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Stock Market & Financial Investment News

News Breaks
June 30, 2014
07:30 EDTACTActavis confirms generic Zubsolv patent challenge
Actavis confirmed that it has filed an Abbreviated New Drug Application (ANDA) with the FDA seeking approval to market Buprenorphine Hydrochloride and Naloxone Hydrochloride Dihydrate Sublingual Tablets, Eq, 1.4 mg/0.36 mg and 5.7 mg/1.4 mg Base. Actavis' ANDA product is a generic version of Orexo's Zubsolv, which is a partial opioid agonist indicated for the maintenance treatment of opioid dependence. Orexo AB and Orexo US, Inc. filed suit against Actavis on June 26, 2014, 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.
News For ACT From The Last 14 Days
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October 13, 2014
15:12 EDTACTActavis may see modest negative impact from Irish tax change, says BMO Capital
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October 10, 2014
10:20 EDTACTFidelity supports potential merger between Actavis and Allergan, Reuters reports
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07:37 EDTACTActavis more likely partner than Valeant if Allergan merges, says UBS
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October 9, 2014
12:28 EDTACTAllergan price target raised to $230 from $210 at BTIG
BTIG said it expected Allergan to beat the consensus forecast for Q3 EPS, but not by as much as it did, and the firm did not expect the company to raise its future EPS outlook yet again. BTIG feels the stock's move higher indicates Valeant (VRX) or Actavis (ACT) would need to bid above $200 if they hope to buy the company. BTIG maintains its Buy rating on Allergan and raised its price target on the stock to $230 from $210.
11:14 EDTACTAllergan raises outlook again as Valeant pursuit continues
Drug maker Allergan (AGN) this morning preannounced stronger than expected results and again raised its fiscal year profit guidance. The beat and raise results come after The Wall Street Journal reported on Tuesday that drug maker Valeant (VRX) and hedge fund Pershing Square intend to raise their previous bid for Allergan by $15 per share to about $191. Meanwhile, also on Tuesday, Reuters said that drug maker Actavis (ACT) plans to make a new merger offer to Allergan, and sources indicated to the news service that Allergan may be willing to consider an offer from Actavis if the bid is for more than $200 per share. WHAT'S NEW: Allergan estimated that its third quarter earnings per share would come in at $1.76-$1.78, versus analysts' consensus estimate of $1.48. The drug maker had previously provided Q3 EPS guidance of $1.44-$1.47. Allergan raised its fiscal 2014 EPS guidance to $6.20-$6.25 from $5.74-$5.80. Analysts' consensus estimate was $5.81. This is the fourth time that Allergan has raised its guidance this year. Allergan said that its markets have been strong around the world, while it is gaining market share in most categories. ANALYST REACTION: In a note to investors today, Wells Fargo analyst Larry Biegelsen wrote that, in the wake of Allergan's guidance increase, the company's price to earnings multiple could expand to 22x its estimated 2016 earnings, up from its current multiple of 19x. In addition to the raised guidance, a potential accretive acquisition by Allergan and the possibility that it will be acquired make such an increase in the multiple "quite possible," Biegelsen contended. He kept an Outperform rating on the stock. WHAT'S NOTABLE: Allergan has reportedly held advanced talks about acquiring another company in the sector, Salix (SLXP), although CNBC's David Faber on October 2 reported that the talks between the two companies about a merger had "cooled considerably." PRICE ACTION: In late morning trading, Allergan rose fractionally to $191.06 while Valeant slid 1.5% to $124.08.
08:50 EDTACTAllergan shares have further upside, says Wells Fargo
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October 8, 2014
08:42 EDTACTSalix shares should be bought on weakness, says Sterne Agee
After Reuters yesterday afternoon reported that Actavis (ACT) plans to make a new merger approach to Allergan (AGN), Sterne Agee believes that Salix's standalone value is $162. The firm expects the shares to reach that level following approval of its Xifaxan IBS-D drug after the February 2015 PDUFA date.
