Alcon has signed up to help finance the purchase of one of its own suppliers. Whether Lifecore Biomedical shareholders end up with $6.28 a share or as much as $9.67 depends partly on how much Alcon keeps ordering. Kodiak Sciences had the louder Monday. Filana Therapeutics got a clinical hold lifted and watched the rally evaporate.
Lifecore Agrees to $663.7 Million Take-Private by Webster Equity
Lifecore Biomedical, Inc. (Nasdaq: LFCR) agreed on September 28 to be acquired by Webster Equity Partners in a deal valued at up to $663.7 million. Common holders get $6.28 a share in cash at closing, a 49.5% premium to the September 25 close, plus one contingent value right (CVR), a non-tradable claim on future cash if targets are hit. Shares jumped almost 56% on the news.
The CVR is where the upside lives. It pays up to $160 million in total: $30 million on a 2028 revenue target, $45 million on a 2029 revenue target and $85 million if 2030 EBITDA reaches $120 million. Hit all three and holders collect $9.67 a share. The revenue tests count Alcon’s business separately from every other customer. Alcon Research is also one of three firms committing debt financing to the buyer.
Nothing closes before year-end. The deal needs a shareholder vote and regulatory approvals, and a 30-day go-shop lets Lifecore court a higher bidder. Series A preferred holders take their own cash payout, about $50.2 million as of June 30 and still accruing at 7.5% a year. Lifecore, a contract manufacturer of sterile injectables and pharmaceutical-grade hyaluronic acid, booked $128.9 million in fiscal 2025 revenue.
Kodiak Sciences Nearly Triples as Zenkuda Hits Phase 3 Goal
Kodiak Sciences Inc. (Nasdaq: KOD) shares surged as much as 190% on September 28 and traded near $90 late in the session, up from a $32.35 prior close. The company was worth roughly $2 billion going in.
The trigger: its Phase 3 DAYBREAK trial in wet age-related macular degeneration met its primary endpoint. Zenkuda matched aflibercept on vision gains at one year (p=0.0007), and 54% of patients reached six months between injections under strict retreatment rules. Intraocular inflammation came in at 0%. Sister drug tabirafusp-ted also hit its vision endpoint.
Matched is the operative word. DAYBREAK was a non-inferiority trial, built to prove Zenkuda is no worse than the standard of care. Durability is the pitch. Both drugs remain investigational. Kodiak plans a three-indication biologics license application in the fourth quarter covering wet AMD, diabetic retinopathy and retinal vein occlusion, with Phase 3 data for KSI-101 due in December. It reported $125.9 million in cash in its latest quarter.
FDA Lifts Clinical Hold on Filana’s Simufilam Epilepsy Trial
Filana Therapeutics, Inc. (Nasdaq: FLNA) said on September 22 that the FDA lifted its clinical hold on investigational drug simufilam, clearing a 40-patient Phase 2a trial in epilepsy tied to tuberous sclerosis complex, a rare genetic disorder. Screening starts by the first quarter of 2027. The efficacy evidence so far comes from mouse studies.
The stock closed up 39% that day, then slid back to about $0.75 by September 25, roughly where it started.
The name is new. The drug is not. Filana was Cassava Sciences until March. Its Alzheimer’s program failed in Phase 3, and it faced a Justice Department investigation and class-action litigation over alleged scientific misconduct. Settlements have since been reached. The company paid $31.25 million into escrow in July pending court approval of the securities settlement and expects $36 million to $40 million in unrestricted cash at year-end. Nasdaq flagged the stock on September 17 for closing below $1 for 30 straight business days. The deadline to fix it is March 16, 2027. Market cap sits near $36 million.
LFCR, KOD, FLNA: Forward-Looking FAQ
Not automatically. Lifecore’s board can terminate the Webster agreement for a superior proposal under the merger agreement’s terms, which include a possible termination fee, and the company does not plan to disclose go-shop updates unless it deems that appropriate or required.
Not on vision. DAYBREAK showed non-inferiority on vision gains; the dosing interval is the differentiator Kodiak will take to the FDA in a BLA it has not yet submitted.
Not directly. Screening does not start until the first quarter of 2027, and Filana needs 10 straight closing bids at $1 or higher; its filing says only that it may consider unspecified options to regain compliance.
Sources
- GlobeNewswire / Lifecore Biomedical: Lifecore Biomedical to be Acquired by Webster Equity Partners, September 28, 2026
- StockTitan: Lifecore release text, CVR milestone table and preferred Conversion Amount, September 28, 2026
- LevinPro Healthcare M&A: Webster Equity Partners Acquires Lifecore Biomedical in Take-Private Deal, September 28, 2026
- Finimize: Biotech and Small-Cap Healthcare Stocks Jumped on Big News, September 28, 2026
- PR Newswire / Kodiak Sciences: Zenkuda and tabirafusp-ted Meet Primary Endpoints in Pivotal DAYBREAK Trial in wAMD, September 28, 2026
- FX Leaders: Kodiak Sciences KOD Stock Soars Toward $100 After Strong Phase 3 DAYBREAK Trial Data, September 28, 2026
- Timothy Sykes: KOD Stock Explodes As Phase 3 Catalyst Frenzy Draws Wall Street, September 28, 2026
- Kelin Research: 28/09/2026 Biotech Morning Brief (KOD prior close), September 28, 2026
- StockAnalysis: Kodiak Sciences (KOD) Statistics & Valuation, September 28, 2026
- GlobeNewswire via StockTitan / Filana Therapeutics: FDA Lift of Clinical Hold on Simufilam, September 22, 2026
- StockTitan: September 2026 Stock Gainers on News (FLNA session and follow-through data)
- SEC EDGAR: Filana Therapeutics Form 8-K, Nasdaq minimum bid price notice, filed September 18, 2026
- Filana Therapeutics: Q2 2026 Financial Results and Business Update, July 29, 2026
- Fierce Pharma: Filana Leaves Cassava Roots Behind Amid Branch Into Epilepsy, March 2026
Editorial Disclosure
Securities discussed: Lifecore Biomedical, Inc. (Nasdaq: LFCR), Kodiak Sciences Inc. (Nasdaq: KOD), and Filana Therapeutics, Inc. (Nasdaq: FLNA). aktiego.com has not received any compensation from any company mentioned, their management, investor relations representatives, or any third party. No staff member or principal of aktiego.com holds a position in any security mentioned at the time of publication.
These are speculative investments carrying significant risk including potential total loss of capital. Coverage on aktiego.com is provided for informational and educational purposes only. aktiego.com is not a registered investment advisor. Nothing in this article constitutes financial, investment, or professional advice. Readers are encouraged to conduct their own due diligence and consult a qualified financial advisor before making any investment decisions. For more information please see our full DISCLAIMER.
