Corium International Inc (NASDAQ:CORI) (The Motley Fool)
What happened: Corium International (NASDAQ:CORI) is down 11% at 11:58 a.m. EST after announcing that it priced $100 million of 5% convertible senior notes with an initial conversion price equivalent to approximately $17.22 per share, which is 32% higher than yesterday’s close. The biotech also said that the Food and Drug Administration completed a preliminary review of its pilot bioequivalence study comparing its once-weekly transdermal patch, Corplex Donepezil, to oral Alzheimer’s disease drug Aricept and concluded that it “may, on their face, suffice as the sole basis for demonstrating bioequivalence.” Corium is just changing the mode of delivery, so it only needs to prove bioequivalence to get approved.
Mylan NV (NASDAQ:MYL) (MarketWatch)
Mylan NV shares surged nearly 4% in heavy Thursday trade after the company announced plans to bring a lower-priced biosimilar version of the bestselling cosmetic treatment Botox to market. The biosimilar, a collaboration with Revance Therapeutics Inc. RVNC, -2.75% would allow Mylan to vie for one of rival Allergan’s AGN, -3.96% most valuable assets, which brought in sales of $3.17 billion in 2017. Allergan shares plummeted nearly 3% in extremely heavy Thursday morning trade. Revance shares dropped 2.8% on the deal, under which Mylan MYL, +2.63% paid just $25 million upfront, along with potential milestone payments and sales royalties.
The Medicines Company (NASDAQ:MDCO) (CNBC)
Biotech firm the Medicines Company said it’s restructuring its board to just seven members from the current 12. More than half of the smaller slate is affiliated with activist investor Alex Denner of Sarissa Capital. Medicines Company shares jumped more than 4 percent on the news. The seven directors to be nominated for election at this year’s annual shareholder meeting are Denner, company Executive Chairman Fredric Eshelman, Geno Germano, John Kelly, CEO Clive Meanwell, Paris Panayiotopoulos and Sarah Schlesinger, Medicines Company said in its annual report on Thursday. The company didn’t publicize the proposed changes further.
Novavax, Inc. (NASDAQ:NVAX) (Benzinga)
Novavax, Inc. rose 14 percent to $2.47 after management announced the NanoFlu Vaccine demonstrated improved immune responses over alternative flu vaccines.
Best Buy Co Inc (NYSE:BBY) (CNBC)
Best Buy on Thursday reported better-than-expected same-store sales for the fourth quarter of fiscal 2018, saying it saw stronger sales in gaming and a more “favorable competitive environment” through the holidays. The electronics retailer has been investing in customer service, lowering prices and getting to a leaner real estate portfolio. Meanwhile, some of its less-successful peers including Circuit City and RadioShack have been forced to file for bankruptcy, clearing the way for Best Buy to amass an even larger share of the market. The company’s stock jumped more than 4 percent Thursday morning on the news.
