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di Giancarlo Nicoli
Feb
4
My latest Seeking Alpha:
Sustainable Picks For Laid-Back Dividend Investing
di Giancarlo Nicoli
Feb
3
Giancarlo Nicoli adheres to Seeking Alpha’s Gold Standard Compliance
Filed Under Investimenti | Leave a Comment
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di Giancarlo Nicoli
Feb
1
Dendreon Corp.’s Latest Developments: What They Mean
Filed Under Dendreon, Investimenti | Leave a Comment
My latest Seeking Alpha:
http://seekingalpha.com/article/332852-dendreon-corp-s-latest-developments-what-they-mean
di Giancarlo Nicoli
Feb
1
Dendreon Announces CEO and Chairman Succession Plan
Filed Under Dendreon, Investimenti | Leave a Comment
(press release)
Dendreon Announces CEO and Chairman Succession Plan
John H. Johnson Elected President, Chief Executive Officer and Chairman-Elect, Dr. Mitchell H. Gold Elected Executive Chairman
Company to Hold Conference Call Today at 9:00 a.m. ET/6:00 a.m. PT
SEATTLE–(BUSINESS WIRE)– February 1, 2012 — Dendreon Corporation (Nasdaq: DNDN) today announced that its Board of Directors has elected John H. Johnson to the position of president and chief executive officer (CEO), to succeed Mitchell H. Gold, MD, who has served as president and CEO for nearly a decade. Dr. Gold has been elected executive chairman and will serve in that role until June 30, 2012, at which point he will continue to serve as a director and Mr. Johnson will become chairman.
Mr. Johnson has been a member of Dendreon’s Board of Directors since August 2011 and brings to Dendreon nearly 30 years of experience in the life sciences industry, including serving as president, CEO, and director at Savient Pharmaceuticals, president of Eli Lilly’s Oncology Business Unit, CEO of ImClone System, and company group chairman of Johnson & Johnson’s Worldwide Biopharmaceuticals.
“As Dendreon continues its evolution into a global oncology company, I am pleased to hand over the reins to John, whose drive and significant global oncology expertise will advance our continued growth as a leading biotechnology company, benefiting our customers, our employees, our shareholders and, most importantly, patients with advanced prostate cancer,” said Mitchell H. Gold, MD, executive chairman of Dendreon. “I am proud that our employees at Dendreon have made an indelible mark in cancer care with the discovery, development, and approval of PROVENGE® (sipuleucel-T), the world’s first cancer immunotherapy. Our commitment to changing the way that cancer is treated has never been stronger, and I look forward to working with John to accelerate our efforts.”
“I am honored to take on this important role to help lead Dendreon into the next chapter of growth, and I have great respect for all that Mitch has accomplished over the past decade in ushering in a new era in medicine for patients with cancer,” said John H. Johnson, president and CEO of Dendreon. “With the important progress that has been made with the commercial launch of PROVENGE, I am invigorated by the challenge of taking Dendreon to the next level. I look forward to working with Dendreon’s executive team and the Board as we look to build a global, fully integrated oncology business.”
After more than 15 years of research and development, Dendreon introduced a new era in cancer treatment with the U.S. Food and Drug Administration (FDA) approval of PROVENGE, the world’s first autologous cellular immunotherapy. The Cleveland Clinic recognized PROVENGE as one of the top 10 medical innovations of 2010.
“John has spent most of the last decade successfully building oncology companies, and we believe his substantial oncology and global commercial, research and development experience makes him the ideal candidate to succeed Mitch. During his tenure as a director, he has proven to be a meaningful contributor as Dendreon further evolves as a global commercial enterprise, and we welcome John to his new role,” said Richard B. Brewer, director and former chairman of the Board. “On behalf of Dendreon’s Board of Directors, we thank Mitch for his exceptional leadership over the past decade and his unwavering commitment to patients with cancer. We believe that Mitch’s role as executive chairman will ensure a stable and strong transition takes place as he hands over the reins to John.”
After 8 years of service as chairman, Mr. Brewer will continue to serve as a member of the Board of Directors.
“I am grateful to Dick for his meaningful contributions and dedication as chairman of the board over the years, and respect his passion and commitment to bring PROVENGE to patients with cancer,” said Dr. Gold.
