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Stock Market & Financial Investment News

News Breaks
May 9, 2014
14:03 EDTAGN, JNJ, SNYAllergan rebuffed by white knights J&J, Sanofi, Bloomberg reports
News For AGN;JNJ;SNY From The Last 14 Days
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October 7, 2014
18:29 EDTAGNOn The Fly: After Hours Movers
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18:05 EDTAGNValeant, Pershing Square plan to raise Allergan bid by $15 a share, WSJ says
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17:52 EDTAGNAllergan up 2.8% after Dow Jones says Valeant planning to boost bid for company
17:49 EDTAGNValeant up 3.9% after Dow Jones says planning to boost Allergan bid
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17:47 EDTAGNValeant, Pershing Square planning to boost Allergan bid by $15 a share, DJ says
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15:21 EDTAGNAllergan warms to sale as Actavis plans new approach, Reuters says
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15:01 EDTAGNAllergan up 1.5% following report on Actavis planned approach on merger
14:59 EDTAGNActavis plans new approach to Allergan, Reuters reports
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12:57 EDTJNJJohnson & Johnson October volatility increases into Q3 and outlook
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07:54 EDTSNYSanofi says alerted U.S. authorities about allegations of impropriety, WSJ says
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07:48 EDTAGNSalix reinstated with a Buy at Jefferies
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07:24 EDTJNJAlliance for Regenerative Medicine
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07:12 EDTAGNAllergan requests Ackman be hindered from voting at meeting, Bloomberg says
In an effort to avoid an unsolicited $54B acquisition offer from Valeant Pharmaceuticals (VRX), Allergan (AGN) filed a request in a California court for a judge to hinder Bill Ackmanís Pershing Square from voting its 10% stake at the December shareholder meeting, according to Bloomberg, citing the filing. A hearing regarding Allergan's request is set to occur on October 28. Reference Link
06:08 EDTJNJJohnson & Johnson Remicade competition could come in 2016, says Wells Fargo
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October 6, 2014
11:15 EDTAGNDurata 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.
09:25 EDTSNYOn The Fly: Pre-market Movers
HIGHER: HP (HPQ), up 5% after confirming plans to separate into two companies... CareFusion (CFN), up 24% after Becton Dickinson (BDX) agreed to acquire the company for $58 per share in $12.2B deal. Becton Dickinson shares are up 7% following the news... Chimerix (CMRX), up 7% after announcing announced that brincidofovir has been provided for potential use in patients with Ebola Virus Disease... Conn's (CONN), up 6.5% after announcing that it is exploring strategic alternatives... TASER (TASR), up 5% after announces multiple orders of TASER Smart Weapons... Tableau (DATA), up 3.5% after upgraded at Morgan Stanley... Splunk (SPLK), up 3.9% after upgraded at Morgan Stanley... Unilife (UNIS), up 52% after signing a 15-year commercial supply agreement with Sanofi (SNY). LOWER: RadioShack (RSH), down 5% after confirming definitive agreements to restructure debt... Alcobra (ADHD), down 43% after announcing results from Phase III study of MDX in adult ADHD... Sunesis (SNSS), down 71% after announcing Phase 3 VALOR trial did not meet primary endpoint... H&R Block Bank (HRB), down 5% after deal with BofI (BOFI) not expected to get regulatory approval this year. Tekmira (TKMR), down 8% after downgraded at Leerink.
08:07 EDTAGNSalix 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.
08:02 EDTSNYUnilife signs 15-year commercial supply agreement with Sanofi
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07:19 EDTSNYLeerink healthcare analysts hold an analyst/industry conference call
Healthcare Analysts discuss PCSK9 antibodies and evaluate the commercial potential and unmet need on an Analyst/Industry conference call. Relevant companies Amgen, Sanofi and Regeneron may be discussed on the Analyst/Industry conference call being held on October 6 at 11 am.
07:01 EDTAGNAllergan Q3 results likely to beat expectations, says Bernstein
Bernstein predicts that Allergan's Q3 EPS will exceed expectations by 15c, driven by cost cutting.
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