On July 16, 2020 Abbott (NYSE: ABT) reported financial results for the second quarter ended June 30, 2020 (Press release, Abbott, JUL 16, 2020, View Source [SID1234561941]).

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Second-quarter worldwide sales of $7.3 billion decreased 8.2 percent on a reported basis and 5.4 percent on an organic basis, which excludes the impact of foreign exchange.
Reported diluted EPS from continuing operations under GAAP was $0.30 and adjusted diluted EPS from continuing operations, which excludes specified items, was $0.57 in the second quarter.
Abbott projects full-year 2020 diluted EPS from continuing operations on a GAAP basis of at least $2.00 and full-year adjusted diluted EPS from continuing operations of at least $3.25.
In April, Abbott announced CE Mark approval for its TriClip heart valve repair system, the world’s first minimally invasive, clip-based tricuspid heart valve repair device.
In June, Abbott announced U.S. FDA approval of FreeStyle Libre 2 as an integrated continuous glucose monitoring (iCGM) system for adults and children ages 4 and older with diabetes, achieving the highest level of accuracy and performance standards.1
Last week, Abbott announced U.S. FDA approval of its next-generation Gallant implantable cardioverter defibrillator and cardiac resynchronization therapy defibrillator devices to help manage heart rhythm disorders. These devices offer Bluetooth technology and a new patient smartphone app for improved remote monitoring and enhanced patient-physician engagement.
"Our diversified business model has proven to be a true strength during this time," said Robert B. Ford, president and chief executive officer, Abbott. "We’re a leader in the global COVID-19 testing efforts, we’ve continued to advance our pipeline and, importantly, we saw significant improvements in growth trends throughout the quarter in the business areas that were initially most impacted by the pandemic."

SECOND-QUARTER BUSINESS OVERVIEW
Note: Management believes that measuring sales growth rates on an organic basis is an appropriate way for investors to best understand the underlying performance of the business. Organic sales growth excludes the impact of foreign exchange.

Following are sales by business segment and commentary for the second quarter 2020:

* Total Q2 2020 Abbott sales from continuing operations include Other Sales of approximately $15 million.

* Total 1H 2020 Abbott sales from continuing operations include Other Sales of approximately $30 million.

n/a = Not Applicable.

Note: In order to compute results excluding the impact of exchange rates, current year U.S. dollar sales are multiplied or divided, as appropriate, by the current year average foreign exchange rates and then those amounts are multiplied or divided, as appropriate, by the prior year average foreign exchange rates.

Second-quarter 2020 worldwide sales of $7.3 billion decreased 8.2 percent on a reported basis. On an organic basis, worldwide sales decreased 5.4 percent. First-half 2020 worldwide sales of $15.1 billion decreased 3.0 percent on a reported basis and 0.7 percent on an organic basis.

Worldwide Nutrition sales increased 0.4 percent on a reported basis and 3.1 percent on an organic basis in the second quarter. Strong U.S. and international sales performance of Ensure, Abbott’s market-leading complete and balanced nutrition brand, led to global Adult Nutrition sales growth of 7.4 percent on an organic basis. In Pediatric Nutrition, sales were led by U.S. growth of Pedialyte, Abbott’s oral rehydration brand, as well as growth in Southeast Asia, which were offset by challenging conditions in Greater China.

For the first half of 2020, worldwide Nutrition sales increased 3.3 percent on a reported basis and 5.1 percent on an organic basis, including organic sales growth of 3.0 percent in Pediatric Nutrition and 7.9 percent in Adult Nutrition.

Worldwide Diagnostics sales increased 4.7 percent on a reported basis in the second quarter, including an unfavorable 2.4 percent effect of foreign exchange, and increased 7.1 percent on an organic basis.

In Core Laboratory Diagnostics, lower routine diagnostics testing due to COVID-19 was partially offset by sales of Abbott’s COVID-19 laboratory-based tests for the detection of the IgG antibody, which determines if someone was previously infected with the virus. Core Laboratory IgG antibody testing-related sales on Abbott’s Architect and Alinity i platforms were $152 million in the quarter.

