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News Breaks
July 16, 2014
08:16 EDTMYL, VRX, ABT, AGNLew's letter could bring 'chilly' tax inversion environment, says BMO Capital
BMO Capital says the environment for tax inversion deals may have just gone from "red hot to quite chilly" after Treasury Secretary Jack Lew told Congress in a letter to "shut down this abuse of our tax system." BMO advises caution around pending and recently announced mergers, such as Mylan's (MYL) planned acquisition of Abbott's (ABT) established products business announced on Monday. The firm also believes Lew's letter will be another negative for those pulling for a deal between Allergan (AGN) and Valeant (VRX).
News For AGN;VRX;MYL;ABT From The Last 14 Days
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December 17, 2014
10:53 EDTVRX, AGNAckman says 'will take hard look' at Valeant shares after restrictions end
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10:02 EDTAGNOn The Fly: Analyst Downgrade Summary
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06:28 EDTAGNAllergan downgraded to Neutral from Buy at UBS
UBS downgraded Allergan (AGN) to reflect acquisition by Actavis (ACT).
December 16, 2014
09:52 EDTMYLFDA ruling on generic Celebrex reversed by appeals court
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09:28 EDTAGNAllergan to host special shareholder meeting
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08:53 EDTAGNActavis accretion targets look more achievable, says Sterne Agee
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07:40 EDTAGNActavis reports Saunders to lead combined company as CEO
Actavis (ACT) announced the planned senior management team that will lead the global pharmaceutical company following the successful close of the acquisition of Allergan (AGN), anticipated in the second quarter of 2015. Brent Saunders will continue to lead Actavis as CEO and President and a member of the Board of Directors. Paul Bisaro will remain Executive Chairman of the board of directors. The company noted that it anticipates continuing to define the subsequent management levels within the global organization as rapidly as possible between now and the close of the acquisition. Actavis announced that, following the close of the acquisition, its global brand sales and marketing will be structured into three organizations: International Brands, Branded Pharma and Allergan Medical. "Although we are acting rapidly in announcing these appointments, we are making them following extensive discussions with David Pyott, Chairman and CEO of Allergan, and his executive leadership team. We believe that by announcing the proposed structure of the combined organization our shareholders, customers and employee teams will better appreciate our commitment to create the most dynamic company in Growth Pharma and will share our confidence in seamless execution of this combination beginning on Day 1," Saunders said.
December 15, 2014
10:00 EDTAGNOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: UPS (UPS) downgraded to Hold from Buy at Deutsche Bank... CGG SA (CGG) downgraded to Underperform from Market Perform at Raymond James... Ford (F) downgraded to Hold from Buy at Deutsche Bank... Cenovus Energy (CVE) downgraded to Market Perform from Outperform at BMO Capital... Cobalt (CIE) downgraded to Neutral from Buy at Goldman... Gastar Exploration (GST) downgraded to Neutral from Buy at SunTrust... Itau Unitbanco (ITUB) downgraded to Neutral from Buy at Goldman... Methanex (MEOH) downgraded to Outperform from Strong Buy at Raymond James... OGE Energy (OGE) downgraded to Hold from Buy at Jefferies... SandRidge Energy (SD) downgraded to Neutral from Buy at SunTrust... Sempra Energy (SRE) downgraded to Neutral from Overweight at JPMorgan... HollyFrontier (HFC) downgraded to Neutral from Buy at BofA/Merrill... CNA Financial (CNA) downgraded to Market Perform from Outperform at William Blair... Allergan (AGN) downgraded to Hold from Buy at Stifel... RF Micro Devices (RFMD) downgraded to Neutral from Buy at DA Davidson.
07:58 EDTAGNAllergan downgraded to Hold from Buy at Stifel
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December 12, 2014
11:19 EDTABTAbbott board increases quarterly dividend to 24c from 22c
The board of Abbott increased the company's quarterly common dividend to 24c per share from 22c per share. The cash dividend is payable Feb. 13, 2015, to shareholders of record at the close of business on Jan. 15, 2015.
December 11, 2014
07:32 EDTMYLMylan launches generic version of Hikma Maple's Robaxin injection
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07:06 EDTMYLMylan launches generic version of Orapred ODT
Mylan announced the U.S. launch of its Prednisolone Sodium Phosphate Orally Disintegrating Tablets, 10 mg, 15 mg, and 30 mg. This product is the first generic version of Shionogi's Orapred ODT. Mylan received final approval from the FDA for its Abbreviated New Drug Application for Prednisolone Sodium Phosphate Orally Disintegrating Tablets, 10 mg, 15 mg, and 30 mg, and was awarded 180 days of generic drug marketing exclusivity. This product is indicated as an anti-inflammatory or immunosuppressive agent for certain conditions; and also for the treatment of certain endocrine conditions, and for palliation of certain neoplastic conditions. Prednisolone Sodium Phosphate Orally Disintegrating Tablets had U.S. sales of approximately $19.9M for the 12 months ending September 30.
05:24 EDTABTAbbott IRIDICA now available in Europe
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December 10, 2014
07:38 EDTMYLMylan launches generic version of Pfizer's Celebrex capsules
Mylan (MYL) announced the U.S. launch of its Celecoxib Capsules, 50 mg, 100 mg, 200 mg, and 400 mg, one of the first available generic versions of Pfizer's (PFE) Celebrex Capsules, indicated for the relief of the signs and symptoms of osteoarthritis, rheumatoid arthritis, and ankylosing spondylitis, and for the management of acute pain in adults. Celecoxib Capsules had U.S. sales of approximately $2.5B for the 12 months ending September 30, 2014.
December 9, 2014
09:31 EDTVRX, AGNZoetis drops after report of Valeant abandoning growth by acquisitions strategy
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06:39 EDTVRXValeant to abandon growth by acquisitions strategy, Reuters says
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06:14 EDTAGNAllergan price target raised to $245 from $210 at Citigroup
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December 8, 2014
11:30 EDTMYLLeerink generics pharmaceutical analyst holds analyst/industry conference call
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07:29 EDTAGNUBS to hold investor trip
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07:18 EDTAGNUBS to hold investor trip
2014 Annual West Coast Investor Trip travels on the West Coast on December 8-10.
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