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Elanco Animal Health has inked a definitive agreement to acquire Kindred Biosciences for $9.25 per share, valuing the deal at approximately $440 million. This acquisition aims to enhance Elanco's footprint in the pet health market, particularly in dermatology, with three potential blockbuster products and additional R&D programs in development. Elanco expects this combination to add $100 million to its 2025 innovation revenue target of $500-$600 million. The transaction is anticipated to close in Q3 2021, pending shareholder and regulatory approvals.
Elanco Animal Health (NYSE: ELAN) has signed a definitive agreement to acquire Kindred Biosciences (NASDAQ: KIN) for approximately $440 million, valuing KindredBio at $9.25 per share, a 52% premium. This acquisition aims to enhance Elanco's presence in the pet health market, particularly in dermatology, with three potential blockbuster products expected by 2025. Elanco anticipates that this deal will contribute an additional $100 million to its innovation revenue forecast of $500 million to $600 million by 2025. The acquisition is expected to close in Q3 2021, pending regulatory approvals.
Kindred Biosciences (NASDAQ: KIN) announced positive results from a pivotal study of KIND-030 for treating canine parvovirus. The trial showed a 100% survival rate in dogs treated with KIND-030 compared to 43% in the placebo group. This monoclonal antibody targets canine parvovirus, offering a single injection treatment that eliminates the need for costly hospitalization. The results indicate potential for both treatment and prevention of the disease, with submissions for regulatory approval expected soon. Parvovirus has a mortality rate up to 91% if untreated, making this a critical advancement.
Kindred Biosciences (NASDAQ: KIN) will present at the Stifel 2021 Virtual Jaws & Paws Conference on June 2 and the LD Micro Invitational XI on June 8. CEO Dr. Richard Chin will conduct one-on-one meetings with investors to discuss recent developments and therapeutic programs. Details for the conferences include:
- Stifel Conference: Presentation from 11:00–11:25 a.m. ET
- LD Micro Conference: Presentation from 1:30–1:55 p.m. ET
Kindred Biosciences reported Q1 2021 revenues of $2.4 million and a net loss of $9.7 million, or $0.24 per share. The company highlighted positive developments in its long-acting IL-31 antibody program and gained approval for its parvovirus monoclonal antibody efficacy data, projecting a cash runway through 2023. Cash and investments totaled $63.3 million. Decreased R&D expenses of $6.3 million were noted compared to $8.9 million in Q1 2020. The firm anticipates operational expenses between $41 to $43 million for 2021.
Kindred Biosciences, Inc. (NASDAQ: KIN) will release its Q1 2021 financial results on May 11, 2021, after market close. The company aims to improve pet health with innovative biologics, leveraging human medicine safety and efficacy. A conference call will be held at 4:30 p.m. Eastern where analysts can discuss the results. Interested parties may join by calling 855-433-0927 in the U.S. or 484-756-4262 internationally, using conference ID 7573679. The call will also be webcast live, with replays available for 30 days.
On April 28, 2021, Kindred Biosciences (NASDAQ: KIN) announced that the USDA has accepted the efficacy data for its monoclonal antibody, KIND-030, aimed at preventing canine parvovirus (CPV) infection. The pivotal study showed that 0% of treated dogs developed CPV, while the placebo group had a 100% infection rate. This acceptance is a significant milestone, progressing KindredBio's drug development for pets. The company expects to complete the efficacy study for treating established CPV by mid-2021.
Kindred Biosciences, Inc. (NASDAQ: KIN) announced promising results from its long-acting interleukin (IL)-31 antibody program (KIND-039), showing a three-fold longer half-life compared to tirnovetmab. This advancement is anticipated to improve convenience and compliance for canine dermatitis treatment by allowing longer intervals between doses. The company plans to initiate pivotal studies by year-end 2021. Their innovative half-life extension technology is expected to enhance therapeutic efficacy and profitability, targeting a significant market need in veterinary medicine.
Kindred Biosciences, Inc. (NASDAQ: KIN) reported its Q4 and full-year 2020 financial results, with net revenues of $1 million in Q4 and a net loss of $10.9 million, or $0.28 per share. For the full year, net product revenues were $42.2 million, driven by the sale of Mirataz, and a net loss of $21.8 million, or $0.55 per share. The company highlights positive outcomes from canine inflammatory bowel disease trials and advancements in its biologics pipeline, including an upcoming pivotal study for tirnovetmab. KindredBio expects operating expenses for 2021 to be between $41 to $43 million.
Kindred Biosciences, Inc. (NASDAQ: KIN) will announce its fourth quarter and full year 2020 financial results on March 16, 2021, after market close. A conference call will follow at 4:30 p.m. ET, accessible via toll-free number (855) 433-0927 or internationally at (484) 756-4262. The call will also be available as a live webcast. Kindred Biosciences focuses on developing safe and effective biologics for pets, utilizing targets that are already validated in humans. The company boasts a robust pipeline and advanced manufacturing capabilities.
