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News Breaks
June 20, 2014
09:46 EDTACHN, IDIX, MRKIdenix received bid above $18.00 per share prior to deal with Merck
In a regulatory filing, Merck (MRK) disclosed that, on June 3, the company submitted a revised proposal to acquire all of the outstanding shares of Idenix (IDIX) at a price per share of $18.00 in cash. On June 6, Centerview contacted Credit Suisse to inform Merck that its June 3rd proposal did not represent the highest price per share of any proposal received. Also on June 6, immediately following a meeting of the Idenix Board, representatives of Centerview contacted representatives of Merck to request that the company submit a best and final proposal by June 8. On June 8, Merck submitted its best and final proposal to acquire all of the outstanding shares at a price of $24.50 per share in cash, which was subsequently accepted and announced on June 9. Shares of Idenix peer Achillion Pharmaceuticals (ACHN) are up 4.7% to $8.46 in early trading following the disclosure that a bidder other than Merck had previously offered to buy Idenix for greater than $18.00 per share.
News For ACHN;IDIX;MRK From The Last 14 Days
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August 1, 2014
15:00 EDTMRKMerck weakness creates buying opportunity, says Argus
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10:50 EDTACHNAchillion call activity attributed to takeover speculation
Achillion August7 and 8 calls are active on total call volume of 2,800 contracts (140 puts) on takeover speculation. August call option implied volatility is at 137, September is at 129, December is at 131; compared to its 26-week average of 113 according to Track Data. Active call volume suggests traders taking positions for large price movement.
10:39 EDTACHNRumor: Achillion strength attributed to takeover speculation
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July 31, 2014
17:07 EDTIDIXIdenix reports Q2 EPS (43c), consensus (21c)
Reports Q2 revenue ($26.1M). At June 30, Idenix's cash and cash equivalents totaled $177.6M. The company continues to expect that its current cash and cash equivalents will be sufficient to sustain its operations into at least the second half of 2015. This guidance assumes no milestone payments or license fees, no reimbursement for development programs and no financing or merger.
09:54 EDTMRKSunTrust recommends swapping into Merck and out of Pfizer
SunTrust recommends swapping into Merck (MRK) and out of Pfizer (PFE). The firm sees more upside to Merck's numbers and notes Pfize has lost a considerable amount of exclusivity and pipeline contribution will not be enough to make up the difference.
07:06 EDTMRKColumbia Laboratories CEO sees Q3 revenues improving
Columbia Laboratories (CBRX) CEO stated, "The routine license renewal by Merck (MRK) Serono for one of its high-volume, high-margin markets is expected to be complete in 2H14, whereupon normal shipments will then resume at the beginning of 2015. The new license will be in place for five years, thereby restoring the predictability of this long-term revenue stream. In the interim, Merck Serono placed an order with us as part of a one-time exception during the renewal process. The order will be shipped in Q3 and benefit that quarter's revenues. In terms of the services business, we expect a sequential improvement in Q3 revenues due to successful recent business development activities and customer interest in our comprehensive suite of advanced technologies."
July 29, 2014
12:13 EDTMRKOn The Fly: Midday Wrap
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09:44 EDTMRKMerck CEO says has not been urged for big consolidation deal, CNBC says
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08:32 EDTMRKMerck says not interested in deal solely, primarily for inversion
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07:19 EDTMRKCBI to hold a conference
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06:59 EDTMRKMerck sees FY14 revenue $42.4B-$43.2B, consensus $42.56B
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06:58 EDTMRKMerck reports Q2 Januvia sales $1.58B, Q2 Zetia sales $1.13B
Reports Q2 Remicade sales $607M; Q2 Isentress sales $453M; Q2 Gardasili sales $409M; Q2 Proquad sales $326M; Q2 Singulair sales $284M; Q2 Nanosex sales $258M.
06:57 EDTMRKMerck sees FY14 non-GAAP EPS $3.43-$3.53, consensus $3.48
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06:57 EDTMRKMerck reports Q2 non-GAAP EPS 85c, consensus 81c
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July 28, 2014
15:47 EDTMRKNotable companies reporting before tomorrow's open
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14:03 EDTMRKEarnings Preview: Merck's pharmaceutical sales dependent on newer drugs
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10:36 EDTMRKMerck August weekly volatility elevated into Q2 and outlook
Merck August weekly call option implied volatility is at 26, August is at 16, September is at 15, January is at 16; compared to its 26-week average of 18 according to Track Data, suggesting large near term price movement into the expected release of Q2 result on July 29.
July 24, 2014
08:32 EDTMRKMerck initiates Phase 3 study of Letermovir
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July 21, 2014
07:21 EDTMRKGilead could be hurt by new HCV drugs, says Wells Fargo
Noting that data on a new Merck (MRK) HCV treatment is expected in November, Wells Fargo thinks Merck's HCV drug could be combined with Gilead's (GILD) Sovaldi to shorten the duration of treatment to four weeks. Other companies could take similar actions, and Gilead's per patient revenues would be significantly reduced if this occurs, the firm warned. However, it continues to have an upbeat outlook on Gilead heading into what it sees as a strong quarter and is still upbeat on the company's long-term HCV opportunity. It keeps an Outperform rating on Gilead.
06:43 EDTMRKGrowing market for hepatitis-C treatment prompts legal scramble, WSJ says
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