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Stock Market & Financial Investment News

News For AZN;MYL;TEVA From The Last 14 Days
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July 30, 2015
09:10 EDTAZNAstraZeneca CEO: Acquisition purchasing prices 'pretty hefty,' Reuters reports
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09:04 EDTTEVATeva says R&D update meeting will be held before year-end
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08:25 EDTTEVATeva CEO says 'too early' to provide specifics on other potential deals
08:11 EDTTEVATeva CEO says Allergan deal financing commitment expected in next few days
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07:25 EDTAZNCharles River, AstraZeneca renew strategic partnership agreement
Charles River Laboratories International (CRL) announced that it has extended its initial three-year partnership with AstraZeneca (AZN) for an additional five-year period. Under the agreement, which extends into 2020, Charles River retains its position as AstraZeneca’s preferred strategic partner for outsourced regulated safety assessment and development DMPK.
07:04 EDTTEVATeva reaffirms 2015 revenue outlook $19B-$19.4B, consensus $19.47B
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07:03 EDTTEVATeva raises 2015 EPS outlook to $5.15-$5.40 from $5.05-$5.35
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07:02 EDTTEVATeva reports Q2 EPS $1.43, consensus $1.27
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05:57 EDTAZNRoche submits filing to FDA for companion diagnostic for NSCLC drug therapy
Roche announced it has submitted the cobas EGFR Mutation Test v2 for Premarket Approval, or PMA, to the FDA, as a companion diagnostic test for AZD9291, an AstraZeneca (AZN) investigational therapy for non-small cell lung cancer patients with an acquired resistant mutation. Patients with non-small cell lung cancer who have adenocarcinoma with tumor containing an EGFR sensitizing mutation show significant benefit from currently available EGFR TKI therapies. However, approximately two-thirds of these patients will relapse and develop drug resistance. In many cases, this resistance is caused by an acquired mutation called T790M. The cobas EGFR v2 test can aid clinicians to appropriately select NSCLC patients who have acquired the T790M mutation and are most likely to benefit from AstraZeneca's novel therapy.
05:48 EDTMYLStocks with implied volatility movement; SUNE MYL
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July 29, 2015
13:11 EDTMYLMylan recent weakness a buying opportunity, says BTIG
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07:54 EDTTEVATeva resumed with an Overweight at Morgan Stanley
Target $85.
07:02 EDTMYLMylan's Perrigo acquisition receives clearance from European Commission
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07:02 EDTTEVAIgnyta announces FDA clearance of IND for RXDX-107
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06:46 EDTTEVAEagle Pharmaceuticals price target raised to $119 from $94 at Piper Jaffray
Piper Jaffray analyst David Amsellem raised his price target for Eagle Pharmaceuticals (EGRX) to $119 after analyzing the company's bendamustine products, which are enhanced forms of Teva's (TEVA) Treanda. Amsellem believes there could be "considerable upside" to his current earnings estimates for Eagle. The company's agreement with Teva provides "almost ironclad downside protection, and leaves ample room for upside," he tells investors in a research note. Further, he sees limited potential for generic entrants on Teva's forms of Treanda for the foreseeable future. Amsellem reiterates an Overweight rating on Eagle Pharmaceuticals.
July 28, 2015
10:00 EDTTEVAOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Aegerion (AEGR) upgraded to Buy from Hold at Jefferies... Ameren (AEE) upgraded to Neutral from Sell at Goldman... AutoNation (AN) upgraded to Buy from Neutral at Sterne Agee CRT... Beacon Roofing (BECN) upgraded to Outperform at Baird... BlackBerry (BBRY) upgraded to Equal Weight from Underweight at Morgan Stanley... Bojangles (BOJA) upgraded to Buy from Neutral at SunTrust... Boyd Gaming (BYD) upgraded to Neutral from Underperform at BofA/Merrill... Columbus McKinnon (CMCO) upgraded to Buy from Neutral at Sidoti... Danaher (DHR) upgraded to Overweight from Equal Weight at Morgan Stanley... Emerald Oil (EOX) upgraded to Hold from Sell at Wunderlich... Haemonetics (HAE) upgraded Outperform from Market Perform at Barrington... Jefferies sees entry point for Aegerion (AEGR), upgrades to Buy... Philips (PHG) upgraded to Buy from Hold at Societe Generale... Plum Creek Timber (PCL) upgraded to Buy from Neutral at DA Davidson... Raytheon (RTN) upgraded to Buy from Neutral at BofA/Merrill... SandRidge Energy (SD) upgraded to Hold from Sell at Wunderlich... Telecom Argentina (TEO) upgraded to Outperform from Market Perform at Raymond James... Teva (TEVA) upgraded to Outperform from Market Perform at BMO Capital... Triumph Bancorp (TBK) upgraded to Buy from Hold at Evercore ISI... Waste Management (WM) upgraded on valuation, rebounding businesses at Argus... Wisconsin Energy (WEC) upgraded to Buy from Neutral at Goldman.
