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Stock Market & Financial Investment News

News Breaks
July 7, 2014
12:50 EDTVRX, AGNPershing Square reveals six nominees to Allergan board
Pershing Square announced a slate of six independent directors for the board of directors of Allergan (AGN). The six members of the slate are: Betsy Atkins, Cathleen Black, Fredric Eshelman, Steven Shulman, David Wilson and John Zillmer. Pershing stated, "As previously announced, Pershing Square is seeking to call a special meeting of Allergan shareholders. At this special meeting, Allergan shareholders will be able to voice their support for a number of critical matters, including the removal of six incumbent members of the Allergan board, the appointment of the independent Pershing Square slate and certain other actions to improve the corporate governance of Allergan. To that end, Pershing Square will file today revised preliminary solicitation materials with the Securities and Exchange Commission." Pershing Square CEO Bill Ackman said, "Each member of our slate of nominees is an independent, skilled leader with relevant domain, industry and/or executive management experience. By supporting this slate, Allergan shareholders can ensure that the interests of shareholders will be well represented on the board of Allergan." Each of the executives is also independent of Pershing Square and Valeant Pharmaceuticals (VRX), Pershing noted.
News For AGN;VRX From The Last 14 Days
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June 29, 2015
17:22 EDTAGNAllergan reports 6.7% stake in KYTHERA
June 26, 2015
16:16 EDTVRXOn The Fly: Top stock stories for Friday
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09:37 EDTVRXValeant unlikely to pursue Zoetis acquisition, CNBC's Faber says
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09:33 EDTVRXValeant made Zoetis approach as courtesy to Ackman, CNBC reports
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09:33 EDTVRXValeant not going to pursue Zoetis acquisition, CNBC's Faber reports
06:06 EDTVRXZoetis downgraded to Market Perform from Outperform at BMO Capital
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06:02 EDTVRXJPMorgan assumes Valeant pays $60/share for Zoetis
JPMorgan analyst Chris Schott believes Zoetis (ZTS) would bring "an attractive, durable, cash-pay business" to Valeant's portfolio should a merger occur. The Wall Street Journal last night reported that Valeant has approached Zoetis regarding a potential takeover. Schott sees the deal being minimally accretive to near-term earnings, and assumes Valeant pays $60 per share for Zoetis, or a 20% premium to Wednesday's closing price. The analyst thinks any offer would include a substantial equity component given Valeant's levered balance sheet following the Salix acquisition. Schott keeps an Overweight rating on Valeant and a Neutral rating on Zoetis.
June 25, 2015
16:13 EDTVRXValeant made preliminary takeover approach to Zoetis, WSJ reports
Valeant Pharmaceuticals (VRX) made a preliminary approach regarding a potential deal to buy Zoetis (ZTS), said The Wall Street Journal, citing people familiar with the matter. The report said it was not clear if Zoetis is open to a sale or what was the company’s reaction to the approach. Zoetis share spiked more than 11% into the close following the report and are up another 1% to $55.95 in after hours trading. Reference Link
15:58 EDTVRXZoetis jumps 11%, halted for circuit breaker after report of Valeant approach
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15:57 EDTVRXValeant made preliminary takeover approach to Zoetis, DJ reports
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08:13 EDTAGNAllergan CEO: Irvine campus ‘crucial’ to company, L.A. Times reports
New Allergan CEO Brent Saunders said that the company’s Irvine, California campus is “crucial” to the recently purchased organization, the L.A. Times reports, citing comments from Saunders in an interview. Allergan was purchased in March by Actavis, a move which led to the layoff of roughly 600 employees from the Irvine offices, the report says. Saunders said that the “bleeding has stopped” after a round of layoffs, the L.A. Times says. Reference Link
June 23, 2015
09:20 EDTVRXValeant and Progenics announces submission of NDA to FDA for RELISTOR
Valeant Pharmaceuticals International (VRX) and Progenics Pharmaceuticals (PGNX) announced that Valeant submitted a New Drug Application, or NDA, to the FDA for RELISTOR, or methylnaltrexone bromide, Tablets for the treatment of opioid-induced constipation in adult patients with chronic non-cancer pain.
07:25 EDTVRXPiper Jaffray to hold a summit
2015 Piper Jaffray Heartland Summit is being held in Minneapolis on June 23-24.

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