Halister News

(Bloomberg) -- Galapagos shares surge as much as 18%, the most since December 2015, after the Belgian drugmakersaid one of its drugs halted disease progression in a Phase 2a study on patients suffering from idiopathic pulmonary fibrosis (IPF).

• Shares trade at EU73.31 as of 9:21am CET
  • Trading volume is 89% of 3mo. daily avg
• Promising data further validates discovery platform, will change the development and possibly the commercialisation plans for this asset, increasing the value significantly, Citi analysts led by Nick Nieland write in client note
  • Original plans to develop as an add-on may be augmented by phase 3 testing as a single agent
• GLPG1690 -- first autotaxin inhibitor to show effect in IPF patient trial -- was generally well tolerated, forced vital capacity (FVC) in lungs stabilized over the 12-week treatment period, placebo arm showed expected decline

To contact the reporter on this story: Roxana Zega in Zurich at rzega@bloomberg.net To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net Angela Cullen

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.

• To get this story sent to your inbox real-time, run NI INRATINGS, click on Display & Edit, then Set Alert Delivery

DOWNGRADE

• Kalisma Steel
  • Fund-based facility cut to BB+ from BBB- at Brickwork
  • Cites deterioration in debt coverage position

UPGRADES

• DRRK Foods
  • Long-term bank facilities raised to BB+ from BB at Crisil
  • Expects the company to prudently manage its working capital requirement, which will result in low bank borrowings
• Eveready Industries
  • Term loans raised to AA- from A+ at India Ratings
  • Cites revenue diversification
• Fabtech Technologies
  • LT bank facilities raised to BBB+ from BBB at Crisil
  • Cites higher revenue and profitability
• Madhuban Trade
  • LT bank facilities raised to BBB+ from BBB at Crisil
  • Cites correction in MTC group’s capital structure, improved interest coverage
• MTC Business
  • LT bank facilities raised to A- from BBB+ at Crisil
  • Cites correction in MTC group’s capital structure, improved interest coverage
• PPAP Automotive
  • LT bank facilities raised to A+ from A at Crisil
  • Cites increasing customer diversification
• R. C. Enterprise
  • LT bank facilities raised to BB+ from BB at Crisil
  • Cites expected improvement in group’s business, financial risk profiles
• Tulsi Paper
  • LT bank facilities raised to BBB from BBB- at Crisil
  • Expects improvement in revenue, profitability

--ALEXANDER KELL