UK-based pharmaceutical company AstraZeneca Plc (AZN) on Thursday disclosed that it has the capacity to produce 1 billion doses of its coronavirus vaccine should it prove to be successful. The stock rose 3.5% to $55.65 in pre-market U.S. trading.The drugmaker said it has signed first agreements for at least 400 million doses and has secured total manufacturing capacity for one billion doses of the potential vaccine, which it is developing with Oxford University. Start of deliveries are planned for September 2020, the company said in a statement.AstraZeneca is also working on entering into additional agreements supported by several parallel supply chains, which is aimed at expanding capacity further over the next months to ensure the delivery of a globally accessible vaccine, the company said.All of this though will be dependent on getting data results from the vaccine candidate’s Phase I/II clinical trial, which the drugmaker expects shortly and if positive, would lead to late-stage trials in a number of countries.“AstraZeneca recognises that the vaccine may not work but is committed to progressing the clinical program with speed and scaling up manufacturing at risk,” the company said in the statement.Moreover, AstraZeneca announced that it has received more than $1 billion from the US Biomedical Advanced Research and Development Authority (BARDA) for the development, production and delivery of the vaccine, starting in the fall. The development programme includes a Phase III clinical trial with 30,000 participants and a paediatric trial.The drugmaker informed investors that Thursday’s announcement is not expected to have any significant impact on its financial guidance for 2020.“Expenses to progress the vaccine are anticipated to be offset by funding by governments,” the company said.Shares in AstraZeneca have ballooned 42% in the past two months as the drugmaker joined the list of companies engaged in the development of a coronavirus vaccine.TipRanks data shows that Wall Street analysts have a bullish outlook on the stock boasting only Buy ratings. Following the recent share rally, the $57.50 average price target puts the upside potential at 6.9% in the coming 12 months. (See AstraZeneca stock analysis on TipRanks).Related News: Gilead and Galapagos Score Positive Topline Results For Ulcerative Colitis Trial Moderna Spikes 21% Amid “Positive” Early-Stage Covid-19 Vaccine Data AstraZeneca-Merck Lynparza Prostate Cancer Treatment Gets FDA Approval More recent articles from Smarter Analyst: * Akorn Plummets 27% In Pre-Market On Bankruptcy Filing * Google, Apple Roll Out Coronavirus Contact Tracing Technology * Visa Makes Analytical Play With GoodData Investment * Expedia Q1 Gross Bookings Plunge 39%, And Worse To Come
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Shares in Boston Scientific (BSX) pulled back 2% in after-hours trading on Wednesday after the company announced concurrent offerings of $750 million of shares of its common stock and $750 million of shares of its Series A Mandatory Convertible Preferred Stock.The medical device manufacturer also expects to grant the underwriters separate 30-day options to purchase up to an additional $112.5 million of common stock and up to an additional $112.5 million of preferred stock.According to the statement, Boston Scientific will use part of the proceeds from to repay in full the remaining $750 million outstanding under its $1.25 billion term loan credit facility maturing on April 2021 and to pay the related fees, expenses and premiums.The remaining proceeds will be used for general corporate purposes, says BSX, which may include refinancing or repayment of other outstanding indebtedness and funding potential future acquisitions and investments.The closing of each offering is not contingent upon the closing of the other offering.J.P. Morgan and BofA Securities are acting as joint book-running managers for the offerings.On May 15, Boston announced the pricing of a public offering of $1.7 billion senior notes with $500 million in aggregate 1.9% notes due 2025 and $1.2 billion in aggregate 2.65% notes due 2030.BSX has plunged 18% year-to-date, but analysts are retaining an optimistic outlook on the stock’s potential. The Street has a Strong Buy consensus on Boston Scientific, with an average analyst price target of $43 (16% upside potential). (See BSX stock analysis on TipRanks)“Despite short-term delays and disruption to current launches and the product pipeline, we continue to like BSX’s innovation and growth profile” explains BTIG’s Marie Thibault. She reiterated her Buy with a $44 PT, but ‘meaningfully’ reduced her revenue forecast for 2020 as global revenue is expected to decline 45-50% y/y in April.Related News: Bluebird Prices New Shares At $55, Seeks To Raise $500 Million Gilead and Galapagos Score Positive Topline Results For Ulcerative Colitis Trial AstraZeneca-Merck Lynparza Prostate Cancer Treatment Gets FDA ApprovalPopular in the Community More recent articles from Smarter Analyst: * Akorn Plummets 27% In Pre-Market On Bankruptcy Filing * AstraZeneca Can Make Up To 1B Covid-19 Vaccine Doses, Signs First Supply Pacts * Google, Apple Roll Out Coronavirus Contact Tracing Technology * Visa Makes Analytical Play With GoodData Investment
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