Stocks to Watch - DEPO, IBM, AMED, SEPR
Winston-Salem 1/02/2008 01:52 PM GMT (TransWorldNews)
Depomed (Nasdaq: DEPO) Closed at $3.26. Today announced that it has received approval from the U.S. Food and Drug Administration (FDA) for the 1000 mg strength tablets of GlumetzaM (metformin hydrochloride extended release tablets).
“This approval is good news for patients with type 2 diabetes who are on metformin therapy and prefer to take fewer tablets per day,” stated Carl A. Pelzel, president and chief executive officer of Depomed. “The American Diabetes Association guidelines recommend that metformin therapy be titrated to its maximally effective dose, generally regarded as 2000 mg/day as tolerated. We believe this 1000 mg dosage form is a great addition to the Glumetza franchise, as we now have two ways for patients to achieve 24-hour glycemic control: the original Glumetza 500 mg tablets, which start out as small, easy-to-swallow tablets that expand once in the stomach, and the new 1000 mg tablets, which require fewer tablets to hit the target dose. We are working very closely with our commercial supplier, Biovail, to make these tablets commercially available in the United States in the near future.”
Depomed acquired exclusive United States rights to the 1000 mg formulation of Glumetza in December 2005 from Biovail, and has a supply agreement with Biovail related to the formulation. Biovail developed the new formulation with its Smartcoat™ AQ technology.
IBM (NYSE: IBM) Closed at $108.10. Today announced it has acquired XIV, a privately held storage technology company based in Tel Aviv, Israel. XIV, its technologies and employees, will become part of the IBM System Storage business unit of the IBM Systems and Technology Group. Financial terms of the acquisition are not being disclosed.
"The acquisition of XIV will further strengthen the IBM infrastructure portfolio long term and put IBM in the best position to address emerging storage opportunities like Web 2.0 applications, digital archives and digital media," said Andy Monshaw, general manager, IBM System Storage. "The ability for almost anyone to create digital content at any time has accelerated the need for a whole new way of applying infrastructure solutions to the new world of digital information. IBM's goal is to provide the leading technologies and solutions at every layer of the data center -- storage, servers, software and services -- to address these new realities IT customers face."
Amedisys (Nasdaq: AMED) Closed at $48.52. Today announced the acquisition of six home health agencies located in Georgia and South Carolina, from Memorial Health University Medical Center of Savannah, Georgia. The transaction was effective as of December 31, 2007, and is expected to contribute approximately $10 million in net revenue in 2008.
Sepracor (Nasdaq: SEPR) Closed at $26.25. Today announced an exclusive licensing agreement for the development and commercialization of Bial’s anti-epileptic compound BIA 2-093 in the United States and Canada. Under the terms of the agreement, Sepracor will be responsible for filing the U.S. NDA and seeking marketing approval from the U.S. Food and Drug Administration (FDA), and contingent on obtaining regulatory approval, commercialization of the product in the U.S. Sepracor anticipates that the NDA will be submitted to the FDA in late 2008 or early 2009 with a potential product launch in late 2009 or early 2010, subject to FDA approval. In exchange, Bial is entitled to receive an upfront payment of $75 million and subsequent payments upon accomplishment of various development and regulatory milestones, which could include up to an additional $100 million if all milestones are met. Bial will also receive compensation for providing finished product and milestone payments upon FDA approval of additional indications, if any.
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