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February 5, 2014
11:11 EDTAGNAllergan says Restasis growth in U.S. driven by unit growth, price increases
News For AGN From The Last 14 Days
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November 19, 2015
09:05 EDTAGNPfizer, Allergan deal won't be announced on Monday, CNBC's Faber says
09:05 EDTAGNAllergan, Pfizer merger would be all stock deal, CNBC's Faber reports
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09:04 EDTAGNPfizer would offer 11-plus shares per Allergan share, CNBC's Faber says
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08:56 EDTAGNTreasury inversion attack seen as not stopping Pfizer, Allergan deal
Press reports indicate that talks between Pfizer (PFE) and Allergan (AGN) are heating up and that a deal is nearing, but simultaneously the U.S. government's rhetoric around the type of "inversion" deal the two pharmaceutical giants are discussing is getting ratcheted up as well. Despite the political noise, an analyst at Citi says he struggles to see what the Treasury can do to stop the drugmakers from combining if they agree to do so. NEWS: On October 29, Allergan confirmed that it had been approached by Pfizer and is in preliminary friendly talks regarding a potential deal to combine their businesses. Last night, Bloomberg's Cynthia Koons, Ed Hammond and Ruth David reported that Pfizer is nearing an agreement to acquire Allergan for $370 to $380 per share, citing people familiar with the matter. The two companies are aiming to announce a deal as early as Monday, sources told the publication. Also last night, Bloomberg and The Wall Street Journal said that the Treasury Department will release "targeted guidance" later this week meant to "deter and reduce further the economic benefits of corporate inversions," citing a letter from Treasury Secretary Jacob Lew. "It is important to emphasize, however, that Treasury cannot stop inversions without new statutory authority. Unless and until Congress acts, creative accountants and lawyers will continue to find new ways for companies to move their tax residences overseas," added Lew. Allergan CEO Brent Saunders previously told Financial Times that it would be a "short-sighted intervention by politicians if they were to intervene. What has to happen is the U.S. has to create a competitive environment for companies." TREASURY ACTION WON'T BE ENOUGH: Citi analyst Liav Abraham tells investors in a research note that Treasury's plans reported yesterday to implement further actions to curb tax inversions were likely spurred by the "imminent announcement" of a Pfizer, Allergan merger. The developments were likely factored into Pfizer and Allergan's assumptions when entering into merger discussions, the analyst believes. He expects a deal to be announced over the near term and keeps a Buy rating on Allergan with a $360 price target. Meanwhile, Susquehana's Andrew Finkelstein said he was not surprised that the Treasury will announce more measures reducing the benefits of inversions, noting that last fall it proposed rules aimed at limiting inverted companies' use of cash and threatened measures to combat earnings stripping on a retroactive basis. The analyst, who raised his price target on Allergan to $370 based on the media report of a deal being near, said Treasury's further anti-inversion action does not mean a deal is off the table, but underscores the "likely delicate" negotiation between the companies over price and risk-sharing. WRONG TIME TO SELL?: Earlier this month, Bernstein's Aaron Gal said it looked "like the wrong time to sell" for Allergan, given its strong execution and solid product revenue growth ,along with the weakness in drug stocks. Consequently, he contended that Allergan shareholders should consider making Pfizer pay "closer to $450 per share" than $400 per share for the company. PRICE ACTION: In pre-market trading following Bloomberg's report and Secretary Lew's letter, Allergan shares are down 1.5% to $305.90, while Pfizer is down nearly 1% to $33 per share.
06:46 EDTAGNCiti not seeing how Treasury can stop Pfizer, Allergan deal
Citi analyst Liav Abraham says he struggles to see what the Treasury can do to stop Pfizer's (PFE) potential acquisition of Allergan (AGN). The Treasury's plans announced yesterday to implement further actions to curb tax inversions were likely spurred by the "imminent announcement" of a Pfizer, Allergan merger, Abraham tells investors in a research note. The developments were likely factored into Pfizer and Allergan's assumptions when entering into merger discussions, the analyst adds. He expects a deal to be announced over the near term and keeps a Buy rating on Allergan with a $360 price target. Bloomberg reported last night that Pfizer is nearing an acquisition of Allergan at $370-$380 per share. The Botox maker closed yesterday at $310.38.
06:06 EDTAGNAllergan weekly volatility elevated into reports of near deal with Pfizer
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November 18, 2015
20:00 EDTAGNPfizer nears deal for Allergan at $370-$380 per share, Bloomberg says
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19:00 EDTAGNPfizer nearing acquisition of Allergan at $370-$380 per share, Bloomberg says
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17:00 EDTAGNTreasury Department to release new 'guidance' deterring tax inversions, WSJ says
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November 17, 2015
07:47 EDTAGNLeerink sees M&A accelerating for central nervous system assets
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November 16, 2015
17:10 EDTAGNSoros took stake in Paypal, liquidated Herbalife stake
Soros Fund Management gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Paypal (PYPL), CIT Group (CIT), Schlumberger (SLB), Kraft Heinz (KHC), and Amazon (AMZN). INCREASED STAKES: Allergan (AGN), Lions Gate (LGF), Energen (EGN), Southwest Airlines (LUV), and Qunar Cayman Islands (QUNR). DECREASED STAKES: LyondellBasell (LYB), YPF (YPF), Time Warner Cable (TWC), Dow Chemical (DOW), and Monsanto (MON). LIQUIDATED STAKES: Herbalife (HLF), Lennar (LEN), DR Horton (DHI), United Continental (UAL), and Nice Systems (NICE).
