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Stock Market & Financial Investment News

News Breaks
April 30, 2014
07:17 EDTACTActavis reports Q1 adjusted EPS $3.49 , consensus $3.24
Reports Q1 revenue $2.66B, consensus $2.59B.
News For ACT From The Last 14 Days
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September 28, 2014
16:21 EDTACTAllergan holder Jackson Square Partners against large acquisition
Jeff Van Harte, chairman and chief investment officer of Allergan (AGN) investor Jackson Square Partners, sent a letter to Allergan's board which said in part: "We have owned Allergan equity for well over a decade. Our clients' portfolios hold over $1B of the company's stock. As their fiduciary, we feel obligated to publicly raise our concerns regarding the value-creation strategy the Board of Directors appears to be pursuing. You have refused to engage with Valeant (VRX), describing their takeover offer as "grossly inadequate."... Press reports indicate Allergan has recently been approached by a second bidder, Actavis (ACT). Though the company has not commented, we assume you have declined to engage with them as well. Instead, the Board seems focused on hastily closing a large acquisition. Given the circumstances, this can only mean that the price paid must be dramatically higher than would otherwise be the case, depressing potential returns on invested capital. More disturbingly, this approach appears to be intended to not only preempt shareholder approval, but also eliminate interest from the various bidders for the company. Management has defended this stance by claiming that shareholder feedback has been strongly in favor of an acquisition, preferably to be completed prior to the special meeting on December 18.That a large majority of Allergan shareholders would support such a strategy is hard to fathom, and doesn't reflect our understanding of the situation. If there are investors who feel this way, however, we want to be very clear: we are not among them. Completing an acquisition prior to the special meeting will all but eliminate Allergan's alternatives for creating value. Limiting options is not in shareholders' interests. We strongly urge you to fully engage all available paths, thereby ensuring value maximization. Please forward this letter to the rest of the Board." Note that Allergan has been reported to be in talks to buy Salix Pharmaceuticals (SLXP).
September 25, 2014
16:08 EDTACTActavis confirms generic Butrans patent challenge
Actavis confirmed that it has filed an Abbreviated New Drug Application, or ANDA, with the FDA seeking approval to market Buprenorphine Transdermal System, 5 mcg/hr, 10 mcg/hr and 20 mcg/hr. Actavis' ANDA product is a generic version of Purdue Pharma's Butrans, which is indicated for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment for which alternative treatment options are inadequate. Purdue Pharma L.P. filed suit against Actavis on September 24 in the U.S. District Court for the District of Delaware seeking to prevent Actavis from commercializing its ANDA product prior to the expiration of certain U.S. Patents. The lawsuit was filed under the provisions of the Hatch-Waxman Act, resulting in a stay of final FDA approval of Actavis' ANDA for up to 30 months from the date the plaintiffs received notice of Actavis' ANDA filing or until final resolution of the matter before the court, whichever occurs sooner, subject to any other exclusivities. Based on available information, Actavis believes it may be a "first applicant" to file an ANDA for the generic version of Butrans and, should its ANDA be approved, may be entitled to 180 days of generic market exclusivity.
08:34 EDTACTValeant strength not solely due to Q3 update, says UBS
UBS said it does not believe Valeant's (VRX) 7% advance yesterday was solely attributable to the company's Q3 update, but that news reports that Actavis (ACT) may be competing with Allergan (AGN) to buy Salix (SLXP) may have led some investors to see Allergan as more vulnerable to Valeant. UBS won't rule out Allergan having alternative options, but the firm also believes Valeant has additional M&A ideas if a deal with Allergan does not work out. UBS maintains its Buy rating and $155 price target on Valeant.