09:47 EDTMYLMylan expected to launch tender offer for Perrigo in early September, CNBC says
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09:14 EDTTEVA, MYLMylan price target lowered to $54 from $82 at BMO Capital
BMO Capital cut its price target on Mylan (MYL) after Teva (TEVA) announced that it was abandoning its bid to buy the company. The firm expects Mylan's stock to continue to face selling pressure in the wake of the news. The firm says that investors will wonder if Mylan can buy Perrigo (PRGO) following the decline in its share price. BMO believes that Perrigo "will put up a strong fight," and it does not think that the deal would be favorable for Mylan in any event. BMO keeps a Market Perform rating on Mylan.
08:24 EDTTEVATeva deal has solid financial and strategic rationale, says Cowen
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08:19 EDTTEVA, MYLTeva price target raised to $80 from $69 at Bernstein
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08:03 EDTTEVATeva price target raised to $86 from $70 at Citi
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08:02 EDTTEVATeva says EMA confirms validation of Reslizumab marketing authorization
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07:20 EDTAZNBrookings Institute to hold a public meeting
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07:07 EDTTEVATeva price target raised to $82 from $73 at Deutsche Bank
Deutsche Bank raised its price target for Teva (TEVA) to $82 saying it likes the acquisition of Allergan's (AGN) generics business. The firm reiterates a Buy rating on the stock.
07:02 EDTMYL, TEVAMylan price target lowered to $65 from $82 at Deutsche Bank
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06:43 EDTMYL, TEVAMylan price target lowered to $54 from $82 at BMO Capital
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06:31 EDTMYL, TEVAMylan's move to Netherlands gave it leverage to resist Teva deal, WSJ says
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06:06 EDTTEVA, MYLTeva upgraded to Outperform from Market Perform at BMO Capital
BMO Capital analyst David Maris upgraded Teva (TEVA) to Outperform after the company reached a deal to buy Allergan's (AGN) generics business for $40.5B and dropped its proposal to acquire Mylan (MYL). The acquisition looks "very positive" high accretion and significant cost savings, Maris tells investors in a research note. The deal is a "much better option" than Mylan and brings Teva a leading pipeline of generics, Maris writes. He raised his price target for shares of Teva to $80 from $75. The stock closed yesterday up $10.22 to $72.07.
05:39 EDTTEVAAllergan price target raised to $366 from $333 at UBS
UBS analyst Marc Goodman raised his price target for Allergan (AGN) to $366 saying he remains bullish on the stock after the company sold its generics business to Teva (TEVA). The sale was a surprise, but you can't blame Allergan management for selling at that price, Goodman told investors yesterday in a research note titled "An Offer They Couldn’t Refuse." He sees "significant upside potential" in shares of Allergan and keeps a Buy rating on the name. The maker of Botox closed yesterday up $18.99 to $327.20.
July 27, 2015
19:14 EDTTEVATeva could surge to $100 per share, Barron's says
Investors should expect more gains from Teva following the pharmaceutical company's acquisition of Allergan Generics (AGN) and reporting better than expected quarterly results, Barron's contends in its 'Barron's Take' column. Shares could surge to $100.00 per share, the paper adds. Reference Link
18:30 EDTTEVAAllergan CEO pursuing 'transformational deals,' FT says
In a Financial Times interview following the sale of its generics unit to Teva (TEVA), Allergan's (AGN) CEO Brent Saunders stated, "We’re going to contemplate transformational deals... We couldn’t before because of our capital structure and debt, but now we can." When asked about the timing of a potential deal, Saunders remarked, "We’re not going to plod along," and when asked about a hypothetical takeover by Pfizer (PFE), the CEO commented, "I spend zero time thinking about Pfizer and I am not doing anything to make us more or less attractive to them." Reference Link
17:36 EDTMYL, TEVAOn The Fly: Top stock stories for Monday