06:47 EDTACTLawmakers may push for new regulations on generic drug makers, NY Times says
After the prices of some generic drugs soared more than 1,000% over the last year, two influential members of Congress are probing the sector and threatening to look to impose new regulations on it, according to The New York Times. Generic drug makers include Teva (TEVA), Mylan (MYL), Actavis (ACT), and Lannett (LCI).Reference Link
06:23 EDTACTActavis more inclined to pursue Allergan over Salix, says Citigroup
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October 7, 2014
15:21 EDTACTAllergan warms to sale as Actavis plans new approach, Reuters says
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15:01 EDTACTAllergan up 1.5% following report on Actavis planned approach on merger
14:59 EDTACTActavis plans new approach to Allergan, Reuters reports
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07:48 EDTACTSalix reinstated with a Buy at Jefferies
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October 6, 2014
16:20 EDTACTOn The Fly: Closing Wrap
Stocks on Wall Street opened in positive territory and appeared ready to ride the wave of optimism from Friday’s jobs report into the new week. However, with little on the economic calendar to sustain the momentum, each of the major equity indexes had given up their gains by noon. The Dow and S&P 500 made it back to flat late in the session, but weakened into the close to end the day slightly lower. The tech-heavy Nasdaq was the laggard throughout and ended the day with the most significant decline. ECONOMIC EVENTS: In the U.S., no major economic data was reported. COMPANY NEWS: Hewlett-Packard (HPQ) climbed $1.67, or 4.74%, to $36.87 after it confirmed plans to split itself into two publicly traded companies by the end of its fiscal 2015. One company will include HP's technology infrastructure, software and services businesses, to be known as "Hewlett-Packard Enterprise," while the other will include the company's PC and printing businesses and be called "HP Inc." After the announcement, HP shares were upgraded to Outperform from Neutral at Credit Suisse, while analysts at Cantor called the split "a bold and smart move" that will give HP the financial flexibility needed to sell off one or both of the PC and printing businesses if an attractive offer emerges for either or both. MAJOR MOVERS: Among the notable gainers was Durata Therapeutics (DRTX), which surged $10.36, or 74.64%, to $24.24 after the company agreed to be acquired by larger drugmaker Actavis (ACT) for $23.00 per share in cash, or approximately $675M, and contingent value rights for additional cash payments of up to $5.00 per share if certain regulatory or commercial milestones related to Durata's lead product are achieved. Also higher was CareFusion (CFN), which jumped $10.58, or 22.92%, to $56.75 after agreeing to be acquired by Becton Dickinson (BDX) for $49 in cash and 0.0777 of a share of BD for each share of CareFusion, or about $12.2B. Becton Dickinson rose $9.14, or 7.89%, to $124.98 after its deal, while Actavis slipped $2.12, or 0.86%, to $243.95, after its own, much smaller purchase. GT Advanced Technologies (GTAT) plunged $10.22, or 92.46%, to 83c after the company announced that it and some of its units had commenced voluntary cases under chapter 11 of the bankruptcy code, which Raymond James believes implies a "fundamental, severe breakdown" of the company's relationship with Apple (AAPL). Also lower were shares of Sunesis (SNSS), which dropped $5.18, or 78.01%, to $1.46 and was downgraded at RBC Capital and Wells Fargo after a trial of a combination therapy for patients with first relapsed or refractory acute myeloid leukemia did not meet its primary endpoint. INDEXES: The Dow slid 17.78, or 0.1%, to 16,991.91, the Nasdaq fell 20.82, or 0.47%, to 4,454.80, and the S&P 500 slipped 3.08, or 0.16%, to 1,964.82.
