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Stock Market & Financial Investment News

News Breaks
July 1, 2014
08:16 EDTAGN, AERIAerie Pharmaceuticals won't be hurt by Allergan move, says RBC Capital
After Allergan (AGN) said it plans to initiate a Phase III trial for its long-acting prostaglandin glaucoma treatment, RBC Capital does not expect Allergan's move to hurt Aerie (AERI), as Aerie's Roclatan has demonstrated statistically significant superiority to a prostaglandin, according to the firm. Moreover, RBC believes that the glaucoma market is large enough to enable multiple products to succeed. It recommends buying Aerie's stock at current levels.
News For AERI;AGN From The Last 14 Days
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July 17, 2014
16:45 EDTAGNPershing Square looks to obtain consents for special meeting
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10:20 EDTAGNPershing sees coming 13-Fs to show long-term Allergan holders have been selling
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09:00 EDTAGNAckman says large takeover by Allergan could be 'enormously value destructive'
08:44 EDTAGNPershing says special meeting warranted given 'poor governance' at Allergan
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07:00 EDTAGNPaulson says Allergan could be wroth $220 per share, WSJ reports
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July 16, 2014
17:46 EDTAGNAckman says he thinks Allergan-Valeant deal eventually gets done
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17:42 EDTAGNPershing Square's Ackman says Allergan's attack on Valeant unprecedented
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10:36 EDTAGNTreasury calls on Congress to halt inversion deals
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10:31 EDTAGNPershing Square Capital Management holds analyst/industry conference call
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09:16 EDTAGNPershing Square sends letter to Allergan's board of directors
Pershing Square Capital Management announced it has sent a letter to Allergan's Board of Directors. Pershing Square last Friday filed definitive solicitation materials with the U.S. SEC to seek shareholder support for a special meeting of Allergan shareholders and is now actively soliciting shareholder support to call the meeting. At this special meeting, Allergan shareholders will be able to voice their opinions on a number of critical matters, including the proposed removal of six incumbent members of the Allergan board, the proposed appointment of an independent slate of directors and certain other proposed provisions to improve Allergan’s corporate governance.
08:16 EDTAGNLew's letter could bring 'chilly' tax inversion environment, says BMO Capital
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07:59 EDTAGNTreasury Secretary urges Congress to take action on tax inversions
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July 15, 2014
11:13 EDTAGNPerrigo retreats after analyst sees limited potential buyers
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July 14, 2014
12:47 EDTAGNAllergan slides question Valeant growth, disclosures, says BMO Capital
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08:13 EDTAGNAllergan reiterates belief that Valeant model unsustainable in new presentation
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08:02 EDTAGNValeant submits HSR filing for proposed acquisition of Allergan
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07:37 EDTAERIAerie initiates Rhopressa Phase 3 registration trials
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06:44 EDTAERIAerie Pharmaceuticals initiates Phase 3 trials of Rhopressa
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July 11, 2014
16:48 EDTAGNAllergan comments on Pershing Square’s definitive proxy solicitation
Allergan (AGN) provided the following comment in response to the definitive proxy solicitation filed by Pershing Square Capital Management in connection with Pershing Square’s request to call a Special Meeting of Stockholders. At the Special Meeting, if called, Allergan stockholders would be asked to remove a majority of the company’s existing directors in connection with Valeant Pharmaceuticals' (VRX) unsolicited exchange offer to acquire all outstanding common shares of Allergan for 0.83 shares of Valeant common stock and $72.00 in cash, or subject to proration, an amount of cash or a number of Valeant common shares with the implied value set forth in the exchange offer. Under the current Board’s leadership, which includes individuals with significantly more industry experience than Pershing Square’s recommended nominees, Allergan continues to execute on its plan to drive near- and long-term organic growth, enhance its growth prospects and continue generating significant value for all of Allergan’s stockholders. We believe Pershing Square’s attempt to replace a majority of the Allergan Board is a further effort to support Valeant in its bid to acquire Allergan at a grossly inadequate price that substantially undervalues the company and creates significant risks and uncertainties for Allergan stockholders. Valeant has repeatedly failed to address the serious concerns raised by Allergan and important members of the investment community about Valeant’s anemic organic growth driven by unsustainable price increases, among other fundamental business model issues. Allergan has a track record of consistently acting in the best interests of its stockholders and the Board remains confident in the company’s ability to create significantly more value than Valeant’s proposal.
11:54 EDTAGNAbbVie, Shire in active takeover talks, Bloomberg reports
AbbVie (ABBV) and Shire (SHPG) are in active talks about a potential merger after AbbVie raised its takeover offer for a fourth time, Bloomberg reports, citing people with knowledge of the matter. The talks are in the early stage and may not lead to an agreement, sources told Bloomberg. Shares of Shire are up 5%, or $12.04, to $250.65 following the report.
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