Stocks began the session deep in negative territory, with weakness attributed to the Chinese market suffering its worst one day loss in over eight years. The U.S. indexes remained in the negatives throughout the day as traders prepare for one of the heaviest weeks for this earnings season. ECONOMIC EVENTS: In the U.S., durable goods orders advanced 3.4% in June versus expectations for a 3.2% increase. Excluding transportation items, the core reading was up 0.8% against estimates for a 0.5% gain. In China, the Shanghai composite index fell 8.5% and the Shenzhen composite dropped 7%, with the moves generally attributed to concerns over growth and fears that the government may pull its market support. Note that Dow Jones quoted the country's top securities regulator this morning as saying China plans to increase stock purchases by the state. COMPANY NEWS: Shares of Teva (TEVA) jumped $10.15, or 16.41%, to $72.07 after the generic drugmaker dropped its pursuit of Mylan (MYL), opting instead to acquire Allergan's (AGN) global generic pharmaceuticals business for $40.5B. Allergan shares rose 6.09% for the session, and Mylan fell 14.51% to $56.37 while reiterating its commitment to pursue Perrigo (PRGO), whose shares gained 3.81% to $193.60. MAJOR MOVERS: Among the notable gainers was Wabtec (WAB), which rose $6.59, or 7.21%, to $97.93 after agreeing to buy Faiveley Transport for roughly $1.8B, noting that it expects EPS accretion in 2016. In other M&A news, Magnetek (MAG) finished the session up $17.27, or 53.55%, to $49.52 after Columbus McKinnon (CMCO) agreed to acquire the company for $50 per share, while Beacon Roofing Supply (BECN) jumped $2.62, or 8.71%%, to $32.70 after agreeing to buy Roofing Supply Group at a transaction value of about $1.1B. Also higher were shares of Xueda Education (XUE), which surged 50.63% after Xiamen Insight Investment announced a deal to purchase the company for $5.50 per American Depository Share. Xueda's positive move came in stark contrast to numerous Chinese stocks traded in New York, with Baidu (BIDU) slipping 4.16% and Alibaba (BABA) losing 2.01% after China's Shanghai composite index plunged overnight. Also lower was McGraw Hill Financial (MHFI), declining $6.01, or 5.69%, to $99.59 after agreeing to acquire SNL Financial for roughly $2.225B in cash. Additionally, GrubHub (GRUB) lost 8.37% to $30.99 following a downgrade from Cowen citing competitive concerns and market saturation. INDEXES: The Dow fell 127.94, or 0.73%, to 17,440.59, the Nasdaq lost 48.85, or 0.96%, to 5,039.78, and the S&P 500 declined 12.01, or 0.58%, to 2,067.64.
14:23 EDTTEVATeva price target raised to $82 from $73 at Deutsche Bank
12:03 EDTTEVA, MYLOn The Fly: Top stock stories at midday
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12:01 EDTTEVAAllergan to use Teva deal proceeds to pursue other deals, Reuters says
Allergan (AGN) CEO Brent Saunders said it will use the $36B it receives from the sale of its generics business to Teva (TEVA) to pursue further acquisitions, Reuters reports, citing a company conference call. Saunders told investors that proceeds from the Teva deal will be used to increase the size of its existing drug businesses, expand into new therapy areas, and seek out larger deals, the report says. Reference Link
10:00 EDTMYLOn The Fly: Analyst Downgrade Summary
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09:46 EDTMYLMylan tumbles as Teva withdraws acquisition proposal
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09:21 EDTMYL, TEVAOn The Fly: Pre-market Movers
HIGHER: Magnetek (MAG), up 53.5% after Columbus McKinnon (CMCO) agrees to acquire the company... Xueda Education (XUE), up 40.6% after merging with Xiamen Insight Investment... Box (BOX), up 4.6% after being upgraded to Overweight from Sector Weight at Pacific Crest... Goodrich Petroleum (GDP), up 6.4% after announcing sale of proved reserves and a portion of Eagle Ford leasehold. NOTABLE: Teva Pharmaceutical (TEVA), up 10.7% after acquiring Allergan Generics... Allergan (AGN) is up 6.3%... Mylan (MYL), down 14% after Teva withdraws proposal to acquire the company... Perrigo (PRGO), up 3% after Teva withdraws proposal to acquire Mylan. DOWN AFTER EARNINGS: Sohu.com (SOHU), down 6%... Changyou.com (CYOU), down 10.1%. ALSO LOWER: Bellerophon (BLPH) down 63% after announcing results of BCM clinical trial... Terex (TEX), down 4% after being downgraded to Sell from Neutral at Goldman... Ultragenyx Pharmaceutical (RARE), down 3.5% after being downgraded to Equal Weight from Overweight at Morgan Stanley...
08:41 EDTTEVATeva says main markets of overlap with Allergan are U.S., U.K.
