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Stock Market & Financial Investment News

News Breaks
May 27, 2014
08:33 EDTAGN, VRXAllergan files presentation showing concerns about Valeant's business model
Allergan (AGN) announced that it has filed an investor presentation with the Securities and Exchange Commission and posted the presentation under the ďInvestorsĒ section of the companyís website detailing its initial concerns about the sustainability of Valeant Pharmaceuticals (VRX) business model. Allergan retained two nationally-recognized financial consultants and forensic accountants, Alvarez & Marsal and FTI Consulting, to evaluate certain concerns about the inherent value of Valeantís business model and stock. With the assistance of these two independent firms, and in response to feedback from numerous Allergan stockholders and analysts, Allergan and its legal and financial advisors carefully analyzed publicly available data on Valeant and the opaque nature of Valeantís pro-forma driven financial reporting. Valeant will only be able to achieve a fraction of its stated SG&A and R&D synergies without destroying Allerganís near-term and long-term value. Valeant has indicated it will maintain R&D required for post-approval and maintenance, product line extensions and late phase projects, but drastically underestimates the spend required by approximately $350M. Moreover, Valeantís purported SG&A synergies are unrealistic given Valeantís goals, as communicated in numerous letters to its customers.
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August 19, 2014
13:05 EDTAGNAllergan approached Salix about takeover, WSJ reports
August 18, 2014
15:59 EDTVRX, AGNAllergan CFO change may suggest strategic deal near, says BMO Capital
BMO Capital believes former Allergan (AGN) CFO Jeff Edwards would not be leaving if a change of control of the company, such as a takeover by Valeant (VRX), were in the future. Rather, BMO thinks Edwards' decision to leave could be a sign that a strategic transaction marking a new chapter in Allergan's growth may be nearing. The firm thinks Allergan is in capable hands with new CFO Jim Hindman and it keeps an Outperform rating on the stock with a $230 price target.
11:57 EDTAGNAllergan CFO departure largely unexpected, says Wells Fargo
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09:02 EDTAGNAllergan names Jim Hindman as CFO, effective immediately
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07:57 EDTAGNCambridge Healthtech Institute to hold a summit
6th Annual Bioprocessing Summit to be held in Boston on August 18-22.
August 15, 2014
17:03 EDTVRX, AGNValeant extends offer to acquire Allergan
Valeant Pharmaceuticals (VRX) announced that it has extended the expiration of its exchange offer to acquire all of the outstanding shares of Allergan (AGN) to December 31. The exchange offer was previously scheduled to expire August 15. All other terms and conditions of the exchange offer remain unchanged.
14:14 EDTAGN, VRXValeant being probed by IRS after Biovail deal, FT says
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09:45 EDTAGN, VRXEvent-driven funds, Pershing own over 20% of Allergan, CNBC reports
Event-driven hedge funds and Pershing Square owned over 20% of Allergan as of June 30, CNBC's David Faber reports. Valeant (VRX) and Pershing are seen as getting the over 30% to call a special meeting, Faber adds.
August 14, 2014
17:41 EDTVRXPoint72 Asset Management gives quarterly update on stakes
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17:16 EDTAGNPaulson & Co gives quarterly update on stakes
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17:02 EDTAGNPershing Square gives quarterly update on stakes
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14:28 EDTVRX, AGNAckman says Pershing, Valeant took no tender steps before buying Allergan shares
Bill Ackman made the statement to CNBC's Scott Wapner regarding his fund and Valeant's (VRX) pursuit of Allergan (AGN). Note that the Wall Street Journal reported earlier that the SEC is investigating Valeant and Pershing's pursuit of Allergan.
13:48 EDTVRX, AGNValeant, Pershing joint bid for Allergan being probed by SEC, WSJ says
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13:22 EDTAGN, VRXValeant, Pershing joint bid for Allergan being probed by SEC, DJ says
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August 13, 2014
16:32 EDTAGNAllergan acquires LiRIS program from TARIS Biomedical
Allergan and TARIS Holdings announced that Allergan has closed a transaction to acquire worldwide rights to TARIS Biomedicalís lead program, LiRIS, which is currently in Phase 2 trials for the treatment of interstitial cystitis / bladder pain syndrome. Allergan paid $67.5M in cash upfront, subject to certain adjustments and holdbacks. Allergan has also agreed to pay up to an aggregate of $295M in development milestone payments and up to an aggregate of $225M in commercial milestone payments. Prior to the closing of this transaction, TARIS spun out certain assets, including pipeline programs and intellectual property related to TARISí platform technology, to a new company funded by TARIS shareholders.
August 11, 2014
17:36 EDTAGN, VRXValeant receives FTC second request under Hart-Scott-Rodino
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12:52 EDTVRX, AGNAllergan receives second request from FTC regarding Valeant's proposal
Allergan (AGN) announced that it received a request for additional information under the Hart-Scott-Rodino Act from the U.S. Federal Trade Commission in connection with Valeant Pharmaceuticals International's (VRX) unsolicited acquisition proposal of Allergan. Allergan intends to respond fully in connection with the ongoing investigation. The Company noted that Second Request investigations typically take some time to conclude, and Allergan cannot predict how long this investigation will take or how it might otherwise develop. The company previously announced that Allerganís Board of Directors unanimously determined that Valeantís unsolicited exchange offer is grossly inadequate, substantially undervalues the company, creates significant risks and uncertainties for Allergan stockholders, and is not in the best interests of the company and its stockholders. Goldman, Sachs & Co. and BofA Merrill Lynch are serving as financial advisors to the company and Latham & Watkins, Richards, Layton & Finger, P.A. and Wachtell, Lipton, Rosen & Katz are serving as legal counsel to the company.
12:42 EDTVRX, AGNValeant shareholder ValueAct sees no need to buy Allergan, Reuters says
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12:27 EDTAGN, VRXValueAct says Valeant does not need to buy Allergan, Reuters says
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07:22 EDTVRX, AGNJudge sets hearing date for Allergan suit vs. Valeant, Reuters reports
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