“I have appreciated working with Dick as I joined Dendreon’s Board, and I look forward to working with him as we continue to build a fully-integrated global oncology company,” said Mr. Johnson.
The Board also elected Douglas G. Watson as its lead independent director. Mr. Watson has served on the Board for 12 years.
About John H. Johnson
John H. Johnson was appointed chief executive officer of Savient Pharmaceuticals, Inc. in January 2011. Prior to this appointment, Mr. Johnson served as a senior vice president of Eli Lilly and Company and president of Lilly Oncology Business Unit, where he was responsible for multi-billion dollar franchise including a development portfolio of over 30 oncology products. From August 2007 to November 2009, Mr. Johnson was chief executive officer of ImClone Systems, and served on ImClone’s board of directors until the company was acquired by Lilly in November 2008. While at ImClone, Mr. Johnson managed the market expansion of colorectal cancer treatment Erbitux, overseeing the global growth of the billion dollar brand and eventual sale of the company to Eli Lilly for $6.5 billion. Prior to joining ImClone, Mr. Johnson had served as company group chairman of Johnson & Johnson’s Worldwide Biopharmaceuticals unit since 2005. Mr. Johnson began his health care career with Pfizer in 1983, where he held positions of increasing responsibility in sales and sales management. He joined Johnson & Johnson in 1988 and advanced through positions of increasing responsibility with Ortho-McNeil. In 2000, he served as president and chief executive officer for Parkstone Medical Information Systems. Mr. Johnson returned to Johnson & Johnson in 2001 as worldwide vice president, CNS/psychiatry, for Johnson & Johnson Pharmaceuticals Group Strategic Marketing. He was appointed president of Ortho Biotech Products, L.P. in 2003 and assumed additional responsibility for Ortho Biotech Canada in 2004. He is currently a member of the Board of Directors for Dendreon Corporation, Cempra Pharmaceuticals, Inc. and Tranzyme Pharma, Inc. Mr. Johnson received his bachelor’s degree from East Stroudsburg University of Pennsylvania.
About Dr. Mitchell H. Gold
Dr. Mitchell H. Gold has served as president and chief executive officer of Dendreon since 2003. Dr. Gold is also a member of Dendreon’s Board of Directors. Dr. Gold previously served as Dendreon’s vice president of business development and as chief business officer. Prior to joining Dendreon, Dr. Gold previously served as vice president of business development and vice president of sales and marketing for Data Critical Corporation, a company engaged in wireless transmission of critical healthcare data, now a division of GE Medical. Dr. Gold was the president, chief executive officer, and a co-founder of Elixis Corporation, a medical information systems company. For his contributions to science through his leadership at Dendreon, Dr. Gold was given the “Oliver R. Grace Award” by the Cancer Research Institute and was named a runner-up for “Smartest CEO” by Fortune Magazine in their “Smartest People in Tech” issue. He was voted “Entrepreneur of the Year” in the Pacific Northwest by Ernst and Young. At the annual Laguna CEO Biotech Meeting, Dendreon received the Hall of Fame Award for Best Company for its cumulative contributions to the industry. Locally, Seattle Magazine named Dr. Gold the top influencer in medicine in 2010, and Dendreon was recognized as the most innovative company at the 2010 Washington State Governor’s Life Sciences Summit. Dr. Gold currently serves on the board of the University of Washington/Fred Hutchinson Cancer Research Center Prostate Cancer Institute. Dr. Gold received his B.S. from the University of Wisconsin-Madison and his M.D. from Rush Medical College in Chicago. Dr. Gold was a resident physician in the Department of Urology at the University of Washington.
Conference Call Information
Dendreon will host a conference call on February 1, 2012 at 9:00 a.m. ET. To access the live call, dial 1-877-548-9590 (domestic) or +1-720-545-0037 (international); the conference ID number is 48222622. The call also will be audio webcast and will be available from the Company’s website at http://www.dendreon.com under the “Investor/Webcasts and Presentations” section. A recorded rebroadcast will be available for interested parties unable to participate in the live conference call by dialing 1-855-859-2056 or +1-404-537-3406 for international callers; the conference ID number is 48222622. The replay will be available from 12:00 p.m. ET on February 1 until 11:59 p.m. ET on February 8. In addition, the webcast will be archived for on-demand listening for 30 days at http://www.dendreon.com.
