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Stock Market & Financial Investment News

News Breaks
July 13, 2014
20:22 EDTMYL, ABTMylan near buying Europe-based drug portfolio from Abbott, Reuters says
Mylan (MYL) is in late stage talks to acquire a multibillion-dollar portfolio of established Europe-based drugs from Abbott Laboratories (ABT), says Reuters. According to the Reuters report from late Friday, the acquisition of foreign assets by Mylan may allow the U.S-based drug company to be eligible for a tax inversion. The monetary amount of the acquisition is not known but Reuters said it was previously told by sources that Abbott was looking to sell a portfolio of mature drugs that was valued at approximately $5B. Reference Link
News For ABT;MYL From The Last 14 Days
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July 6, 2015
13:44 EDTMYLMylan calls active after report of new Teva bid
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12:31 EDTMYLTeva to bump bid for Mylan up to $86-$88 per share, Bloomberg says
Teva (TEVA) plans to raise its takeover bid for Mylan (MYL) to $86 to $88 per share from the $82 per share it offered in April, reported Bloomberg, citing people with knowledge of the matter, who said the sweetened bid could be announced as soon as this week. Shares of Mylan are up 0.8% to $70.69 following the report, while Teva shares are up 0.3% to $61.74. Reference Link
12:22 EDTMYLMylan jumps after Bloomberg report of new Teva bid
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12:18 EDTMYLTeva planning to raise Mylan bid to $86-$88/share, Bloomberg reports
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July 2, 2015
09:50 EDTMYLThe Medicines Co. drops 3.2% to $27.43 in early trading
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July 1, 2015
08:01 EDTMYLTeva CEO: Pharma industry undergoing “very big shakeup,” Globes reports
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June 30, 2015
08:27 EDTMYLPerrigo deal for Roxane would make Mylan fight harder, says Citi
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June 25, 2015
12:52 EDTMYL, ABTEU to decide by July 29 on Mylan's bid for Perrigo, Reuters reports
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June 23, 2015
14:16 EDTMYLBMO Capital sees strong fundamentals in Perrigo regardless of Mylan deal
Shares of Perrigo (PRGO) are trading higher intraday after BMO Capital Markets initiated coverage of the stock with an Outperform rating. The research firm is bullish on the shares regardless of whether Mylan's bid for the company succeeds, saying Perrigo is well-positioned to ride momentum in reduced-price healthcare. WHAT'S NEW: BMO Capital Markets' David Maris initiated coverage of Perrigo with an Outperform rating and a $246 price target. Maris cited the company's 70%-plus market share in store- and private-label brands, as well as its roughly $1B annual sales in the generics space. The analyst believes Perrigo will see continued benefit from larger trends driving consumer-centric healthcare and the curtailing of medical costs. WHAT'S NOTABLE: BMO Capital Markets noted that two upcoming Tysabri-related events are not accounted for by the Street, giving rise to a "significant" undervaluing of the shares. Mylan (MYL) has submitted multiple unsolicited offers for Perrigo, and while the likelihood of the deal seems low given Perrigo's numerous rejections and Teva's (TEVA) 4.61% blocking stake in Mylan. BMO Capital remarked that a failed deal should see "limited downside" for Perrigo. There could certainly be near-term volatility if a Mylan agreement doesn't materialize, but the analyst was confident in the well-positioned company's ability to deliver on both earnings per share and cash flow. PRICE ACTION: Shares of Perrigo are up nearly 2% in afternoon trading. The company saw a nearly 25% leap following Mylan's initial offer on April 8, though it has since dipped from that high.
08:49 EDTMYLMylan CFO to meet with Tel Aviv bourse head Wednesday, Reuters says
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06:01 EDTMYLPerrigo initiated with an Outperform at BMO Capital
BMO Capital analyst David Maris started Perrigo (PRGO) with an Outperform rating and $246 price target. Maris calls shares "significantly undervalued" on a fundamental basis and sees limited downside risk should Mylan (MYL) remove its unsolicited bid for the company.

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