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Stock Market & Financial Investment News

News Breaks
June 20, 2014
11:29 EDTAKRX, ACTFTC approves settlement with Akorn over Hi-Tech Pharmacal acquisition
The Federal Trade Commission has approved a final order settling charges that Akorn Enterprises’ (AKRX) $640M acquisition of Hi-Tech Pharmacal was anticompetitive and would lead to higher prices for consumers in several current and future generic drug markets. The final order settling the FTC’s charges requires the parties to sell either Akorn’s or Hi-Tech’s rights and assets to each of five drug products to Watson Laboratories (ACT) and required Akorn to assign Watson its contract for making a currently available branded and generic topical anesthetic cream within 10 days after the deal is completed. Reference Link
News For AKRX;ACT From The Last 14 Days
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March 23, 2015
07:36 EDTACTPfizer should rise 'significantly' over next two years, says Jefferies
Jefferies analyst Jeffrey Holford told investors this morning that he expects shares of Pfizer (PFE) to appreciate "significantly" over the next two years. A survey of U.S. oncologists indicated the company's Ibrance drug will be used in 50% of first line hormonal therapy within one year, with off-label use in all lines of therapy including adjuvant, Holford noted. He thinks peak sales of the drug could top $13B, which is well above consensus. In addition, the analyst views Pfizer's Global Established Pharmaceutical business as being underappreciated by the market. Potential value creating options for the pharmaceutical giant include spinning off its GEP unit by 2017 and accretive acquisitions, with possible takeover targets being Shire (SHPG), Actavis (ACT), AstraZeneca (AZN) and GlaxoSmithKline (GSK), in the eyes of Holford. He added the stock to the firm's Franchise Picks list, which encompasses its best ideas. He also raised his price target for Pfizer to $45 from $42. The stock closed Friday up 10c to $34.25.
07:17 EDTACTAmerican Academy of Dermatology to hold annual meeting
73rd Annual Meeting of AAD is being held in San Francisco on March 20-24.
March 20, 2015
14:46 EDTACTNoven files patent infringement lawsuit against Actavis
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09:34 EDTAKRXAkorn management to meet with William Blair
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07:41 EDTACTAmerican Academy of Dermatology to hold annual meeting
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07:06 EDTAKRXAkorn launches Phenylephrine HCl Ophthalmic Solution
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March 18, 2015
10:21 EDTAKRXHigh option volume stocks:
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08:50 EDTACTActavis price target raised to $373 from $286 at BMO Capital
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07:32 EDTAKRXAkorn restatement minor, shares attractive, says Jefferies
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07:12 EDTAKRXAkorn shares should recover 'strongly,' says William Blair
William Blair believes shares of Akorn "should recover strongly" with the uncertainty of the annual filing delay being lifted last night. The firm notes management reiterated that the restated financial estimates for 2014 do not affect 2015 guidance. Blair still expects Akorn's 2015 to be a year of "significant cash flow, opportunistic acquisitions, pipeline approvals, and strong growth despite clobetasol competition." It lowered its price target for shares to $58 from $60 and keeps an Outperform rating on the name.
March 17, 2015
19:42 EDTAKRXOn The Fly: After Hours Movers
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16:37 EDTAKRXAkorn to restate Q214, Q314 financial statements
Akorn announced that the company will file its Annual Report on Form 10-K for the year ended December 31 with the U.S. Securities and Exchange Commission on March 17. During the 2014 year-end audit process, an error was identified in the fair value allocation of assets acquired and liabilities assumed in connection with the acquisition of Hi-Tech Pharmacal, which resulted in an overstated chargeback reserve as of April 17. The error, which was identified on March 11, resulted from an overstatement of Hi-Tech's chargeback reserve in connection with applying the acquisition method of accounting at the closing of the Hi-Tech acquisition.The overstatement in the chargeback reserve was caused by a manual error made in preparing the data related to the chargeback reserve whereby there was a duplication of inventory units held by one customer utilized in the calculation of the reserve amount for Hi-Tech products at the acquisition date. The duplication resulted in an overstatement of chargeback reserves by approximately $8.9M for the opening balance sheet of Hi-Tech as of April 17. The chargeback reserve at the end of the quarter ended June 30 was then calculated correctly, resulting in the earlier overstated reserve amount being included in revenue during the quarter ended June 30 . The correction of the error in the quarter ended June 30 resulted in a reduction of previously reported revenue by approximately $8.9M a reduction of previously reported pre-tax income by approximately $8.9M and a reduction of previously reported net income, goodwill and retained earnings by approximately $5.6M, for the company's three and six month periods ended June 30. As a result of that error, the Audit Committee of the Akorn Board of Directors, upon the recommendation of the company's management, concluded that the previously issued financial statements contained in the company's Quarterly Reports on Form 10-Q for the quarters ended June 30 and September 30 should not be relied upon due to an error in the financial statements as of and for the three and six month periods ended June 30 and as of and for the nine month period ended September 30 , and that those financial statements would be restated to make the necessary.
09:19 EDTACTActavis reinstated with a Conviction Buy at Goldman
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09:13 EDTACTActavis says Allergan CEO not joining combined company board
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08:59 EDTACTActavis sees combined annual pro forma revenues of over $23B in 2015
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08:58 EDTACTActavis sees double digit accretion to adjusted EPS within first 12 months
08:58 EDTACTActavis says will 'immediately begin implementing' integration plans
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08:57 EDTACTActavis completes acquisition of Allergan
Actavis plc (ACT) announced that it has completed the acquisition of Allergan (AGN) in a cash and equity transaction valued at approximately $70.5B. The combination creates one of the world’s top 10 pharmaceutical companies by sales revenue, with combined annual pro forma revenues of more than $23B anticipated in 2015. Actavis continues to expect the transaction to generate double-digit accretion to non-GAAP earnings within the first 12 months, including approximately $1.8B in operating and financial synergies to be realized within one year following the close. These synergies exclude any additional revenue or manufacturing synergies, and are in addition to the $475M of annual savings previously announced by Allergan in connection with Project Endurance. Actavis further expects to generate strong operating cash flow in excess of $8B in 2016, which would enable the company to rapidly de-lever the balance sheet.
08:56 EDTACTActavis completes Allergan acquisition valued at $70.5B
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08:34 EDTAKRXInSite Vision announces settlement of lawsuit against Mylan
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