About Dendreon
Dendreon Corporation is a biotechnology company whose mission is to target cancer and transform lives through the discovery, development, commercialization and manufacturing of novel therapeutics. The Company applies its expertise in antigen identification, engineering and cell processing to produce active cellular immunotherapy (ACI) product candidates designed to stimulate an immune response in a variety of tumor types. Dendreon’s first product, PROVENGE® (sipuleucel-T), was approved by the U.S. Food and Drug Administration (FDA) in April 2010. Dendreon is exploring the application of additional ACI product candidates and small molecules for the potential treatment of a variety of cancers. The Company is headquartered in Seattle, Washington and is traded on the NASDAQ Global Market under the symbol DNDN. For more information about the Company and its programs, visit http://www.dendreon.com/.
This news release contains forward-looking statements that are subject to risks and uncertainties. Factors that could affect these forward-looking statements include, but are not limited to, developments affecting Dendreon’s business and prospects, including progress on the commercialization efforts for PROVENGE. Information on the factors and risks that could affect Dendreon’s business, financial condition and results of operations are contained in Dendreon’s public disclosure filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov. Dendreon cautions investors not to place undue reliance on the forward-looking statements contained in this press release. All forward-looking statements are based on information currently available to Dendreon on the date hereof, and Dendreon undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.
Dendreon Corporation
Katherine Stueland, 206-829-1522
Vice President, Corporate Communications and Investor Relations
kstueland@dendreon.com
Source: Dendreon Corporation
News Provided by Acquire Media
Web:
http://investor.dendreon.com/releasedetail.cfm?ReleaseID=644470
di Giancarlo Nicoli
Jan
26
StoneMor Partners L.P. (STON), together with its subsidiaries, engages in the ownership and operation of cemeteries in the United States. As an MLP, it has units and not shares, and it declares distributions and not dividends.
StoneMor is the second largest owner and operator of cemeteries in the US. The Company currently operates 273 cemeteries and 70 funeral homes, diversely located across 28 states and Puerto Rico.
StoneMor has demonstrated a consistent track record of growth and financial performance. Revenue has increased from $145 million in 2007 to $197 million in 2010. For the period, Compounded Annual Growth Rate (CAGR) is 12%. Also, adjusted operating profits have increased from $26 million in 2007 to $38 million in 2010. For the period, CAGR is 15%. (Source: Company website). In other words, earnings grow faster than revenues.
How does StoneMor do that? Basically, STON buys cemeteries and funeral homes and then – thanks to scale, experience, management, standard processes – it increases their efficiencies. It squeezes more earnings out of existing business and improves business turnover as well.
It weathered well the 2008 crisis (chart courtesy Yahoo Finance):
Stonemor kept increasing the reward to its unitholders. On May 2, 2007, for example, it declared a quarterly cash distribution of $0.50. Almost five years later, latest distribution (Nov 2, 2011) was $0,585.
StoneMor needs money to finance its growth, since it makes more sense to borrow money at a lower rate than it is able to make out of acquisitions.
It recently announced that it has received from its senior bank syndicate a revised and increased credit facility which will facilitate the growth of its business, including future cemetery and funeral home acquisitions. The credit facility was increased by $10 million to $130 million, requires no amortization of principal, the loan term was extended until 2017, and the interest rate was reduced by eliminating the LIBOR floor. The fixed charge coverage ratio was eliminated and replaced by a debt service coverage ratio which provides the company with enhanced flexibility.
A revised and increased credit facility means STON will be able to fund more acquisitions, improve those businesses and grow again. It is good news.
StoneMor currently (it closed @ $26.07 on 01/20/2012) yields 9.30%.
Disclosure: I am long STON.
di Giancarlo Nicoli
Jan
18
Dendreon: Management Signals Stock is Undervalued and a Potential Takeover Candidate.
Filed Under Dendreon, Investimenti | Leave a Comment
On 1/3/2012 (but news went out on 1/4/2012 after markets closed), Dendreon (NASDAQ: DNDN) granted a grand total of 1,387,000 shares to executives and directors. Quite a big number both in dollar terms ($10,000,000 give or take) and as a percentage of company capital: It’s somewhat less than 1% of total float.
All stock has been granted for free. Exercise price is $0.
