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Stock Market & Financial Investment News

News Breaks
January 17, 2013
14:50 EDTAKRXAkorn shares dip, then recover after issuing FY13 view
Shares of pharmaceutical maker Akorn (AKRX) dipped sharply then quickly recovered after the company issued its financial guidance for 2013 in a mid-afternoon announcement. The company reaffirmed its previously issued FY12 outlook, but guided to FY13 adjusted EPS of 57c-61c, below consensus of 66c. The company's expected revenue range of $325M-$335M came close to consensus of $330.73M at the mid-point. The company added its guidance excludes the impact from any products for which it has not yet received FDA approval and that it sees its overall gross margins for 2013 in the 54%-56% range. The company also said it expects improvement in the margins on its more competitive products following U.S. FDA approval of its Indian manufacturing site, adding that it sees FDA inspections of some facilities by late 2013 or early 2014. In a note to investors this morning, research firm Piper Jaffray said Akorn's 2013 guidance was likely to be conservative, given that management does not factor new approvals. In that pre-open note the firm reiterated an Overweight rating and $21 price target on the stock. In late afternoon trading following the guidance, Akorn shares are down 1c to $13.99.
News For AKRX From The Last 14 Days
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April 22, 2014
10:00 EDTAKRXOn The Fly: Analyst Initiation Summary
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April 21, 2014
17:24 EDTAKRXAkorn initiated with a Buy at Jefferies
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April 19, 2014
20:42 EDTAKRXHospira, Orion sue Akorn to halt generic launch of Precedex, Bloomberg says
Hospira and Finnish drug company Orion Oyj have accused Akorn of infringing on the patent for the sedative Precedex, says Bloomberg.
April 17, 2014
16:18 EDTAKRXActavis to purchase four marketed products from Akorn and Hi-Tech Pharmacal
Actavis (ACT) announced that it has entered into agreements with Akorn (Akrx) and Hi-Tech Pharmacal (HITK) to purchase four currently marketed products and one product under development for cash consideration. The closing of the purchase agreements are contingent upon the consummation of Akorn's acquisition of Hi-Tech. Financial terms of the agreements were not disclosed. The agreements include three products marketed under Abbreviated New Drug Applications and one product marketed under a New Drug Application: Lidocaine/Prilocaine Topical Cream. The agreements also include one product under development.
09:21 EDTAKRXAkorn completes acquisition of Hi-Tech Pharmacal for $640M in cash
Akorn (AKRX) announced that it has completed its previously announced acquisition of Hi-Tech Pharmacal (HITK) for $640M in cash. The combination of Akorn and Hi-Tech will transform the company into a larger, more diversified generic player.
April 15, 2014
17:55 EDTAKRXRepligen to replace Hi-Tech Pharmacal in S&P 600 as of 4/17
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April 14, 2014
19:01 EDTAKRXAkorn gets FTC clearance for Hi-Tech Pharmacal deal
Akorn (AKRX) announced that the U.S. FTC has voted to approve Akornís acquisition of Hi-Tech Pharmacal (HITK). The unanimous vote in support of the transactions follows Akornís agreement to a proposed consent order requiring divestiture of certain products as a condition to obtaining FTC approval. The parties have now obtained all regulatory approvals required to consummate the acquisition, and intend to close by the end of this week.

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