SOURCE: Five Star Equities

Five Star Equities

January 23, 2013 08:20 ET

Merger and Acquisition Activity Expected to Rise in 2013 as Big Pharma Companies Flush With Cash

Five Star Equities Provides Stock Research on Corcept Therapeutics and Savient Pharmaceuticals

NEW YORK, NY--(Marketwire - Jan 23, 2013) - Lost revenues from expiring patents has played a major part in the Biotech Industry's success in recent years. A total of 676 takeovers of biotechnology and pharmaceutical companies have occurred in the past three years, with an average premium of 38 percent, according to data collected by Bloomberg. Five Star Equities examines the outlook for companies in the Biotech Industry and provides equity research on Corcept Therapeutics Inc. (NASDAQ: CORT) and Savient Pharmaceuticals, Inc. (NASDAQ: SVNT).

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At the end of the third quarter five of the biggest drug makers in the U.S. held over $70 billion in cash, near cash and short-term investments. Major revenue losses from patent expirations have forced big pharmaceutical companies to look to biotech companies to help fill the void. Pfizer's Lipitor and Bristol-Myers' Plavix, which lost exclusivity in late 2011, had combined annuals revenues of $17 billion at their peaks.

"We're through many cost-cutting programs, restructurings and portfolio arrangements," said Henry Gosebruch, Managing Director, Mergers & Acquisitions J.P. Morgan. "When you put that together with record levels of cash available and improving, but still moderate R&D productivity, we think there will be more big pharma M&A activity in 2013."

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Corcept Therapeutics is involved in the discovery and development of drugs that regulate the effects of cortisol or also known as the stress hormone. Korlym is the first and only approved medication for Cushing syndrome. Because Korlym is an Orphan Drug, Corcept will have marketing exclusivity consistent with the FDA's designation until February 2019.

Savient Pharmaceuticals is focused on developing and commercializing KRYSTEXXA for the treatment of chronic gout in adult patients who do not respond to conventional therapy. The company recently reported that the European Commission has granted a marketing authorization for KRYSTEXXA for the treatment of certain patients with chronic tophaceous gout.

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