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Aspen offers to cut cancer drug prices, may avoid EU antitrust fine

On July 15, 2020 Aspen (APNJ.J) reported that it has offered to cut prices by an average of 73% for six off-patent cancer drugs, EU antitrust regulators said on Tuesday, a move that could help the South African pharmaceutical company avoid a potentially hefty fine (Press release, Aspen Global, JUL 15, 2020, View Source [SID1234562069]).

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The European Commission opened an investigation into Aspen in 2017 following concerns it may have charged excessive prices for drugs critical in treating patients suffering from certain types of life-threatening cancer, such as leukaemia and multiple myeloma.

Aspen’s price cuts will cover all of Europe except for Italy, which imposed a five million euro ($5.68 million) fine on the company in 2016 for price hikes of up to 1,500% for some drugs.

The European Commission, the EU executive, said it would seek feedback from interested parties before deciding whether to accept the company’s offer.

"The proposed commitments aim at bringing to an end Aspen’s suspected excessive pricing conduct with respect to its six off-patent cancer medicines, which the Commission suspects to constitute an abuse of a dominant position," the Commission said in a statement.

It said Aspen’s proposal would lead to an immediate price cut in its net prices to below 2012 levels for most of the drugs, guarantee supply and involve a 10-year price ceiling.

The price cuts would apply retroactively from Oct. 1, 2019, when Aspen first submitted its concessions to regulators.

Under its antitrust settlement procedures, accepting the offer would mean no fines and no acknowledgement of wrongdoing. Sanctions can amount to 10% of a company’s global turnover.

IntelGenx Reports Amendment of Stock Option Plan

On July 15, 2020 IntelGenx Technologies Corp. (TSX-V: IGX) (OTCQB: IGXT) (the "Company" or "IntelGenx") reported , that the Company’s Board of Directors approved an amendment to the Amended 2016 Stock Option Plan (the "Plan") to increase the number of shares available for issuances under the Plan by 1,678,218 from 9,347,747 to 11,025,965, or 10% of the Company’s currently issued and outstanding shares (Press release, IntelGenx, JUL 15, 2020, View Source [SID1234562036]).

Furthermore, the Board approved an amendment to the provision concerning the automatic extension of the expiry time of stock options during blackout periods as per the TSX-V Exchange Policy. The Board resolved to remove the condition that the automatic extension during blackout periods needs to be reflected in individual stock option agreements.

The amendments are subject to TSX-Venture Exchange acceptance.

The Second Amended 2016 Stock Option Plan will be available on EDGAR and SEDAR.

About IntelGenx:

IntelGenx is a leading drug delivery company focused on the development and manufacturing of pharmaceutical films.

IntelGenx’s superior film technologies, including VersaFilm and VetaFilm, as well as its transdermal development and manufacturing capabilities, allow for next generation pharmaceutical products that address unmet medical needs. IntelGenx’s innovative product pipeline offers significant benefits to patients and physicians for many therapeutic conditions.

IntelGenx’s highly skilled team provides comprehensive pharmaceuticals services to pharmaceutical partners, including R&D, analytical method development, clinical monitoring, IP and regulatory services. IntelGenx’s state-of-the-art manufacturing facility offers full service by providing lab-scale to pilot- and commercial-scale production. For more information, visit www.intelgenx.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Relay Therapeutics Announces Pricing of Initial Public Offering

On July 15, 2020 Relay Therapeutics, Inc. (Nasdaq: RLAY), a clinical-stage precision medicine company transforming the drug discovery process by leveraging unparalleled insights into protein motion, reported the pricing of its initial public offering of 20,000,000 shares of its common stock at a price to the public of $20.00 per share (Press release, Relay Therapeutics, JUL 15, 2020, View Source [SID1234562027]). All of the shares are being offered by Relay Therapeutics. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Relay Therapeutics, are expected to be $400.0 million. In addition, the underwriters have a 30-day option to purchase up to 3,000,000 additional shares of common stock at the initial public offering price less underwriting discounts and commissions. The shares are expected to begin trading on the Nasdaq Global Market on July 16, 2020 under the symbol "RLAY." The offering is expected to close on July 20, 2020, subject to the satisfaction of customary closing conditions.

J.P. Morgan, Goldman Sachs & Co. LLC, Cowen, and Guggenheim Securities are acting as joint book-running managers for the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on July 15, 2020. The offering is being made only by means of a prospectus. When available, copies of the final prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 866-803-9204; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing [email protected]; Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, telephone: 631-274-2806 and Guggenheim Securities, LLC Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017 or by telephone at (212) 518-5548, or by email at [email protected].

This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of that state or jurisdiction.

Gland Pharma, a Fosun Subsidiary, Plans $650 Million IPO in India

On July 15, 2020 Gland Pharma, an Indian generic drug maker majority owned by Shanghai Fosun Pharma, reported that it has filed to raise at least $650 million in an IPO on the Bombay and India National Stock Exchanges (Press release, GLAND PHARMA LTD, JUL 15, 2020, View Source [SID1234562022]). In 2017, Fosun acquired a 74% stake in Gland for $1.1 billion. Gland makes complex generic injectible drugs that are sold largely in the US and EU. For India, Gland will be the first China controlled company listed on their domestic markets.

BeiGene Announces Closing of Approximately $2.08 Billion Registered Direct Offering

On July 15, 2020 BeiGene, Ltd. (NASDAQ: BGNE; HKEX: 06160), a commercial-stage biotechnology company focused on developing and commercializing innovative molecularly-targeted and immuno-oncology drugs for the treatment of cancer, reported the closing of a registered direct offering of 145,838,979 ordinary shares, par value $0.0001 per share (the "Ordinary Shares"), to certain existing investors (Press release, BeiGene, JUL 15, 2020, View Source [SID1234561967]).

Each Ordinary Share was sold for a purchase price of $14.2308 per share ($185 per American Depositary Share ("ADS")), resulting in gross proceeds of approximately $2.08 billion and net proceeds, after estimated offering expenses, of $2.07 billion. The offering was made without an underwriter or a placement agent and as a result the Company did not pay any underwriting discounts in connection with this offering.

The Ordinary Shares were offered pursuant to an automatically effective shelf registration statement that was previously filed with the U.S. Securities and Exchange Commission (the "SEC") on May 11, 2020. The final prospectus supplement relating to the offering was filed with the SEC on July 13, 2020 and is available on the SEC’s website at www.sec.gov.

Credit Suisse acted as corporate finance advisor to the pricing committee of the Board of Directors of BeiGene in connection with this offering. Goodwin Procter LLP acted as legal counsel to BeiGene in connection with this offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Ordinary Shares, nor shall there be any sale of the Ordinary Shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.