Galena Biopharma Inc (NASDAQ:GALE), a biopharmaceutical company committed to the development and commercialization of targeted oncology therapeutics that address major unmet medical needs, today announced the sale of its Abstral® (fentanyl) Sublingual Tablet product to a private company in a deal valued at up to $12 million, with $8 million cash upfront and up to $4 million in additional cash upon the achievement of certain sales milestones, effective as of November 19, 2015. For additional information about the transaction, please refer to the Form 8-K filed with the SEC and available on our website.
“We are pleased to complete this divestiture in a timely manner to allow us to focus our energy and resources solely on our clinical development programs as we believe this strategic shift is in the best interest of our patients, our shareholders, and the long-term success of our company,” said Mark W. Schwartz, Ph.D., President and Chief Executive Officer of Galena Biopharma.
Mizuho Securities acted as exclusive advisor to Galena Biopharma on this transaction. (Original Source)
Shares of Galena Biopharma closed yesterday at $1.48. GALE has a 1-year high of $2.39 and a 1-year low of $1.10. The stock’s 50-day moving average is $1.66 and its 200-day moving average is $1.64.
On the ratings front, Galena Biopharma has been the subject of a number of recent research reports. In a report issued on November 12, Oppenheimer analyst Ling Wang upgraded GALE to Buy, with a price target of $4, which implies an upside of 170.3% from current levels. Separately, on November 10, Roth Capital’s Joseph Pantginis reiterated a Buy rating on the stock and has a price target of $6.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Ling Wang and Joseph Pantginis have a total average return of -3.7% and -4.2% respectively. Wang has a success rate of 39.7% and is ranked #3349 out of 3857 analysts, while Pantginis has a success rate of 35.7% and is ranked #3740.
Galena Biopharma Inc, is a biopharmaceutical company focused on developing and commercializing targeted oncology therapeutics that address medical needs across the full spectrum of cancer care.