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Stock Market & Financial Investment News

News Breaks
May 1, 2013
08:03 EDTACT, VRXActavis acquires worldwide rights for Valeant's Metronidazole 1.3% vaginal gel
Actavis (ACT), and Valeant (VRX) announced that Actavis Specialty Brands has acquired worldwide rights to Valeant's Metronidazole 1.3% Vaginal Gel antibiotic development product, a topical antibiotic for the treatment of bacterial vaginosis. Under the terms of the agreement, Actavis Specialty Brands is acquiring the product for approximately $55M which includes upfront and certain milestone payments, and minimal royalties for the first three years of commercialization. In the event of generic competition on Metronidazole 1.3%, should Actavis choose to launch an authorized generic product, the company would share the gross profits of the authorized generic with Valeant.
News For ACT;VRX From The Last 14 Days
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April 21, 2014
19:02 EDTVRXOn The Fly: After Hours Movers
NOTABLE: Allergan (AGN), up 20%, and Valeant Pharmaceuticals (VRX), up 9.1%, both advanced after The Wall Street Journal reported that activist investor Bill Ackman is teaming up with Valeant to make a bid for Allergan. Following the report, Ackman's Pershing Square filed a 13D with the SEC disclosing a 9.7% stake in Allergan and outlining an agreement with Valeant. The agreement, among other things, said that Valeant plans to make a bid for Allergan comprised of $15B of cash and a to-be-determined amount of Valeant stock. The filing also showed that Ackman began building a position in Allergan in late February, and at that time entered an agreement with Valeant forming a new, jointly-owned entity through which to acquire a position in Allergan. CNBC's David Faber reported that Valeant is expected to officially make a hostile bid for Allergan by tomorrow. UP AFTER EARNINGS: Netflix (NFLX) gained 6.3% after reporting profits that beat expectations on revenues that were in-line with expectations. The streaming internet video service also reported that U.S. subscribers grew by 2.25M in the first quarter, with its international subscriber base expanding by 1.75M for the period. DOWN AFTER EARNINGS: Rambus (RMBS) fell 7.5% after providing a second quarter revenue outlook that fell short of expectations, with the company adding that its revenue outlook, "includes expectations that the company will sign new customers for patent as well as solutions licensing." Rambus' first quarter results, however, came in better than expected, and the company also reaffirmed its fiscal 2014 revenue outlook.
17:10 EDTVRXValeant says Ackman can terminate agreement if no Allergan offer by May 2
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17:09 EDTVRXValeant says intends to propose merger with Allergan
Company said in regulatory filing it expects offer to be comprised of $15B of cash with a stock component to be determined.
17:07 EDTVRXValeant, Allergan deal to have $25-$30 per share of synergies, Faber says
CNBC's David Faber is reporting that Valeant's board is meeting tonight regarding a potential bid for Allergan, which it will make in combination with Bill Ackman's Pershing Square. Faber reports that the proposed combination would have about $25-$30 per share in synergies and the offer will 1/3 cash and 2/3 stock.
17:05 EDTVRXAckman reports 9.7% stake in Allergan, to consult with Valeant stake
Bill Ackman's Pershing Square disclosed in a regulatory filing that it holds a 9.7% stake in Allergan (AGN) and that it intends to consult with Valeant (VRX) on its investment. In its filing, Pershing Square said, "Valeant currently intends to propose a merger in which Allergan's shareholders will receive a combination of cash and Valeant common shares. Valeant has not yet determined the amount of cash and number of Valeant common shares it will offer, but it currently expects the cash component will total around $15B. Barclays and Royal Bank of Canada have indicated that they are prepared to deliver financing commitments covering the cash portion of the transaction at the time Valeant makes an offer." Pershing disclosed that on February 25, it entered an agreement with Valeant. As part of the deal, Pershing and Valeant agreed to for a new, jointly owned entity through which they would acquire equity in Allergan. Also, as part of that deal, Pershing Square will acquire $400M of Valeant stock at a 15% discount to current market prices immediately prior to consummation of an offer by Valeant to acquire Allergan. Shares of Allergan remain higher by more than 18% in after hours trade, while Valeant shares are up about 10%.