Molecular Diagnostics sales increased 233.6 percent on a reported basis and 241.4 percent on an organic basis in the second quarter. Strong growth was driven by demand for Abbott’s laboratory-based molecular tests for COVID-19 on its m2000 and Alinity m platforms. Molecular Diagnostics COVID-19 testing-related sales were $283 million in the quarter.

Rapid Diagnostics sales increased 9.6 percent on a reported basis and 11.0 percent on an organic basis in the second quarter. Lower base business sales were more than offset by strong demand for Abbott’s point-of-care COVID-19 molecular test on its ID NOW platform. Rapid Diagnostics COVID-19 testing-related sales were $180 million in the quarter.

Established Pharmaceuticals sales decreased 8.6 percent on a reported basis in the second quarter and decreased 0.7 percent on an organic basis. For the first half of 2020, Established Pharmaceuticals sales decreased 2.1 percent on a reported basis and increased 4.0 percent on an organic basis.

Key Emerging Markets include India, Brazil, Russia and China along with several additional emerging countries that represent the most attractive long-term growth opportunities for Abbott’s branded generics product portfolio. Sales in these geographies decreased 10.3 percent on a reported basis in the second quarter and decreased 0.4 percent on an organic basis. Sales growth in certain countries, including double-digit growth in China, was more than offset by lower demand due to the increased spread of COVID-19 across several emerging market countries, including Russia, Brazil and Colombia.

Includes drug-eluting stents, balloon catheters, guidewires, vascular imaging/diagnostics products, vessel closure, carotid and other coronary and peripheral products.

Includes drug-eluting stents, balloon catheters, guidewires, vascular imaging/diagnostics products, vessel closure, carotid and other coronary and peripheral products.

Worldwide Medical Devices sales decreased 21.2 percent on a reported basis in the second quarter and decreased 19.9 percent on an organic basis. Sales growth was negatively impacted by reduced cardiovascular and neuromodulation procedure volumes due to COVID-19. Procedure volume trends improved significantly over the course of the second quarter as both demand for procedures and availability of healthcare resources began to return to more normalized levels.

In Diabetes Care, strong growth was led by FreeStyle Libre, which grew 36.8 percent on a reported basis and 39.9 percent on an organic basis versus the prior year. In June, Abbott announced U.S. FDA approval of FreeStyle Libre 2 as an integrated continuous glucose monitoring (iCGM) system for adults and children ages 4 and older with diabetes, achieving the highest level of accuracy and performance standards.1 The FreeStyle Libre 2 system will be available in the coming weeks at participating pharmacies and durable medical equipment providers at the same price as the currently available FreeStyle Libre 14 day system.

ABBOTT’S GUIDANCE FOR 2020
Abbott projects full-year 2020 diluted earnings per share from continuing operations under GAAP of at least $2.00. Abbott forecasts specified items for the full-year 2020 of $1.25 primarily related to intangible amortization, acquisition-related expenses, restructuring and cost reduction initiatives and other expenses. Excluding specified items, projected adjusted diluted earnings per share from continuing operations would be at least $3.25 for full-year 2020.

ABBOTT DECLARES 386TH CONSECUTIVE QUARTERLY DIVIDEND
On June 12, 2020, the board of directors of Abbott declared the company’s quarterly dividend of $0.36 per share. Abbott’s cash dividend is payable August 17, 2020, to shareholders of record at the close of business on July 15, 2020.

Abbott has increased its dividend payout for 48 consecutive years and is a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years.

On July 16, 2020 Agios Pharmaceuticals, Inc. (NASDAQ: AGIO), a leader in the field of cellular metabolism to treat cancer and rare genetic diseases, reported that the company will host a conference call and live webcast on Thursday, July 30, 2020 at 8:00 a.m. ET to report its second quarter 2020 financial results and other business highlights (Press release, Agios Pharmaceuticals, JUL 16, 2020, https://investor.agios.com/news-releases/news-release-details/agios-webcast-conference-call-second-quarter-2020-financial [SID1234561940]).

