Shares of Eli Lilly and Co (NYSE:LLY) ended Thursday session in red amid volatile trading. The shares closed down -0.28 points or -0.34% at $81.47 with 2.99 million shares getting traded. Post opening the session at $81.25, the shares hit an intraday low of $80.73 and an intraday high of $81.78 and the price vacillated in this range throughout the day. The company has a market cap of $90.64 billion and the numbers of outstanding shares have been calculated to be 1.10 billion shares.
Boehringer Ingelheim Vetmedica Inc. (BIVI) announced an agreement with Elanco U.S., Inc., a subsidiary of Eli Lilly and Company (LLY), to sell a portfolio of U.S. canine, feline and rabies vaccines, as well as a fully integrated manufacturing and R&D site, to Elanco. The sale price of $885 million includes the estimated cost of acquired inventory. The deal is conditioned on antitrust approval and closing of the Boehringer Ingelheim (BI) asset swap transaction with Sanofi that was signed in June 2016.
“This agreement is an important step toward a successful acquisition of Merial,” said Dr. Albrecht Kissel, president and CEO of Boehringer Ingelheim Vetmedica Inc. “This was a highly complex decision from a business and from an emotional perspective. It was certainly not taken lightly particularly in view of the history and significant positive developments of this business over the past years.”
“We are confident that, under Elanco’s leadership, customers will continue to have access to these innovative vaccines and the portfolio will have strong support,” Kissel added.
Shares of Threshold Pharmaceuticals, Inc. (NASDAQ:THLD) ended Thursday session in red amid volatile trading. The shares closed down -0.022 points or -3.65% at $0.567 with 734,943.00 shares getting traded. Post opening the session at $0.59, the shares hit an intraday low of $0.56 and an intraday high of $0.59 and the price vacillated in this range throughout the day. The company has a market cap of $43.20 million and the numbers of outstanding shares have been calculated to be 71.51 million shares.
Threshold Pharmaceuticals, Inc. (THLD) announced interim data from its two Phase 2 proof-of-concept clinical trials of tarloxotinib and outlined its plans to focus company resources on the more clinically-advanced evofosfamide program as well as an earlier-stage anticancer candidate, TH-3424.
“While the response observed in our squamous cell carcinoma of the skin study with tarloxotinib was encouraging, the overall results from the two studies didn’t meet the activity thresholds required to move forward the molecule forward despite the promising results seen in preclinical translational studies,” said Barry Selick, Ph.D., Chief Executive Officer of Threshold. “As a result, we are making no further investment in this program. Instead, we plan to build on the efforts of our collaborator, Dr. Michael Curran of The University of Texas MD Anderson Cancer Center, to demonstrate the potential therapeutic value of adding evofosfamide to immune checkpoint inhibition, to continue to pursue discussions with Japanese regulatory authorities regarding potential registration pathways for evofosfamide, and to advance TH-3424 through IND-enabling toxicology studies with the goal of reaching the clinic in 2017. We plan to provide additional operational guidance in the fourth quarter of 2016.”