12:41 EDTACTOn The Fly: Midday Wrap
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11:15 EDTACTDurata surges after Actavis takeover
Shares of Durata Therapeutics (DRTX) are surging after the drugmaker agreed to be acquired by its larger industry peer, Actavis (ACT). WHAT'S NEW: Actavis announced it will commence a tender offer to acquire all of the outstanding shares of Durata common stock for $23.00 per share in cash, or approximately $675M in the aggregate, and contingent value rights entitling the holder to receive additional cash payments of up to $5.00 per share if certain regulatory or commercial milestones related to Durata's lead product Dalvance are achieved. If Dalvance is approved in Europe for Acute Bacterial Skin and Skin Structure Infections, or ABSSSI, holders of the CVR will receive $1.00 per share. If Dalvance is approved for single dose administration by the FDA, holders of the CVR will receive $1.00 per share. If a net global Dalvance revenue threshold is met over a designated time period, holders of the CVR will receive $3.00 per share. Actavis expects the acquisition to be accretive by the end of the first year, it stated. WHAT'S NOTABLE: The acquisition comes after Durata Therapeutics was granted a Special Protocol Agreement by the FDA for its Phase 3 study of Dalvance on October 3. The study was designed to study Dalvance for the treatment of patients with community-acquired pneumonia and pediatric osteomyelitis. ANALYST REACTION: BMO Capital views the acquisition as a "good deal" for Actavis that is in line with CEO Brent Saunders' goal of making investments that complement its existing business. BMO believes the acquisition does not extend Actavis' balance sheet too far, and therefore does not prevent the company from doing additional deals. The firm expects there could be more deal-related news ahead for Actavis. The Fly notes Bloomberg reported on October 2 that Salix Pharmaceuticals (SLXP) was discussing selling itself to Actavis after failing to reach a deal with Allergan (AGN). PRICE ACTION: During morning trading, Durata Therapeutics gained $9.93, or 71.5%, to $23.81, Actavis slipped $1.95, or 0.8% to $244.12, and Salix fell $4.02, or 2.6%, to $148.85.
09:49 EDTACTActavis purchase of Durata leaves room for future deals, says BMO Capital
BMO Capital views Actavis' (ACT) deal to buy Durata Therapeutics (DRTX) as in line with its strategy of making investments that complement its existing business and as small enough that it does not prevent the company from doing additional deals. BMO expects there could be more deal-related news ahead for Actavis and keeps its Outperform rating on the stock. The Fly notes that that Bloomberg reported last week that Salix Pharmaceuticals (SLXP) was discussing selling itself to Actavis.
08:07 EDTACTSalix slips in pre-market trade after Actavis strikes deal for Durata
Note that Bloomberg reported on October 2, citing people with knowledge of the matter, that Salix Pharmaceuticals (SLXP) was discussing selling itself to Actavis (ACT) after failing to reach a deal with Allergan (AGN). Actavis announced this morning that it has reached a deal to acquire Durata Therapeutics (DRTX) for $675M, or $23.00 per share. In pre-market trading, shares of Salix are down nearly 2% to $150 per share.
08:05 EDTACTActavis to acquire Durata Therapeutics for $23.00 per share or $675M
Actavis (ACT) and Durata Therapeutics (DRTX) announced that they have entered into a definitive merger agreement under which a subsidiary of Actavis will commence a tender offer to acquire all of the outstanding shares of Durata common stock for $23.00 per share in cash, or approximately $675M in the aggregate, and contingent value rights entitling the holder to receive additional cash payments of up to $5.00 per share if certain regulatory or commercial milestones related to Durata's lead product DALVANCETM are achieved. Actavis expects the acquisition to be accretive by the end of the first year. DALVANCETM was approved by the FDA on May 23, 2014 and was the first drug approved as a Qualified Infectious Disease Product. A Marketing Authorization Application for dalbavancin is under review with the European Medicines Agency, with a decision anticipated in the first half of 2015. A single-dose regimen of DALVANCETM is also in late-stage development for ABSSSI, with a supplemental New Drug Application filing expected by mid-2015. Durata also has plans to continue the development of DALVANCETM for additional indications, such as hospitalized community-acquired pneumonia and pediatric osteomyelitis. Under the terms of the definitive merger agreement, it is anticipated that Actavis will promptly commence the cash tender offer to purchase all of the outstanding shares of Durata common stock for $23.00 per share in cash, plus CVRs of up to an additional $5.00 per share in the event certain developmental or commercial milestones are met. If DALVANCETM is approved in Europe for ABSSSI, holders of the CVR will receive $1.00 per share. If DALVANCETM is approved for single dose administration by the FDA, holders of the CVR will receive $1.00 per share. If a net global DALVANCETM revenue threshold is met over a designated time period, holders of the CVR will receive $3.00 per share.
08:04 EDTACTActavis to acquire Durata Therapeutics for $23.00 per share or $675M
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