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A live webcast can be accessed under "Events & Presentations" in the Investors section of the company’s website at www.agios.com. The conference call can be accessed by dialing 1-877-377-7098 (domestic) or 1-631-291-4547 (international) and referring to conference ID 2955575. The webcast will be archived and made available for replay on the company’s website beginning approximately two hours after the event.

On July 16, 2020 Bristol-Myers Squibb Company (NYSE:BMY) ("Bristol Myers Squibb") reported the expiration and final results of its offers to exchange (the "Registered Exchange Offers") any and all of its outstanding (i) $19,000,000,000 aggregate principal amount of senior unsecured notes previously issued on May 16, 2019 ("May Notes") pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), and (ii) $18,545,623,000 aggregate principal amount of its outstanding senior unsecured notes previously issued on November 22, 2019 (the "November Notes" and, together with the May Notes, the "Original Notes") pursuant to an exemption from the registration requirements of the Securities Act, for an equal principal amount of new notes in a transaction registered under the Securities Act (the "Registered Notes") (Press release, Bristol-Myers Squibb, JUL 16, 2020, View Source [SID1234561939]).

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The Registered Exchange Offer expired at 5:00 p.m., New York City time, on July 15, 2020 (the "Expiration Date"). As of the Expiration Date, the aggregate principal amounts of Original Notes set forth in the table below had been validly tendered and not validly withdrawn. Bristol Myers Squibb has accepted for exchange all such tendered Original Notes in the Registered Exchange Offers.

Title of Series of Original Notes

Amount
Outstanding at
Commencement

Amount
Tendered as of the
Expiration Date

Percentage

2.875% Senior Notes due 2020

$1,243,777,000

$1,186,279,000

95.38%

3.950% Senior Notes due 2020

$436,313,000

$425,282,000

97.47%

Senior Floating Rate Notes due 2020

$750,000,000

$712,942,000

95.06%

2.875% Senior Notes due 2021

$434,815,000

$406,758,000

93.55%

2.250% Senior Notes due 2021

$464,576,000

$452,743,000

97.45%

2.550% Senior Notes due 2021

$1,000,000,000

$963,195,000

96.32%

3.250% Senior Notes due 2022

$861,709,000

$855,002,000

99.22%

3.550% Senior Notes due 2022

$891,870,000

$890,930,000

99.89%

Senior Floating Rate Notes due 2022

$500,000,000

$485,088,000

97.02%

2.600% Senior Notes due 2022

$1,500,000,000

$1,488,572,000

99.24%

2.750% Senior Notes due 2023

$697,660,000

$688,878,000

98.74%

3.250% Senior Notes due 2023

$932,101,000

$924,851,000

99.22%

4.000% Senior Notes due 2023

$636,086,000

$624,976,000

98.25%

3.625% Senior Notes due 2024

$882,510,000

$882,403,000

99.99%

2.900% Senior Notes due 2024

$3,250,000,000

$3,208,481,000

98.72%

3.875% Senior Notes due 2025

$2,379,532,000

$2,368,581,000

99.54%

3.200% Senior Notes due 2026

$2,250,000,000

$2,243,559,000

99.71%

3.450% Senior Notes due 2027

$961,528,000

$960,491,000

99.89%

3.900% Senior Notes due 2028

$1,456,162,000

$1,450,092,000

99.58%

3.400% Senior Notes due 2029

$4,000,000,000

$3,968,935,000

99.22%

4.125% Senior Notes due 2039

$2,000,000,000

$1,995,600,000

99.78%

5.700% Senior Notes due 2040

$245,785,000

$245,637,000

99.94%

5.250% Senior Notes due 2043

$391,925,000

$388,625,000

99.16%

4.625% Senior Notes due 2044

$976,477,000

$975,977,000

99.95%

5.000% Senior Notes due 2045

$1,959,524,000

$1,958,923,000

99.97%

4.350% Senior Notes due 2047

$1,236,433,000

$1,236,433,000

100.00%

4.550% Senior Notes due 2048

$1,456,840,000

$1,447,340,000

99.35%

4.250% Senior Notes due 2049

$3,750,000,000

$3,749,500,000

99.99%

Total

$37,545,623,000

$37,186,073,000

99.04%

Upon the settlement of the Registered Exchange Offers, holders of Original Notes who validly tendered and did not validly withdraw such notes prior to the Expiration Date will receive a like principal amount of Registered Notes of the applicable series. Bristol Myers Squibb expects that such settlement will occur on or about July 17, 2020.

