Shares of Peregrine Pharmaceuticals (NASDAQ:PPHM) ended Wednesday session in green amid volatile trading. The shares closed up +0.002 points or 0.47% at $0.432 with 1.27 million shares getting traded. Post opening the session at $0.44, the shares hit an intraday low of $0.43 and an intraday high of $0.52 and the price vacillated in this range throughout the day. The company has a market cap of $107.90 million and the numbers of outstanding shares have been calculated to be 242.38 million shares.
Peregrine Pharmaceuticals (PPHM) on Sept. 21, 2016 announced that top-line data from the Phase III SUNRISE trial of bavituximab in patients with previously treated locally advanced or metastatic non-squamous non-small cell lung cancer (NSCLC) will be presented as a late-breaking oral presentation at the upcoming European Society for Medical Oncology (ESMO) 2016 Congress. Presented data will include a biomarker in the SUNRISE trial that correlated with a statistically significant improvement in overall survival for patients treated with bavituximab in combination with docetaxel compared to patients treated with docetaxel alone. Peregrine will file a new patent application directed to the use of the biomarker prior to the presentation of results at the ESMO 2016 Congress, which is being held October 7-11, 2016 in Copenhagen, Denmark.
Shares of Boston Scientific Corporation (NYSE:BSX) ended Wednesday session in green amid volatile trading. The shares closed up +0.03 points or 0.15% at $23.75 with 6.61 million shares getting traded. Post opening the session at $23.73, the shares hit an intraday low of $23.57 and an intraday high of $23.77 and the price vacillated in this range throughout the day. The company has a market cap of $32.30 billion and the numbers of outstanding shares have been calculated to be 1.36 billion shares.
On Sept. 27, 2016 Boston Scientific (BSX) and EndoChoice Holdings, Inc. (GI) announced the companies have entered into a definitive agreement under which Boston Scientific has agreed to acquire EndoChoice. Upon completion of the transaction, EndoChoice will become part of the Boston Scientific endoscopy business.
EndoChoice develops and commercializes innovative products and services for specialists treating a wide range of gastrointestinal (GI) conditions. The EndoChoice portfolio includes single-use devices, such as resection and retrieval devices, needles, graspers and infection control kits. The company also has strong positions in pathology services and imaging technologies.
Under the terms of the agreement, Boston Scientific will launch a tender offer for all EndoChoice outstanding shares at a cash price of $8.00 per share. Following the tender offer, if successful, all remaining shares of EndoChoice will receive the same consideration paid to stockholders who participated in the tender offer. The total equity value is approximately $210 million and the transaction is expected to close in the fourth quarter of 2016 subject to customary closing conditions.
“The addition of EndoChoice products and services to our portfolio supports our strategy to provide comprehensive solutions to gastroenterology caregivers and the patients they serve,” said Art Butcher, senior vice president and president, Boston Scientific, endoscopy. “We expect the acquisition to expand our leadership into new categories in the endoscopy market, and to drive strong, continued growth of our endoscopy business.”
Mark Gilreath, founder and chief executive officer, EndoChoice, said, “The combination of our broad portfolio of products and services for the gastroenterology physician, with the complementary products and large global infrastructure of the Boston Scientific endoscopy business, creates an enhanced growth platform for both businesses, and delivers immediate value for our shareholders.”