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08:32 EDTTEVATeva says healthcare industry shake-up 'just in the middle of its course'
08:27 EDTTEVA, MYLTeva says intends to review options for remaining stake in Mylan
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08:23 EDTMYL, TEVATeva sees capacity to continue executing deals in 2015 and 2016
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07:51 EDTTEVAAllergan generics divestiture adds capital for deals, says Cowen
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07:43 EDTTEVAAllergan to hold a conference call
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07:40 EDTTEVATeva to hold a conference call
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07:32 EDTTEVATeva weekly volatility elevated into acquiring Allergan generics unit
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07:24 EDTTEVAAllergan's volatility flat into Teva acquiring generic unit
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07:18 EDTTEVA, MYLMylan volatility flat into Teva canceling proposal to acquire
Mylan (MYL) July weekly call option implied volatility is at 32, August and September is at 37; compared to its 52-week range of 23 to 53, suggesting non-directional price movement into Teva (TEVA) withdrawing its proposal to acquire and entering a definite agreement to purchase Allergan's (AGN) generics unit.
07:07 EDTMYLMylan downgraded to Market Perform from Outperform at Cowen
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06:46 EDTMYL, TEVAMylan comments on Teva agreement to acquire Allergan Generic Drug Unit
Mylan N.V. (MYL) issued the following statement regarding Teva's (TEVA) announcement of its entry into an agreement to acquire Allergan's (AGN) Generic Drug Unit and its withdrawal of its unsolicited expression of interest to acquire Mylan. Mylan Executive Chairman Robert Coury stated: "We congratulate Teva on their agreement to acquire Allergan's generics business and welcome their continued, and potentially enhanced, commitment to the generics industry. As Teva continues to move forward with their strategy, Mylan's strategic focus remains unchanged. Mylan's board and leadership team remains steadfast in its commitment to our mission, vision and strategy to provide access to quality medicine to the world's 7B people and deliver value and sustainable growth for our shareholders and other stakeholders. Our offer to acquire Perrigo continues to be the next natural step in this strategy. Combining Mylan and Perrigo will create a unique infrastructure that is able to maximize on evolving industry dynamics and capitalize on key trends. Further, the complementary cultures and strategies of these two businesses will enable us to redefine how healthcare is delivered and position our company for the future."
06:28 EDTTEVATeva to acquire Allergan Generics in transaction valued at $40.5B
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05:44 EDTTEVAAllergan confirms divestiture of global generic pharma business for $40.5.B
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05:43 EDTTEVATeva says Allergan Generics transaction to bolster pipeline, commercial reach
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05:43 EDTTEVATeva says Allergan Generics transaction to provide 'substantial' benefits
The transaction is expected to provide substantial financial benefits for Teva including highly diversified revenues and profits, and substantial cost synergies and tax savings. Teva expects Allergan Generics to contribute approximately $2.7B in EBITDA in 2016, excluding synergies. Following the completion of the acquisition, Teva is expected to have pro forma sales of approximately $26B and EBITDA of approximately $9.5B in 2016, including an estimated $11B in sales outside of the United States. Teva also believes the acquisition will be significantly accretive to non-GAAP EPS, including expected double digit non-GAAP EPS accretion in 2016 and more than 20% accretion in year two and year three following the close of the transaction. Teva expects to achieve cost synergies and tax savings of approximately $1.4 billion annually, largely achievable by the third anniversary of the closing of the transaction. Teva expects the savings to come from efficiencies in operations, G&A, manufacturing, and sales and marketing. Teva expects the acquisition to generate strong free cash flow of approximately $6.5B in 2016 and expects increasing free cash flow in subsequent years. Teva’s free cash flow will allow for rapid deleveraging and the ability to continue to pursue future acquisitions to expand Teva’s portfolio in both specialty pharmaceuticals and generics, in line with Teva’s stated strategy to grow through value-enhancing and complementary acquisitions. Teva will continue to evaluate opportunities to deliver attractive total stockholder returns on an ongoing basis.