Breakdown of stock grants is as follows:
This restricted stock award vest as follows: 25% on the first year anniversary and 6.25% quarterly thereafter:
John E. Osborn, EVP, General Counsel: 150,000
Gregory T. Schiffman, CFO, EVP of Finance & Treasure: 150,000
Mark W. Frohlich, EVP, Clinical Affairs & Chief Medical Officer, 150,000
Greg Cox, VP, Finance, 52,000
Richard J. Ranieri, EVP, Human Resources, 200,000.
All restricted stock shares vest (become sellable) on date of grant:
Richard B. Brewer, Director, 25,000
Susan Bayh, Director, 25,000
Pedro Granadillo, Director, 25,000
David C.Stump, Director, 25,000
John H. Johnson, Director, 25,000
Bogdan Dziurzynski, Director, 25,000
Gerardo Canet, Director, 25,000
Douglas G. Watson, Director, 25,000.
The award will vest ratably over 3 years based upon the achievement of Company performance goals:
Mitchell H. Gold, President & Chief Executive Officer, 460,000.
All restricted stock shares are fully vested (become sellable) on the first anniversary of the date of transaction:
Dennis M. Fenton, Director, 25,000
As if to mitigate shareholders’ anger, the following day Dendreon announced fourth quarter revenues and updated on commercialization. News was good and the stock price reacted accordingly. They almost doubled since.
I have two themes to develop today.
One is: why did management grant itself a so large amount of common shares?
The other is: how much is Dendreon worth?
Well, just start with a tentative answer of the second question.
I prepared a comparison table, as a valuation exercise.
We see that large, stable biotechnology companies have Price to Sales ratios ranging from 3.84 to 6.96; and Price to Earnings ratios from 16.86 to 30.79.
| Company | P/S | P/E |
|---|---|---|
| Amgen Inc. (AMGN) | 3.84 | 16.86 |
| Gilead Sciences, Inc. (GILD) | 4.12 | 13.32 |
| Celgene Corporation (CELG) | 6.96 | 30.79 |
| Biogen Idec Inc (BIIB) | 5.72 | 24.34 |
I also want to add some spice here.
On Saturday, January 7, 2012, Bristol-Myers Squibb Company (NYSE:BMY – News) and Inhibitex, Inc. (Nasdaq:INHX – News) announced that the companies have signed a definitive agreement under which Bristol-Myers Squibb will acquire Inhibitex for $26.00 per share in cash pursuant to a cash tender offer and second step merger. The transaction values Inhibitex approximately $2.5 billion.
Inhibitex, Inc. is a biopharmaceutical company focused on developing products to prevent and treat serious infectious diseases. It does not have any single product on the market to date.
So, back to our question: How much is Dendreon worth?
Dendreon said:
- At the end of the fourth quarter, completed in-servicing for more than 840 total sites, of which:
- More than 590 sites have infused PROVENGE, which represents the greatest growth in infusing sites quarter over quarter; and
- Approximately 615 sites have either infused the product or have their patients scheduled for their first PROVENGE regimen.
- Improved PROVENGE reimbursement landscape for customers and patients:
- Reported average time to payment is less than 30 days for physicians, which is better than industry standard, reflecting an improved reimbursement landscape due to a national coverage decision and activation of a Q-code that accelerates electronic adjudication of claims.
Dendreon also said:
- EU application filed. Discussing partnering.
- “compelling” data to be presented at AUA and ASCO on both effect of Provenge at tissue level pre-surgery AND further analysis of Frovenge effect and “true” clinical benefit of Provenge.
- EU application filed. Discussing partnering.
- Sequencing study for Provenge and Zytiga.
- Discussing Japan with regulatory authorities.
- Projects underway to reduce COGS with automation.
- Special sales team for urology practices and with key aim of making large urology practices big prescribers.
I think we have enough data in place to try some “what if”.
What if Dendreon reaches $500 M within twelve months for now?
Valuation would range from $2B to $3.5B if it were a mature biotechnology. But, since DNDN is in “growth mode”, it think it might get an even higher price.
It all means a price per share (pps) in the $14-$28 range.
What if we add the $2.5B “acquisition premium” Bristol-Myers Squibb Company paid to gain control of Inhibitex? Then pps would be in the $30-$42.
