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Stock Market & Financial Investment News

News Breaks
January 31, 2013
09:06 EDTMAPP, AGNAllergan commences tender offer for MAP Pharmaceuticals
Allergan (AGN)'s wholly-owned subsidiary, Groundhog Acquisition, has commenced a tender offer to purchase all outstanding shares of common stock of MAP Pharmaceuticals (MAPP) for $25.00 per share, net to the seller in cash, without interest and less any applicable withholding taxes. The board of directors of MAP has unanimously agreed to recommend that MAP’s stockholders accept the tender offer and tender their shares to Purchaser. The tender offer and withdrawal rights are scheduled to expire at 12:00 midnight, NYC time, on the night of February 28, unless extended.
News For AGN;MAPP From The Last 14 Days
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July 27, 2015
08:23 EDTAGNTeva sees capacity to continue executing deals in 2015 and 2016
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07:51 EDTAGNAllergan generics divestiture adds capital for deals, says Cowen
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07:43 EDTAGNAllergan to hold a conference call
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07:40 EDTAGNTeva to hold a conference call
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07:32 EDTAGNTeva weekly volatility elevated into acquiring Allergan generics unit
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07:24 EDTAGNAllergan's volatility flat into Teva acquiring generic unit
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07:18 EDTAGNMylan volatility flat into Teva canceling proposal to acquire
Mylan (MYL) July weekly call option implied volatility is at 32, August and September is at 37; compared to its 52-week range of 23 to 53, suggesting non-directional price movement into Teva (TEVA) withdrawing its proposal to acquire and entering a definite agreement to purchase Allergan's (AGN) generics unit.
06:46 EDTAGNMylan comments on Teva agreement to acquire Allergan Generic Drug Unit
Mylan N.V. (MYL) issued the following statement regarding Teva's (TEVA) announcement of its entry into an agreement to acquire Allergan's (AGN) Generic Drug Unit and its withdrawal of its unsolicited expression of interest to acquire Mylan. Mylan Executive Chairman Robert Coury stated: "We congratulate Teva on their agreement to acquire Allergan's generics business and welcome their continued, and potentially enhanced, commitment to the generics industry. As Teva continues to move forward with their strategy, Mylan's strategic focus remains unchanged. Mylan's board and leadership team remains steadfast in its commitment to our mission, vision and strategy to provide access to quality medicine to the world's 7B people and deliver value and sustainable growth for our shareholders and other stakeholders. Our offer to acquire Perrigo continues to be the next natural step in this strategy. Combining Mylan and Perrigo will create a unique infrastructure that is able to maximize on evolving industry dynamics and capitalize on key trends. Further, the complementary cultures and strategies of these two businesses will enable us to redefine how healthcare is delivered and position our company for the future."
06:28 EDTAGNTeva to acquire Allergan Generics in transaction valued at $40.5B
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05:44 EDTAGNAllergan confirms divestiture of global generic pharma business for $40.5.B
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05:43 EDTAGNTeva says Allergan Generics transaction to bolster pipeline, commercial reach
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05:43 EDTAGNTeva says Allergan Generics transaction to provide 'substantial' benefits
The transaction is expected to provide substantial financial benefits for Teva including highly diversified revenues and profits, and substantial cost synergies and tax savings. Teva expects Allergan Generics to contribute approximately $2.7B in EBITDA in 2016, excluding synergies. Following the completion of the acquisition, Teva is expected to have pro forma sales of approximately $26B and EBITDA of approximately $9.5B in 2016, including an estimated $11B in sales outside of the United States. Teva also believes the acquisition will be significantly accretive to non-GAAP EPS, including expected double digit non-GAAP EPS accretion in 2016 and more than 20% accretion in year two and year three following the close of the transaction. Teva expects to achieve cost synergies and tax savings of approximately $1.4 billion annually, largely achievable by the third anniversary of the closing of the transaction. Teva expects the savings to come from efficiencies in operations, G&A, manufacturing, and sales and marketing. Teva expects the acquisition to generate strong free cash flow of approximately $6.5B in 2016 and expects increasing free cash flow in subsequent years. Teva’s free cash flow will allow for rapid deleveraging and the ability to continue to pursue future acquisitions to expand Teva’s portfolio in both specialty pharmaceuticals and generics, in line with Teva’s stated strategy to grow through value-enhancing and complementary acquisitions. Teva will continue to evaluate opportunities to deliver attractive total stockholder returns on an ongoing basis.
05:40 EDTAGNTeva to acquire Allergan Generics for transaction valued at $40.5B
05:28 EDTAGNTeva withdraws proposal to acquire Mylan
Teva (TEVA) announced that it has withdrawn its cash and stock proposal to acquire all of the outstanding ordinary shares of Mylan (MYL) and Teva does not intend to continue to pursue a transaction with Mylan at this time. Teva’s decision to terminate the proposal to acquire Mylan follows announcement that Teva has entered into a definitive agreement with Allergan (AGN) to acquire Allergan Generics. Teva CEO Erez Vigodman commented, “We continue to believe that a combination of Teva and Mylan would have made sense for our companies, our respective stockholders and the healthcare industry as a whole. However, despite our clear commitment to consummating a transaction, and our conviction that we ultimately would have succeeded in acquiring Mylan, we believe we have an even greater opportunity to create compelling, sustainable value for Teva’s stockholders through our transaction with Allergan – and we acted quickly to seize the opportunity. Our agreement with Allergan will reinforce Teva’s strategy to create an even stronger business model in the industry and will position us well to grow the business and better serve our customers and patients.” Teva intends to review its options with respect to its ownership of approximately 4.6% of the outstanding ordinary shares of common stock of Mylan.
July 26, 2015
18:22 EDTAGNMedia reports say Teva to buy Allergan unit as it looks beyond Mylan
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12:39 EDTAGNAllergan to acquire Naurex, plans research collaboration with Naurex spinoff
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12:30 EDTAGNTeva nears deal to buy Allergan generics unit for $40.5B, Bloomberg says
Teva (TEVA) is nearing a deal to buy Allergan's (AGN) generic drug unit for roughly $40.5B and an agreement could be announced as early as Monday, reports Bloomberg, citing people familiar with the matter. Sources said Teva also plans to withdraw its bid for Mylan (MYL) as soon as Monday. Reference Link
12:17 EDTAGNTeva to cancel Mylan bid, plans offer for Allergan generics unit, Bloomberg says
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July 24, 2015
18:36 EDTAGNAllergan considers split into two businesses, Bloomberg reports
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18:25 EDTAGNAllergan considering breakup of company, Bloomberg reports
Allergan is reportedly working with advisors and leaning towards a sale or spinoff of generics, Bloomberg added.
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