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Here are highlights from Tuesday's Analyst Blog:
Pozen Files For Approval of Vimovo
Today, Pozen (Nasdaq: POZN | Quote | Chart | News | PowerRating) announced the submission of the new drug application (NDA) to the U.S. FDA, seeking marketing approval for Vimovo (proposed trade name for PN-400) for the treatment of signs and symptoms of osteoarthritis, rheumatoid arthritis and ankylosing spondylitis in patients who are at risk for developing NSAID-associated ulcers.
Vimovo is a combination of 500mg enteric coated naproxen and 20mg immediate release esomeprazole. In early December 2008, Pozen released positive top-line data from its 400-301/-302 phase III program testing PN-400 (20mg esomeprazole / 500mg naproxen) vs. 500mg enteric coated naproxen alone. Results show that 400 patients total in both trials taking PN-400 experienced statistically significant fewer number of confirmed gastric ulcers by endoscopy compared to 400 subjects receiving enteric coated naproxen during the six-month period.
Kimberly-Clark to Reduce Workforce by 3%
Kimberly-Clark Corporation (NYSE: KMB | Quote | Chart | News | PowerRating) announced plans to reduce its salaried workforce by approximately 1,600 positions (or 3%) by the end of 2009, which management believes will yield annualized savings of $150 million.
The organizational changes will require charges of $140 million to $150 million (or between $0.24 and $0.26 per share), mostly in the second quarter of 2009 (about $0.19 per share). Management expects to achieve $0.10 per share in savings during the second half of 2009.
Enterprise to buy Teppco
Enterprise Products Partners (NYSE: EPD | Quote | Chart | News | PowerRating) and Enterprise GP Holdings L.P. announced a definitive agreement to merge with Teppco Partners (NYSE: TPP | Quote | Chart | News | PowerRating) along with Teppco's general partner. The merger of the master limited partnerships (MLPs) will take place on a unit-for-unit basis to form the largest publicly traded energy partnership with an enterprise value of more than $26 billion.
The combined partnership will operate under the Enterprise name and trade under the 'EPD' ticker symbol. Post merger, Teppco and its general partner - Texas Eastern Products Pipeline Co. LLC - will become wholly owned subsidiaries of Enterprise. The completion of the merger is subject to regulatory approvals and is expected to take place in the fourth quarter of 2009.
Chevron Begins Steamflood
The Saudi Arabian subsidiary of Chevron Corporation (NYSE: CVX | Quote | Chart | News | PowerRating) started steam injection in its large-scale pilot steamflood project at Wafra field. This Eocene heavy-oil carbonate reservoir lies in the Partitioned Neutral Zone (PNZ) between Kuwait and Saudi Arabia. The $340 million pilot is the final test phase for steamflooding the reservoir. Upon completion, the project would be the world's first commercial conventional steamflood in a carbonate reservoir.
Steamflood technology is an enhanced oil recovery method that involves injecting steam into heavy-oil reservoirs to heat the crude oil underground, reducing its viscosity and allowing its extraction through wells. Chevron has been using this method over the years to produce heavy oil from reservoirs at Kern River, California, and Duri Field, Indonesia. Duri is the biggest producing field that Chevron operates in the country.
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