Just because it was announced earlier last week that Pfizer would be acquiring Allergan PLC (NYSE:AGN) in a deal worth upwards of $160 billion, doesn’t mean that the company halts all operations. This is clear in news breaking this morning by Allergan and Rugen Therapeutics, who have announced a collaboration for the development and discovery of potentially ground-breaking treatments for autism spectrum disorders and obsessive compulsive disorders.
“Allergan is committed to finding breakthrough therapies in areas where there are limited treatment options. Autism Spectrum Disorders and OCD are areas of medicine where there continues to be a substantial amount of unmet need in identifying and developing treatments for the underlying mechanisms of disease. For example, according to the Centers for Disease Control & Prevention, one in 68 children has autism spectrum disease,” said David Nicholson, Executive Vice President, Global Brands Research and Development at Allergan. “The compounds we are working to develop with Rugen are in preclinical development, but we are excited by the possibilities that these novel molecules may provide to physicians, patients and caregivers facing these disorders.”
The two companies will work side-by-side to first develop orally active molecules. Rugen has received an upfront fee, and will continue to receive milestone payments along during stages of development. The stock closed at $311.47 during the last session. It is down 20.60% since November 5, 2014 and is uptrending. It has outperformed by 21.61% the S&P500.
The institutional sentiment decreased to 0.01 in Q2 2015. Its down 3.67, from 3.68 in 2015Q1. The ratio fell, as 968 funds sold all Allergan PLC shares owned while 11 reduced positions. 2 funds bought stakes while 3 increased positions. They now own 658,072 shares or 99.95% less from 1.31 billion shares in 2015Q1.
Dorsey Wright & Associates holds 2.91% of its portfolio in Allergan PLC for 20,276 shares. Delphi Management Inc Ma owns 39,110 shares or 1.6% of their US portfolio. Moreover, First National Bank Of Omaha has 0.75% invested in the company for 38,231 shares. The Denmark-based Cam Group Holding A S has invested 0.58% in the stock. Diam Co. Ltd., a Japan-based fund reported 124,682 shares.