September 24, 2014
09:11 EDTACTSalix up after CNBC reports merger talks with Actavis
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09:02 EDTACTActavis, Salix in early merger talks, CNBC's Faber reports
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06:14 EDTACTPfizer, Actavis takeover talks ended last week, WSJ reports
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September 23, 2014
14:38 EDTACTActavis calls active on report Pfizer approached on takeover
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14:23 EDTACTPfizer approached Actavis about takeover, Bloomberg reports
Pfizer (PFE) approached Actavis (ACT) to express interest in an acquisition, Bloomberg reports, citing people with knowledge of the matter said. No formal talks are ongoing and Pfizer has not made an offer, Bloomberg adds. Pfizer is still considering pursuing a deal with AstraZeneca (AZN) as well as other options, the report says. Shares of Actavis rallied 3% to $243.06 following the story. Reference Link
14:22 EDTACTActavis spikes on report Pfizer approached on takeover
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14:12 EDTACTPfizer weighing options including AstraZeneca bid, Bloomberg says
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14:12 EDTACTPfizer approached Actavis about takeover, Bloomberg reports
12:28 EDTACTSalix climbs after reports say Allergan discussing takeover
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09:13 EDTACTOn The Fly: Pre-market Movers
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08:31 EDTACTSalix takeout price could be $200 per share, says Leerink
Leerink estimates a takeout valuation for Salix (SLXP) of $200 per share, but says it would start recommending investors take profits above $185. The firm believes a potential deal with Allergan (AGN) would likely include an above-average break-up fee. Leerink thinks a competitive bid could surface, and points out Actavis (ACT) has more overlapping cost structure with Salix than Allergan. Shares of Salix are up 9% to $173.48 in pre-market trading after Wall Street Journal reported the company is in merger talks with Allergan.
06:40 EDTACTPiper says don't dismiss potential Pfizer bid for Actavis
Piper Jaffray says it would not be dismissive of Pfizer (PFE) as a potential acquirer of Actavis (ACT). Piper believes Pfizer's public M&A comments are supportive of Actavis' exposure to complex generics and emerging markets. The firm views Actavis shares as attractively valued, irrespective of the acquisition chatter. It reiterates an Overweight rating on the stock with a $280 price target.
September 22, 2014
19:03 EDTACTAllergan rejected buyout bid from Actavis, in advanced talks for Salix, WSJ says
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10:15 EDTACTOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Actavis (ACT) downgraded to Equal Weight from Overweight at Barclays... Aetna (AET) downgraded to Neutral from Buy at BofA/Merrill... Auxilium (AUXL) downgraded to Hold from Buy at Stifel... CARBO Ceramics (CRR) downgraded to Neutral from Buy at Sterne Agee... Commerzbank (CRZBY) downgraded to Underperform from Neutral at Exane BNP Paribas... Concur (CNQR) downgraded to Neutral from Buy at Nomura... Dresser-Rand (DRC) downgraded to Neutral from Accumulate at Global Hunter... Finish Line (FINL) downgraded to Equal Weight from Overweight at Morgan Stanley... General Communications (GNCMA) downgraded to Hold from Buy at Drexel Hamilton... InvenSense (INVN) downgraded to Neutral from Outperform at RW Baird... Las Vegas Sands (LVS) downgraded to Market Perform from Outperform at Wells Fargo... Lindsay Corp. (LNN) downgraded at Sterne Agee... Melco Crown (MPEL) downgraded to Market Perform from Outperform at Wells Fargo... Outerwall (OUTR) downgraded to Sell from Neutral at B. Riley... PSEG (PEG) downgraded to Hold from Buy at Jefferies... Realogy (RLGY) downgraded to Underperform from Neutral at Credit Suisse... Regal-Beloit (RBC) downgraded to Accumulate from Buy at Global Hunter... SABMiller (SBMRY) downgraded to Market Perform from Outperform at Bernstein... Saba Software (SABA) downgraded to Neutral from Buy at B. Riley... Suburban Propane (SPH) downgraded to Market Perform from Outperform at Wells Fargo... Swiss Re (SSREY) downgraded to Underperform from Neutral at Exane BNP Paribas... Towers Watson (TW) downgraded to Buy from Conviction Buy at Goldman... Valmont (VMI) downgraded at Sterne Agee... Walgreen (WAG) downgraded to Equal Weight from Overweight at Barclays... Watts Water (WTS) downgraded to Neutral from Buy at Janney Capital... Wynn Resorts (WYNN) downgraded to Market Perform from Outperform at Wells Fargo... Yahoo (YHOO) downgraded to Neutral from Buy at BofA/Merrill.
08:10 EDTACTActavis multiple expansion case 'compelling,' says JPMorgan
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05:52 EDTACTActavis downgraded to Equal Weight from Overweight at Barclays
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September 19, 2014
14:18 EDTACTAkorn competition settlement over VersaPharm deal approved by FTC
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