16:59 EDTVRXPershing Square says intends to consult with Valeant on Allergan investment
16:58 EDTVRXPershing Square says Valeant intends to propose merger with Allergan
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16:40 EDTVRXValeant expected to make hostile bid for Allergan tomorrow, Faber says
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16:38 EDTVRXAckman, Valeant team up on Allergan bid, WSJ says
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16:26 EDTVRXValeant, Bill Ackman team up on Allergan takeover, DJ says
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08:58 EDTACTImpax appoints G. Frederick Wilkinson as CEOActavis
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April 17, 2014
16:18 EDTACTActavis to purchase four marketed products from Akorn and Hi-Tech Pharmacal
Actavis (ACT) announced that it has entered into agreements with Akorn (Akrx) and Hi-Tech Pharmacal (HITK) to purchase four currently marketed products and one product under development for cash consideration. The closing of the purchase agreements are contingent upon the consummation of Akorn's acquisition of Hi-Tech. Financial terms of the agreements were not disclosed. The agreements include three products marketed under Abbreviated New Drug Applications and one product marketed under a New Drug Application: Lidocaine/Prilocaine Topical Cream. The agreements also include one product under development.
16:08 EDTACTActavis, Forest Labs receive second request under Hart-Scott-Rodino from FTC
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April 16, 2014
10:00 EDTACTOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: A10 Networks (ATEN) initiated with a Buy at BofA/Merrill... Actavis (ACT) initiated with a Buy at Sterne Agee... Allergan (AGN) initiated with a Buy at Sterne Agee... Autohome (ATHM) initiated with a Neutral at Credit Suisse... BitAuto (BITA) initiated with an Outperform at Credit Suisse... Centene (CNC) initiated with a Neutral at UBS... Endo International (ENDP) initiated with a Buy at Sterne Agee... FS Investment (FSIC) initiated with an Overweight at Evercore... Hertz (HTZ) initiated with a Buy at Gabelli... Hilton (HLT) initiated with a Hold at Jefferies... Hospira (HSP) initiated with a Neutral at Sterne Agee... ImmunoGen (IMGN) initiated with a Buy at Canaccord... Impax (IPXL) initiated with a Neutral at Sterne Agee... Imperva (IMPV) assumed with a Neutral at Wedbush... Ingredion (INGR) initiated with an Outperform at Credit Suisse... Laredo Petroleum (LPI) initiated with an Outperform at RW Baird... Lpath (LPTN) initiated with a Buy at Canaccord... MediWound (MDWD) initiated with an Outperform at Oppenheimer... Medivation (MDVN) initiated with a Hold at Canaccord... NPS Pharmaceuticals (NPSP) assumed with a Buy at Canaccord... Nimble Storage (NMBL) initiated with a Market Perform at Raymond James... Regeneron (REGN) initiated with a Buy at Canaccord... Salix (SLXP) initiated with a Buy at Sterne Agee... Sibanye Gold (SBGL) initiated with an Outperform at Imperial Capital... Teva (TEVA) initiated with a Neutral at Sterne Agee... Wipro (WIT) assumed with a Hold at Jefferies.
08:34 EDTVRX, ACTPiper Jaffray tech and biopharma analysts hold analyst/industry conference call
Technical Analyst Johnson, along with BioPharma Analysts, discuss the recent downturn in the biotech and specialty pharmaceuticals industries on an Analyst/Industry conference call to be held on April 17 at 10 am.
07:59 EDTACTActavis initiated with a Buy at Sterne Agee
Target $230.
07:19 EDTVRXValeant top pick in specialty pharmaceutical space, says Cantor
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April 15, 2014
10:21 EDTACTMylan announces settlement agreement for first-to-file Generess
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08:07 EDTACTActavis announces agreement related to Generess FE patent challenge litigation
Actavis (ACT) announced that it has entered into an agreement with Mylan (MYL) and Famy Care to settle all outstanding patent litigation related to Mylan's generic version of Generess. Under the terms of the agreement, Actavis will grant Mylan a license to market its generic version of Generess® FE under its pending Abbreviated New Drug Application beginning on April 1, 2015. Alternatively, Mylan will be permitted to launch an authorized generic version of Actavis' product beginning on October 1, 2015. Other terms of the settlement were not disclosed. Actavis remains in litigation with Lupin Ltd in connection with Lupin's pending ANDA for a generic version of Generess.
April 11, 2014
10:30 EDTACTActavis and Mylan shares recommended at Bernstein
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