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Stock Market & Financial Investment News

News Breaks
January 7, 2014
09:03 EDTAGNAllergan, Medytox complete licensing agreement
Allergan and Medytox announced that they have closed the license agreement which was previously announced on September 25, 2013. Under the terms of the agreement, Allergan will pay Medytox an upfront cash payment of $65M within seven business days of closing and Medytox has granted Allergan exclusive rights, worldwide outside of Korea, to develop and, if approved, commercialize certain neurotoxin product candidates currently in development, including a potential liquid-injectable product. Pursuant to the agreement, Allergan has also agreed to make additional contingent payments, including up to an aggregate of $116.5M upon achieving certain development milestones, up to an aggregate of $180.5M upon achieving certain commercialization milestones, and royalties on product sales.
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August 20, 2014
07:07 EDTAGNSome Valeant shareholders express uncertainty over Allergan deal, Reuters says
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07:04 EDTAGNSalix buyout price could be near $192 per share, says William Blair
William Blair believes a combined Allergan (AGN) and Salix (SLXP) would be very attractive. The firm estimates a potential takeover price for Salix towards the high end of its $176-$192 per share range. Salix rose 16% yesterday to $160.80 after Wall Street Journal reported that Allergan approached the company and at least one other about a takeover.
August 19, 2014
17:14 EDTAGNOn The Fly: Closing Wrap
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16:52 EDTAGNAllergan all-cash deal would reduce hostile bid chances, says BMO Capital
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14:40 EDTAGNSterne Agee says Allergan could pay up to $190 for Salix and still be accretive
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13:13 EDTAGNAllergan approached Salix, one other about takeover, WSJ reports
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13:06 EDTAGNSalix jumps 6% to $147.85 after WSJ report of Allergan approach
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13:05 EDTAGNAllergan approached Salix about takeover, WSJ reports
August 18, 2014
15:59 EDTAGNAllergan 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 EDTAGNValeant 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 EDTAGNValeant being probed by IRS after Biovail deal, FT says
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09:45 EDTAGNEvent-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
17:16 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 EDTAGNAckman 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 EDTAGNValeant, Pershing joint bid for Allergan being probed by SEC, WSJ says
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13:22 EDTAGNValeant, Pershing joint bid for Allergan being probed by SEC, DJ says
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