The terms of the Registered Notes to be issued in the Registered Exchange Offers are substantially identical to the terms of the corresponding series of Original Notes, except that the issuance of the Registered Notes will be registered under the Securities Act and the transfer restrictions, registration rights and additional interest provisions applicable to the Original Notes will not apply to the Registered Notes. Bristol Myers Squibb will issue the Registered Notes under the same indentures that govern the applicable series of Original Notes. The Registered Exchange Offers do not represent a new financing transaction.

A Registration Statement on Form S-4 (File No. 333-238533) (the "Registration Statement") relating to the Registered Exchange Offers was filed with the Securities and Exchange Commission on May 20, 2020 and was declared effective on June 15, 2020. The Registered Exchange Offers were made pursuant to the terms and subject to the conditions set forth in a prospectus dated June 16, 2020 (as the same may be amended or supplemented, the "Prospectus"), which has been filed with the Securities and Exchange Commission and forms a part of the Registration Statement.

This press release is not an offer to sell or exchange or a solicitation of an offer to buy or exchange any of the securities described herein.

On July 16, 2020 Innate Pharma SA (Euronext Paris: IPH – ISIN: FR0010331421; Nasdaq: IPHA) ("Innate" or the "Company") reported the appointment of Dr. Joyson Karakunnel as Executive Vice President and Chief Medical Officer (CMO) (Press release, Innate Pharma, JUL 16, 2020, View Source [SID1234561938]). Dr. Pierre Dodion, CMO since 2014, is retiring from this position.

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Dr. Karakunnel comes to the Company with deep experience in immuno-oncology, and a proven track record in drug development. As CMO, he will be responsible for advancing Innate’s clinical pipeline and will lead a global team focused on clinical strategy, patient safety, regulatory and medical affairs.

Most recently, Dr. Karakunnel served as CMO and Senior Vice President at Tizona Therapeutics, where he led the development of the company’s biotherapeutics pipeline. Prior to Tizona, he held positions with Arcus Biosciences and AstraZeneca/MedImmune; his collective responsibilities included leading clinical development activities, drug safety and regulatory affairs. In addition, he serves as a medical advisor at the Parker Institute for Cancer Immunotherapy.

"We are pleased to welcome Dr. Joyson Karakunnel as our new Chief Medical Officer. As an experienced medical oncologist, Joyson brings in-depth immunology, oncology and hematology expertise, which will help further strengthen and accelerate the delivery of new medicines to patients," said Mondher Mahjoubi, Chief Executive Officer of Innate Pharma. "We are also grateful for Pierre’s invaluable contributions. During his six years at Innate, he drove the advancement of several key assets to late-stage clinical development, which will have a lasting impact on the Company."

Dr. Dodion joined Innate in 2014 and has been instrumental in the Company’s clinical strategy, successfully advancing key oncology programs to late-stage status. He has led the clinical development of several therapeutic programs, including monalizumab, a potentially first-in-class immune checkpoint inhibitor, and lacutamab, a first-in-class antibody designed for the treatment of advanced T-cell lymphomas. Dr. Dodion will transition to a consulting role with Innate following his retirement.

Dr. Joyson Karakunnel

Adding to his track record in oncology and hematology drug development, Dr. Karakunnel also served as a clinical trial investigator at the National Cancer Institute and a team leader for the hematologic group at Walter Reed National Military Medical Center. In addition, he was an associate professor at the Uniformed Services University of the Health Sciences and a medical reviewer at the U.S. Food and Drug Administration.

