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Stock Market & Financial Investment News

News Breaks
August 19, 2014
16:52 EDTAGN, SLXP, VRXAllergan all-cash deal would reduce hostile bid chances, says BMO Capital
After Wall Street Journal reported that Allergan (AGN) approached Salix (SLXP) and at least one other company about a takeover, BMO Capital says it believes an all-cash deal or a cash deal and buyback in the $8B-$15B range would "significantly reduce any remaining probability" of a Valeant (VRX) hostile buyout. BMO believes an acquisition in the gastrointestinal space, which is Salix's focus, as well as neurology, oncology or rare diseases could make sense for Allergan. The firm has an Outperform rating on Allergan with a $230 price target.
News For AGN;VRX;SLXP From The Last 14 Days
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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 EDTAGN, VRX, SLXPGlaxoSmithKline '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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