Now, you see, I think I can give an answer to the first question: Why did management grant itself a so large amount of common shares?
In my opinion, management knows that current DNDN stock price is low and that a high enough offer (say, in the mid $30s) would be impossible to resist and would also still be a bargain for the acquirer.
I want to close this article with another “What If”, to see if, say, a hostile offer of $40 per share would be a bargain for the acquirer.
What if, in 2015, Dendreon reaches $1.5B in sales in the USA, $1B in Europe and $0.5B in Japan?
Dendreon would then have $3B in sales and we know from management that Dendreon would enjoy a 50% earnings margin. That would mean earnings of $1.5B. A reasonable Price-to-Earnings ratio might be 20. Just multiply $1.5B x 20 and we get $30B.
It would mean a pps of $210.
di Giancarlo Nicoli
Sep
13
Come acquistare azioni brasiliane.
Filed Under Investimenti, Te lo do io il Brasile | Leave a Comment
In questo post racconto lo svolgersi della ricerca di broker on line che permettono l’acquisto di azioni brasiliane alla borsa di San Paolo.
Tutti i link sono aggiornati alla data di pubblicazione del post: 13 settembre 2011.
La prima ricerca (su Google) è: comprare azioni Brasile. Combinazione, i primi due risultati rimandano a questo sito — ma gli articoli in questione non riguardano la ricerca di intermediari on line.
La ricerca non porta a nulla: ho visualizzato i primi 30 risultati, c’è qualcosa a proposito di ETF che investono in azioni brasiliane. Ma nulla che riguardi un acquisto diretto di azioni mediante broker on line.
Provo a cambiare chiave di ricerca e metto: comprare azioni online.
Fino a questo momento non c’è verso di acquistare direttamente dall’Italia singole azioni brasiliane. Sono disponibile a correggere il post, casomai qualcuno avesse informazioni nuove, attualmente non disponibili.
A questo punto della ricerca si aprono due strade:
1) Acquistare un fondo (un ETF), quotato a Milano, che investa in azioni Brasiliane. In questo momento sono disponibili (Fonte: Borsa Italiana):
- Amundi Etf Msci Brazil
- Cs Etf (Ie) On Msci Brazil
- Db X-Trackers Msci Brazil Trn Index Etf
- Ishares Msci Brazil
2) Altrimenti si va sulla Borsa statunitense e si acquistano lì i singoli titoli. Con questa seconda possibilità abbiamo due incovenienti: uno è che la scelta è limitata – seppure ai titoli principali – due è che si va incontro a una doppia tassazione dei dividendi, perché c’è una prima trattenuta negli USA e poi c’è la trattenuta italiana.
Ho trovato un articolo (in inglese) che tratta delle azioni brasiliane quotate a New York: Lista completa degli ADR brasiliani a New York. L’articolo non è aggiornato, se andate a guardare i commenti trovate che alcune azioni non hanno più la doppia quotazione e altre al contrario si sono aggiunte.
Spero di esservi stato utile!
Post di Giancarlo Nicoli, Appiano Gentile, CO.
I link eventualmente presenti sono stati verificati e risultano funzionanti al momento della pubblicazione del presente articolo: 14 giugno 2011.
Il presente articolo è stato scritto da Giancarlo Nicoli. Le informazioni qui contenute sono state ricavate da fonti, che Giancarlo Nicoli ha ritenuto affidabili. L’accuratezza e la completezza delle stesse non può essere in nessun modo garantita. La presente pubblicazione viene pubblicata per meri fini di informazione ed illustrazione, non costituendo peraltro la stessa in alcun modo una proposta di conclusione di contratto o una sollecitazione all’acquisto o alla vendita di qualsiasi strumento finanziario. Il documento può essere riprodotto nella sua interezza. A tal proposito si chiede la cortesia di citare la fonte: www.scoprire.biz. La presente pubblicazione non si propone di sostituire il giudizio personale dei soggetti a cui si rivolge. Giancarlo Nicoli ha la facoltà di agire in base a/ovvero di servirsi di qualsiasi materiale sopra esposto e/o di qualsiasi informazione a cui tale materiale si ispira prima che lo stesso venga pubblicato e messo a disposizione dei lettori.
Giancarlo Nicoli può occasionalmente assumere posizioni lunghe o corte nei summenzionati prodotti finanziari.
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