"I’m proud to join Innate at this exciting juncture with several molecules moving into late-stage development, new molecules moving into the clinic and novel indications being pursued in oncology as well as for COVID-19," said Joyson Karakunnel, Chief Medical Officer of Innate Pharma. "This is clearly a company with a robust pipeline and unique focus on the innate immune system, which complements the work I’ve done in both the academic and industry settings. I look forward to further advancing the innovative science with the talented scientists and clinicians at the Company."

Dr. Karakunnel completed fellowships in hematology and oncology at the National Cancer Institute and completed his internal medicine residency at the University of Medicine and Dentistry of New Jersey, where he was chief resident. He obtained his MD from Annamalai University in India, and also holds a MSc in pharmacology from the University of Maryland.

Dr. Karakunnel will be based in Innate’s Rockville, Maryland office.

On July 16, 2020 Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, and QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA), a leading global provider of Sample to Insight molecular diagnostics and sample preparation technologies, reported that they have entered into an amendment to their acquisition agreement under which Thermo Fisher has commenced a tender offer to acquire all of the ordinary shares of QIAGEN (Press release, Qiagen, JUL 16, 2020, View Source [SID1234561937]).

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The amendment provides for an increase from the original offer price of €39.00 to a new price of €43.00 per QIAGEN share in cash, which represents a premium of approximately 35% to the closing price of QIAGEN’s ordinary shares on the Frankfurt Prime Standard on March 2, 2020, the last trading day prior to the announcement of the acquisition agreement and Thermo Fisher’s intention to commence the offer. The amendment also provides for a reduction of the minimum acceptance threshold from 75% to 66.67% of QIAGEN’s issued and outstanding ordinary share capital at the end of the acceptance period on August 10, 2020, as well as a USD 95 million expense reimbursement to Thermo Fisher if the minimum acceptance threshold is not met.

The members of QIAGEN’s Supervisory Board and Managing Board have reaffirmed their unanimous support for the offer and their unanimous recommendation that all QIAGEN shareholders accept and tender all of their QIAGEN shares in the offer prior to the end of the acceptance period, which has now been extended to August 10, 2020. Each of the members of the Supervisory Board and Managing Board has tendered or will tender all of their QIAGEN shares in the offer.

Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific, said, "Industry dynamics have changed considerably in the past few months, creating tailwinds and headwinds for our businesses. Both of our companies are playing important roles in helping customers to battle the COVID-19 pandemic. After careful consideration, we’ve decided to increase our offer for QIAGEN to reflect the fair

value of the business given the current environment. We remain confident that this transaction will create shareholder value and, importantly, provide meaningful benefits to our customers and society by combining our capabilities to combat infectious diseases and other healthcare issues. We continue to look forward to completing the transaction in the first half of 2021."

"After carefully considering the updated offer by Thermo Fisher, QIAGEN’s Supervisory Board and Managing Board both unanimously recommend that shareholders accept this offer given that it reflects the improvements in our business performance and future prospects as a result of the coronavirus pandemic," said Thierry Bernard, chief executive officer of QIAGEN N.V. "The rationale for this strategic step is stronger than ever, especially as the value of molecular testing becomes ever more evident. This combination is designed to enable QIAGEN employees and our portfolio of Sample to Insight solutions to have an even greater impact on society while also delivering significant cash value to our shareholders. We look forward to working closely with Thermo Fisher to successfully complete the transaction."

QIAGEN shareholders who have already effectively accepted the offer by tendering their shares are not required to take further action in order to receive the increased offer price in accordance with the terms of the offer. Thermo Fisher’s tender offer statement on Schedule TO, including the offer document that is an exhibit thereto, and QIAGEN’s solicitation/recommendation statement on Schedule 14D-9 will be amended to reflect the revised terms of the transaction. The acceptance period is now scheduled to expire at 24:00 hours (Frankfurt am Main local time) / 18:00 hours (New York local time) on August 10, 2020.

Advisors

J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are serving as financial advisors to Thermo Fisher, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel. For QIAGEN, Goldman Sachs International is serving as lead financial advisor and Barclays Bank PLC is serving as financial advisor, while De Brauw Blackstone Westbroek NV, Linklaters LLP and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo P.C. are serving as legal counsel.