IMS Health (RX) recently agreed to its acquisition by investment funds managed by TPG Capital (TPG) and the Canada Pension Plan Investment Board (CPPIB) for a total value of $5.2 billion. The Board of Directors approved the decision based on the Transaction Committee recommendation, which was set up to review IMS’ strategic alternatives. Following the agreement, [...]

(RX) IMS Health to be Acquired by Funds Managed by TPG Capital

Recently, Mylan Inc.‘s (MYL) subsidiary, Matrix Laboratories received final approval from the US Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for Lansoprazole Delayed-release (DR) capsules in two dosage forms (15 mg and 30 mg). Mylan plans to begin shipment of the product immediately. The drug is the generic version of Takeda [...]

(MYL) Mylan Wins FDA Approval for Their Abbreviated New Drug Application

IMS Health (RX) recently agreed to its acquisition by investment funds managed by TPG Capital (TPG) and the Canada Pension Plan Investment Board (CPPIB) for a total value of $5.2 billion.

The Board of Directors approved the decision based on the Transaction Committee recommendation, which was set up to review IMS’ strategic alternatives. Following the agreement, IMS shareholders will receive $22 cash for each share of IMS stock they own. The transaction is likely to be completed by the first quarter of 2010.

The transaction will be financed by a combination of equity to be invested by TPG and CPPIB and debt financing to be provided by Goldman Sachs & Co., including its principal loan and mezzanine funds.

Earlier, in October, IMS announced that it is exploring several strategic alternatives. While details were not provided, we believed that the company was seeking a buyer. During the third quarterly results, IMS recorded a year-over-year decline of 6% and 7% in revenues and earnings, respectively. The decline in revenues was primarily driven by reduced spending by the clients due to the economic downturn. Barring Asia Pacific, IMS’ sales declined in both US and EMEA markets.

IMS had adopted several strategic initiatives to improve its financials. Earlier this year, IMS implemented a restructuring plan to streamline its operations, improve productivity of different operating segments, reduce capacity and align the size of its sales and management consulting teams in low demand areas, and focus on high-value, strategic growth areas. We believe, despite so many initiatives, growth did not resume due to the economic downturn, hence the decision to sell off.

IMS is the world’s leading provider of market intelligence to the pharmaceutical and healthcare industries. Operating in over 100 countries, IMS offers leading-edge market intelligence products and services that are integral to clients’ day-to-day operations, including product and portfolio management capabilities; commercial effectiveness innovations; managed care and consumer health offerings; and consulting & services solutions that improve productivity and the delivery of quality healthcare worldwide.

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Recently, Mylan Inc.‘s (MYL) subsidiary, Matrix Laboratories received final approval from the US Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for Lansoprazole Delayed-release (DR) capsules in two dosage forms (15 mg and 30 mg). Mylan plans to begin shipment of the product immediately. 

The drug is the generic version of Takeda Pharmaceuticals' (TKPHY.PK) proton pump inhibitor Prevacid DR Capsules. According to IMS Health (RX), the branded version had US sales of approximately $3 billion for the 12 months ending June 30. 

Mylan received quite a few approvals in the recent past. In October, Mylan settled its dispute with Pfizer (PFE) related to the patent of antifungal drug Vfend (voriconazole), following which Mylan received the approval to launch the generic version of the drug. Additionally, in September, Mylan received FDA approval for its generic version of Bristol-Myers Squibb's (BMY) Sinemet for the treatment of Parkinson’s. 

Mylan received a significant approval in the field of HIV treatment with Matrix receiving tentative FDA approval under the President's Emergency Plan for AIDS Relief (PEPFAR) for its New Drug Application (NDA) for a fixed-dose combination of Efavirenz, Lamivudine and Tenofovir Disoproxil Fumarate tablets. Although Matrix will not be able to market the product in the US due to existing patents, the drug can be sold in many developing countries. 

Currently, Mylan has 125 ANDAs pending FDA approval representing $84.1 billion in annual brand sales, according to IMS Health. Among these, 37 are potential first-to-file opportunities, representing $19.2 billion in annual brand sales. 

We expect the Merck Generics acquisition to contribute significantly to Mylan’s long-term growth and help expand its footprint in non-US markets. Based on the strong third quarter earnings, Mylan raised its 2009 earnings guidance. The company now expects its earnings per share in the range of $1.24 - $1.28, up from the earlier guidance of $1.13 - $1.20. We have a Neutral recommendation on the stock.
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