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MarketWatch MarketPulseJun 17, 2019
S&P places Pfizer ratings on CreditWatch negative after $11.4 billion Array deal
S&P Global Ratings placed Pfizer Inc.'s ratings on CreditWatch negative on Monday, after the drug company announced that it is acquiring Array BioPharma Inc. for about $11.4 billion in cash and debt. The move reflects the view "that the company is becoming more tolerant of adjusted net debt leverage slightly greater than 2.0 times," S&P said in a statement. The rating agency is expecting Pfizer's adjusted leverage for 2019 to rise to about 2.5 times because of the deal, up from 1.7 times in 2018, and above S&P's expectation for about 1.6 times in 2019. For now, it expects to lower the company's AA issuer rating by one notch, although it conceded that the deal does have benefits. "We view the transaction as beneficial to Pfizer's business position in the oncology market, as Array BioPharma already has two approved cancer drugs, several royalty generating agreements, a development pipeline with several products, and a highly productive research and development (R&D) engine," it said. Pfizer shares were flat in premarket trade, but have fallen 2% in 2019, while the S&P 500 has gained 15% and the Dow Jones Industrial Average , which counts Pfizer as a member, has gained 12%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseJun 17, 2019
Orgenesis shares soar 19% premarket after FDA grants orphan designation to insulin tech
Orgenesis Inc. shares soared 19% in premarket trade Monday, after the U.S. Food and Drug Administration granted Orphan Drug Designation to the company's Autologous Insulin Producing cells as a cell replacement therapy for the treatment of severe hypoglycemia-prone diabetes resulting from total pancreatectomy, caused by chronic pancreatitis. Orgenesis has an exclusive license for the technology from Israel's Tel Hashomer Medical Research Infrastructure and Services Ltd., that is based on the work of Professor Sarah Ferber, the company's chief scientific officer and a researcher at THM. Patients who have total pancreatectomy always suffer from diabetes, which results in lifelong insulin-dependence with the loss of endogenous insulin secretion and that of the counter-regulatory hormone, glucagon. Shares have fallen 8% in 2019, while the S&P 500 has gained 15%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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