Alexion, Amgen appear to have agreed to settlement deal, says Stifel

Stifel analyst Paul Matteis noted that Alexion (ALXN) and Amgen (AMGN) requested a trial postponement last night and he views filings with the Patent Trial and Appeal Board as suggesting that the parties appear to have agreed in principle on a settlement in Amgen’s three PTAB challenges to Soliris patents. While the terms haven’t been disclosed, the “bottom line for the stock” is that this is good news and Alexion shares “will likely deservedly trade higher today,” Matteis tells investors. However, he keeps a Hold rating on Alexion as he believes that it is debatable as to whether biosimilar or branded competition is the more salient threat and he would argue for the latter. Additionally, Matteis thinks that so far the company’s deals for Syntimmune, Affibody and Stealth “have been disappointing.”