provides the optimal path forward toward realizing its full potential.”
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Shares of Digital Ally Inc. (DGLY) are higher by nearly 3% to $8.12 in pre-market trading on Monday after the company announced an extension of its statewide contract with the State of Michigan. The contract was extended for one year, or until December 7, 2016, increasing its cumulative value since its inception to approximately $7.3 million.
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Shares of Mobileye N.V. (MBLY) were up more than 3% this morning. Jana Partners’ latest 13F filing with the SEC shows the firm increased its MBLY position.
In other Mobileye news this morning, the stock’s 12-month base case estimate was raised to $80 from $68 at Morgan Stanley (MS).
In the past 52 weeks, shares of Jerusalem, Israel-based company have traded between a low of $32.41 and a high of $63.17 and are now at $61.30. Shares are up 77.53% year-over-year and 47.07% year-to-date.
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Shares of Amazon (AMZN) were down marginally in pre-market hours following Jeff Bezos’ response to a New York Times article describing Amazon’s workplace culture in a highly negative light. According to CNBC, Bezos said in an internal memo to employees that the NYT article “doesn’t describe the Amazon I know or the caring Amazonians I work with every day.”
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zulily, Inc. (ZU) shares jumped nearly 50% to $18.77 in pre-market trading Monday, following this morning’s announcement of an agreement to be acquired by Liberty Interactive Corp. (QVCA) in a cash-and-stock deal valued at $2.4 billion. John Malone’s Liberty will pay $9.375 in cash and 0.3098 newly issued shares of QVCA for each Zulily share. The transaction is valued at $18.75 per share, representing a 49% premium to Zulily’s Friday closing pps of $12.57.
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