13:32 EDTAGNCantor helps Moelis clinches advisory role for Pfizer, Reuters reports
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08:07 EDTAGNAllergan reports Phase I/II interim data of Bimatoprost SR IOP therapy
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06:33 EDTAGNPfizer, Allergan deal brings focus on U.S. tax-inversion deals, Reuters says
Pfizer's (PFE) takeover bid for Allergan (AGN) has refocused financial markets over a potential move by the U.S. Treasury Department against tax-inversion deals, Reuters reported Friday. The outlook for such a move remained unclear on Friday, the report says. Reference Link
November 15, 2015
18:13 EDTAGNAllergan, Pfizer targeting late November merger deal, FT says
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November 13, 2015
14:41 EDTAGNAllergan presents EARLY analysis data at AAO meeting
Allergan announced that a post-hoc analysis of best corrected visual acuity data in diabetic macular edema patients treated with anti-vascular endothelial growth factor, or anti-VEGF, therapy suggests that long-term response in anti-VEGF treatment of DME can be assessed after three injections. Pravin Dugel, M.D., Clinical Professor, USC Eye Institute, Keck School of Medicine, University of Southern California and Managing Partner of Retinal Consultants of Arizona, said, "This data suggests that if treatment goals are not achieved after three injections, further expected improvement may be minimal and physicians may want to consider other treatment strategies."
11:12 EDTAGNPiper sees Pfizer profiting from Allergan deal, worth $50/share even without one
An acquisition of Allergan (AGN) by Pfizer (PFE) would increase the latter company's profits in 2016-2017 and lift its earnings by a large amount by 2019, wrote research firm Piper Jaffray in a note to investors today. WHAT'S NEW: By 2019, an acquisition of Allergan would increase Pfizer's earnings per share by 13%-16%, estimated Piper analyst Richard Purkiss. The deal would be profitable for Pfizer as early as 2016, the analyst believes. Excluding any acquisition, Pfizer is worth over $50 per share, well above analysts' average price target of $40, Purkiss believes. He kept a $52 price target and Overweight rating on Pfizer. WHAT'S NOTABLE: Yesterday dealReporter, noting that an acquisition of Allergan by Pfizer would be "a giant inversion deal," asserted that the U.S. Treasury could look to take steps to limit or discourage those types of transactions. On November 6, research firm Bernstein said that Allergan's strong results, coupled with the weakness of drug stocks, could cause Allergan to be reluctant to sell itself to Pfizer in the near-term. As a result, the firm thinks that the odds of a deal getting done may be lower than many believe. It kept a $385 price target and Outperform rating on Allergan. PRICE ACTION: In late morning trading, Pfizer rose fractionally to $33.47 and Allergan added 1.3% to $303.87.
10:49 EDTAGNMylan jumps, Perrigo plunges after hostile takeover bid fails
Shares of Mylan (MYL) jumped after the company's offer to acquire Perrigo (PRGO) failed. Perrigo shares fell after the news. WHAT'S NEW: Mylan's approximately $26B hostile takeover offer for Perrigo officially fell through Friday morning, ending a seven-month ordeal between the two companies. Mylan said that only about 40% of Perrigo's shares were tendered by the company's stockholders, falling short of the 50% required for an acquisition, forcing the offer to lapse after failing to meet its goal by the established deadline. In response to the news, Perrigo Chief Executive Officer Joseph Papa said he was "delighted" that his company's shareholders rejected the offer. "We have said all along that this offer from Mylan was a bad deal for our shareholders, as it significantly undervalued our durable business model and industry-leading future growth prospects," Papa said. Perrigo added that it will immediately commence its previously announced $2B share buyback and that it intends to complete $500M of the planned repurchase by the end of the year. WHAT'S NOTABLE: On July 27, Teva (TEVA) withdrew a takeover offer for Mylan amid Mylan's talks with Perrigo. The Israeli pharmaceutical company opted instead to purchase Allergan's (AGN) generics business. Commenting on its failure to buy Perrigo, Mylan Executive Chairman Robert Coury said in a statement that while the company viewed Perrigo as a "unique and exciting company," it was not required for the future success of the company. Coury said, "We are well-positioned to quickly execute on the next strategic, value-enhancing opportunities for our business, some of which we have already identified." STREET RESEARCH: Citi analyst Liav Abraham upgraded Mylan to Buy and raised her price target for shares to $59 from $52, saying that an overhang has been removed since the company's hostile attempt to buy Perrigo has fallen through. Abraham argued that a combination of the two companies would have been both destructive to both earnings and value for Mylan and that the failed bid will increase management's optionality to pursue other value-enhancing opportunities and enable investors to focus on the company's base business. In addition, RBC Capital Markets analyst Randall Stanicky confirmed a Sector Perform rating for both Mylan and Perrigo with price targets of $60 and $176, respectively. Stanicky said he expects Mylan's stock to gain 10%-15% towards $50 as a result of the news, while Perrigo will probably see a pull-back into the low $140s. The analyst added that the removal of the Mylan bid will drive initial weakness for Perrigo's shares but that the stock can settle close to its current levels. PRICE ACTION: In morning trading, Mylan rallied 12.5% to $48.60 and Perrigo fell 6.92% to $145.72. OTHERS TO WATCH: Teva shares trading in New York increased 0.26%, Allergan was up 0.66%, and Endo (ENDP), with which Reuters reported Perrigo held unsuccessful takeover talks, gained 5.56%.
08:22 EDTAGNAmerican Academy of Ophthalmology to hold annual meeting
AAO 2015 is being held in Las Vegas, Nevada on November 13-17 with webcasted presentations to begin on November 13 at 11:50 am. Webcast Link
06:54 EDTAGNPiper sees Pfizer worth over $50/share on standalone basis
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