In today’s briefing:
- EOFlow: Insulet’s Injunction Doesn’t Thwart Medtronic’s Acquisition
- Legend Biotech (LEGN US): Strong Carvykti Sales in Q2; Indication Expansion Is on the Cards
- Teladoc Health Inc.: An Expanded Strategic Partnership With Microsoft & Other Major Developments
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EOFlow: Insulet’s Injunction Doesn’t Thwart Medtronic’s Acquisition
- After Insulet Corp (PODD US) lodged a lawsuit against EOFlow (294090 KS), Flex, inter alia, on the 3rd August, the judge has thrice extended the temporary restraining order.
- But the big (ger) news is that a preliminary injunction comes into force today. Shares are down 2.5% as I type.
- This latest development should have been expected. And put simply: a proposed preliminary injunction doesn’t prevent Medtronic Plc (MDT US) from acquiring EOFlow.
Legend Biotech (LEGN US): Strong Carvykti Sales in Q2; Indication Expansion Is on the Cards
- Legend Biotech Corp (LEGN US) reported six-fold jump in revenue to $73M in 2Q20, driven by strong uptake of the sole commercialized drug, Carvykti, which generated worldwide revenue of $117M.
- Label expansion applications have been submitted to the FDA and EMA seeking approval of Carvykti for the earlier treatment of patients with relapsed or refractory multiple myeloma.
- Legend Biotech has 11 pipeline programs covering hematologic malignancies and solid tumors. Recent financing activities have fueled the company’s cash balance to $1.5B, which should provide cash runway through 2025.
Teladoc Health Inc.: An Expanded Strategic Partnership With Microsoft & Other Major Developments
- Teladoc managed to exceed analyst expectations in terms of revenue as well as earnings with a robust result, characterized by a 10% YoY growth in consolidated revenue and consolidated adjusted EBITDA exceeding expectations at $72 million.
- Notably, the Integrated Care and BetterHelp segments both performed exceptionally well, with the former seeing 5% YoY revenue growth driven by higher enrollment in the chronic care program.
- BetterHelp, the leading player in mental health services, reported an 18% YoY revenue growth in the second quarter, in line with expectations, emphasizing the sustained demand for mental health services.