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News Breaks
August 20, 2014
10:53 EDTSLXP, AGN, VRXAnalysts say Salix takeover would boost Allergan
Acquiring Salix (SLXP) would be a positive move for Allergan (AGN), two research firms indicated in notes to investors today. WHAT'S NEW: After The Wall Street Journal yesterday reported that Allergan had approached Salix and at least one other drug maker about a possible takeover as it fends off Valeant’s (VRX) hostile buyout attempt, William Blair analyst Tim Lugo wrote that a merger between Allergan and Salix would produce a "very attractive" combined company. Salix would provide Allergan with significant growth, according to Lugo. The regulatory risk of Salix's treatment for Iiritable bowel syndrome with diarrhea has been reduced as a result of positive data on the drug, the analyst stated. Moreover, a combination of Allergan and Salix would have "more obvious value" next year than a combination of Allergan and Valeant, Lugo believes. Salix provides more growth opportunities for Allergan than Valeant, Lugo wrote. Allergan could bid around $192 per share for Salix, according to the analyst, who kept Outperform ratings on both Allergan and Salix. Meanwhile, analysts at Wells Fargo believe that a largely debt financed acquisition of Salix by Allergan could boost Allergan's earnings by 8% in 2015 and 2016, and 11%-12% in 2017-2018. Including share repurchases, the deal could increase Allergan's 2016 earnings per share outlook to $11 from $10, the firm believes. PRICE ACTION: In mid-morning trading, following rallies yesterday, Salix fell 3.5% to $155 and Allergan lost 0.5% to $161.
News For AGN;SLXP;VRX From The Last 14 Days
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January 30, 2015
07:29 EDTVRXValeant selected as lead bidder to acquire Dendreon, Provenge for $296M
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06:52 EDTSLXPSalix price target raised to $160 from $130 at Piper Jaffray
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05:20 EDTVRXDendreon reaches agreement for Valeant to serve as 'stalking horse bidder'
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January 29, 2015
07:37 EDTSLXPSalix price target raised to $149 from $138 at Jefferies
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06:53 EDTSLXPSalix audit findings positive, says Cantor
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January 28, 2015
18:21 EDTSLXPOn The Fly: After Hours Movers
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16:47 EDTSLXPSalix provides update on audit committee review
Salix Pharmaceuticals announced that the Audit Committee of Salix’s Board of Directors, in consultation with its outside advisors and management, has determined that the Company’s previously issued consolidated financial statements for the full year 2013 and the first three quarters of 2014 require correction of certain errors and should no longer be relied upon. These restatements were based upon the results of an accounting review, conducted by outside counsel reporting to the Audit Committee and BDO Consulting, of potential accounting and financial reporting issues associated with sales to wholesalers and other wholesaler-related transactions. The errors, which are primarily related to the timing for recognition of certain revenue, revenue-reducing returns and discounts, and expense items, will be corrected in the Company’s restated financial statements. Salix believes the cumulative impact for correcting these matters over all previously reported periods affected by the restatement will decrease previously reported net product revenue and net income by approximately $20.7M and $11.9M, respectively. For the full year 2013, this would decrease previously reported net product revenue and net income by approximately $20.1M and $11.8M, respectively. For the nine months ended September 30, 2014, this would decrease previously reported net product revenue by $0.7M and result in no change in net loss. “The conclusion of the accounting portion of the ongoing Audit Committee review is an important milestone,” said Thomas W. D'Alonzo, Chairman of the Board of Salix. “While in total the restatements are minor in scale, the Audit Committee takes these matters very seriously and is in the process of promptly enhancing controls and procedures to ensure this never happens again.”
January 26, 2015
17:34 EDTAGNActavis registration statement for Allergan acquisition declared effective
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January 22, 2015
05:57 EDTVRXActavis, Valeant raise prospects of more healthcare deals, Financial Times says
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January 21, 2015
12:30 EDTSLXP, AGN, VRXGlaxoSmithKline 'admired' by Pfizer CEO, FT reports
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07:22 EDTAGNActavis price target raised to $330 from $280 at Deutsche Bank
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January 20, 2015
14:31 EDTSLXPSalix climbs after Reuters says strategic options being explored
Shares of Salix Pharmaceuticals (SLXP) are jumping after Reuters reported that the company is working with investment bank Centerview Partners to explore strategic options, including a possible sale to a larger peer. On January 6, Cantor and Piper Jaffray wrote that the retirement of the company's CEO increased the chances that it would look to sell itself. Salix develops treatments for bowel disorders. WHAT'S NEW: Salix has hired Centerview Partners to help it explore various options, including a possible sale to a larger drug maker, Reuters reported this afternoon, citing three unnamed sources. However, Salix has not determined if it will look to sell itself now or wait until it hires a new CEO, the news service added. ANALYST VIEW: On January 6, after Salix announced that its CEO would retire, Cantor analyst Irina Koffler wrote that the retirement could "pave the way" for a sale of the company. The analyst wrote that "all options could be on the table." She raised her price target on the stock to $145 from $127 and kept a Buy rating on Salix shares. Similarly, Piper Jaffray analyst David Amsellem wrote that the CEO's departure, combined with the company's announcement last month of an accelerated workdown of its inventory levels, sets the stage for an eventual sale of the company. There would be "ample interest" in acquiring the company, added the analyst, who kept a $130 price target and Overweight rating on the shares. PRICE ACTION: In mid-afternoon trading, Salix jumped about 5% to trade near $126 per share.
14:23 EDTSLXPSalix calls active on exploring options report
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14:13 EDTSLXPSalix exploring options, including potential sale, Reuters reports
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13:48 EDTSLXPSalix exploring options with help of Centerview, Reuters reports

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