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Stock Market & Financial Investment News

News Breaks
March 25, 2014
06:57 EDTQCOR, KERX, AUXL, CBST, IRWD, ACRX, SLXP, BCRXBiotech weakness a buying opportunity, says Mizuho
Mizuho said the recent weakness in biotech will prove transient and has created buying opportunities in AcelRx (ACRX), Auxilium (AUXL), BioCryst (BCRX), Ironwood (IRWD), Keryx (KERX), Salix (SLXP), Cubist (CBST), and Questcor (QCOR).
News For ACRX;AUXL;BCRX;IRWD;KERX;SLXP;CBST;QCOR From The Last 14 Days
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January 28, 2015
16:47 EDTSLXPSalix provides update on audit committee review
Salix Pharmaceuticals announced that the Audit Committee of Salix’s Board of Directors, in consultation with its outside advisors and management, has determined that the Company’s previously issued consolidated financial statements for the full year 2013 and the first three quarters of 2014 require correction of certain errors and should no longer be relied upon. These restatements were based upon the results of an accounting review, conducted by outside counsel reporting to the Audit Committee and BDO Consulting, of potential accounting and financial reporting issues associated with sales to wholesalers and other wholesaler-related transactions. The errors, which are primarily related to the timing for recognition of certain revenue, revenue-reducing returns and discounts, and expense items, will be corrected in the Company’s restated financial statements. Salix believes the cumulative impact for correcting these matters over all previously reported periods affected by the restatement will decrease previously reported net product revenue and net income by approximately $20.7M and $11.9M, respectively. For the full year 2013, this would decrease previously reported net product revenue and net income by approximately $20.1M and $11.8M, respectively. For the nine months ended September 30, 2014, this would decrease previously reported net product revenue by $0.7M and result in no change in net loss. “The conclusion of the accounting portion of the ongoing Audit Committee review is an important milestone,” said Thomas W. D'Alonzo, Chairman of the Board of Salix. “While in total the restatements are minor in scale, the Audit Committee takes these matters very seriously and is in the process of promptly enhancing controls and procedures to ensure this never happens again.”
January 27, 2015
09:35 EDTAUXLAuxilium shareholders approve merger with Endo
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January 26, 2015
09:56 EDTBCRXBioCryst management to meet with JPMorgan
Meetings to be held in Boston on January 29-30 hosted by JPMorgan.
09:19 EDTBCRXOn The Fly: Pre-market Movers
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06:59 EDTBCRXBioCryst grants fast track designation for BCX4161
BioCryst announced that the FDA has granted Fast Track designation for BCX4161, a novel, orally administered, selective inhibitor of plasma kallikrein in advanced clinical development for the treatment of hereditary angioedema. BioCryst is enrolling HAE patients in the OPuS-2 trial of BCX4161; a double-blind, randomized, placebo controlled trial conducted in the U.S. and certain EU countries, with the goal of demonstrating the efficacy and safety of BCX4161 treatment for 12 weeks in approximately 100 patients with HAE. BioCryst expects to report results from OPuS-2 by the end of 2015.
January 25, 2015
13:57 EDTBCRXUK nurse make full recovery from Ebola, WSJ says
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January 22, 2015
14:03 EDTAUXLAuxilium to host special shareholder meeting
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07:38 EDTCBSTARIAD appoints DesRosier as Chief Legal and Administrative Officer
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January 21, 2015
19:55 EDTKERXKeryx 9.17M share Secondary priced at $12.00
The deal size was raised to 9.17M shares from 7.2M shares. JPMorgan acted as sole book running manager for the offering.
12:30 EDTSLXPGlaxoSmithKline 'admired' by Pfizer CEO, FT reports
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08:02 EDTCBSTMerck completes tender offer to acquire Cubist
Merck (MRK) announced the successful completion of the tender offer for all of the outstanding shares of common stock of Cubist Pharmaceuticals (CBST) at a purchase price of $102.00 per share. As of the tender offer expiration yesterday, 58,039,667 shares of common stock of Cubist were validly tendered and not properly withdrawn from the tender offer, representing approximately 75.7% of the outstanding common stock of Cubist on a fully diluted basis. All of such shares have been accepted for payment in accordance with the terms of the tender offer, and Merck expects to promptly pay for all such shares. Following consummation of the tender offer, Merck expects to complete the acquisition of Cubist later today through a merger of Merck’s wholly owned subsidiary with and into Cubist without stockholder approval. Upon completion of the merger, all outstanding shares of common stock of Cubist, other than shares held by Cubist in treasury or shares held by Cubist’s stockholders who are entitled to and properly exercise appraisal rights under Delaware law, will be canceled and converted into the right to receive cash equal to the $102.00 offer price per share without interest, less any applicable withholding taxes. In addition, upon completion of the merger, Cubist will become a wholly owned subsidiary of Merck and the common stock of Cubist will cease to be traded on the NASDAQ Stock Market.
January 20, 2015
18:30 EDTKERXOn The Fly: After Hours Movers
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17:18 EDTCBSTDana Holding to replace Cubist in S&P 400 as of 1/22 close
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16:06 EDTKERXKeryx files to sell $100M in common stock
J.P. Morgan is acting as the sole book-running manager in the offering. Keryx intends to use the net proceeds from the sale of its common stock to fund the ongoing commercialization and development of Auryxia in the US, pre-commercial activities in Europe, to potentially in-license, acquire and develop additional drug candidates, and other general corporate purposes.
14:31 EDTSLXPSalix climbs after Reuters says strategic options being explored
Shares of Salix Pharmaceuticals (SLXP) are jumping after Reuters reported that the company is working with investment bank Centerview Partners to explore strategic options, including a possible sale to a larger peer. On January 6, Cantor and Piper Jaffray wrote that the retirement of the company's CEO increased the chances that it would look to sell itself. Salix develops treatments for bowel disorders. WHAT'S NEW: Salix has hired Centerview Partners to help it explore various options, including a possible sale to a larger drug maker, Reuters reported this afternoon, citing three unnamed sources. However, Salix has not determined if it will look to sell itself now or wait until it hires a new CEO, the news service added. ANALYST VIEW: On January 6, after Salix announced that its CEO would retire, Cantor analyst Irina Koffler wrote that the retirement could "pave the way" for a sale of the company. The analyst wrote that "all options could be on the table." She raised her price target on the stock to $145 from $127 and kept a Buy rating on Salix shares. Similarly, Piper Jaffray analyst David Amsellem wrote that the CEO's departure, combined with the company's announcement last month of an accelerated workdown of its inventory levels, sets the stage for an eventual sale of the company. There would be "ample interest" in acquiring the company, added the analyst, who kept a $130 price target and Overweight rating on the shares. PRICE ACTION: In mid-afternoon trading, Salix jumped about 5% to trade near $126 per share.
14:23 EDTSLXPSalix calls active on exploring options report
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14:13 EDTSLXPSalix exploring options, including potential sale, Reuters reports
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13:48 EDTSLXPSalix exploring options with help of Centerview, Reuters reports
10:20 EDTCBSTOptions with decreasing implied volatility
Options with decreasing implied volatility: RPRX TLM BBY GME CBST NPSP
January 16, 2015
10:15 EDTCBSTOptions with decreasing implied volatility: BBY ETE CBST
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