05:40 EDTTEVATeva to acquire Allergan Generics for transaction valued at $40.5B
05:31 EDTTEVATeva reports Q2 non-GAAP operating income $1.6B
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05:31 EDTTEVATeva raises FY15 EPS to $5.15-$5.40 from $5.05-$5.35, consensus $5.23
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05:30 EDTTEVATeva reports Q2 non-GAAP EPS $1.43, consensus $1.31
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05:28 EDTMYL, TEVATeva withdraws proposal to acquire Mylan
Teva (TEVA) announced that it has withdrawn its cash and stock proposal to acquire all of the outstanding ordinary shares of Mylan (MYL) and Teva does not intend to continue to pursue a transaction with Mylan at this time. Teva’s decision to terminate the proposal to acquire Mylan follows announcement that Teva has entered into a definitive agreement with Allergan (AGN) to acquire Allergan Generics. Teva CEO Erez Vigodman commented, “We continue to believe that a combination of Teva and Mylan would have made sense for our companies, our respective stockholders and the healthcare industry as a whole. However, despite our clear commitment to consummating a transaction, and our conviction that we ultimately would have succeeded in acquiring Mylan, we believe we have an even greater opportunity to create compelling, sustainable value for Teva’s stockholders through our transaction with Allergan – and we acted quickly to seize the opportunity. Our agreement with Allergan will reinforce Teva’s strategy to create an even stronger business model in the industry and will position us well to grow the business and better serve our customers and patients.” Teva intends to review its options with respect to its ownership of approximately 4.6% of the outstanding ordinary shares of common stock of Mylan.
05:25 EDTAZNGenzyme acquires Caprelsa from AstraZeneca for $300M
Genzyme, a Sanofi (SNY) company, announced that it has entered into a definitive agreement with AstraZeneca (AZN) to acquire Caprelsa, a rare disease therapy, indicated for the treatment of symptomatic or progressive medullary thyroid carcinoma in patients with unresectable locally advanced or metastatic disease. Caprelsa is an oral kinase inhibitor treatment and is currently available in 28 countries. Caprelsa is in Phase III development for differentiated thyroid carcinoma, with the study expected to finish in the second half of 2015. Under the terms of the agreement, Genzyme will pay AstraZeneca up to $300M, including an upfront payment of $165M to acquire the global rights to sell and further develop Caprelsa, and further development and sales milestone payments of up to $135M. The transaction does not include the transfer of any AstraZeneca employees or facilities.
July 26, 2015
18:22 EDTMYL, TEVAMedia reports say Teva to buy Allergan unit as it looks beyond Mylan
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12:30 EDTTEVA, MYLTeva nears deal to buy Allergan generics unit for $40.5B, Bloomberg says
Teva (TEVA) is nearing a deal to buy Allergan's (AGN) generic drug unit for roughly $40.5B and an agreement could be announced as early as Monday, reports Bloomberg, citing people familiar with the matter. Sources said Teva also plans to withdraw its bid for Mylan (MYL) as soon as Monday. Reference Link
12:17 EDTTEVA, MYLTeva to cancel Mylan bid, plans offer for Allergan generics unit, Bloomberg says
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July 24, 2015
11:59 EDTTEVALeerink's specialty pharma/generics analyst has analyst/industry conference call
Specialty Pharmaceuticals/Generics Analyst Gerberry discusses the strengths and weaknesses of TEVA’s preliminary responses to the IPR challenge on Copaxone 40mg, the likely outcomes for the Copaxone 40mg patent challenge and the perspectives on recent updates in the Jazz Pharmaceuticals' Xyrem patent case on an Analyst/Industry conference call to be held on July 27 at 11 am.
06:56 EDTTEVA, MYLPaulson may play key role in Teva-Mylan-Perrigo drama, CTFN says
John Paulson's hedge fund, Paulson & Co., has upped its stake in Mylan (MYL) to 4.65%, which is below the threshold that would compel it to disclose its plans to the U.S. SEC but high enough for it to obtain standing before the Dutch Enterprise Chamber, which would hear any legal challenge to the "stichting" maneuver the company is employing to avoid a takeover by Teva (TEVA), said CTFN. The takeover fight is most likely headed for court in Amsterdam after Mylan's shareholder foundation exercised an option to acquire shares and Paulson's involvement is noteworthy since he teamed with Centaurus Capital in 2007 to thwart a stichting ploy used by Stork, the report noted. Reference Link
July 23, 2015
09:04 EDTMYL, TEVATeva says 'strongly disagrees' with Stichting stated analysis
Teva Pharmaceutical Industries (TEVA) issued the following statement regarding Stichting Preferred Shares Mylan’s (MYL) decision to exercise its call option: "We strongly disagree with the stated analysis of Stichting Preferred Shares Mylan and its decision to exercise its call option, which is unwarranted, relies on false assumptions, and risks depriving Mylan stockholders and other stakeholders of the value inherent in a combination of Teva and Mylan. We continue to believe that our proposed transaction offers a compelling opportunity for value-creation and many other benefits for the stockholders, customers, patients, and employees of both companies. We are well advised on Dutch law, including the ability of Mylan stockholders to challenge this action in court, and are prepared to take the necessary actions at the appropriate time."
08:48 EDTTEVA, MYLMylan, Teva lower after Stitching looks to thwart hostile deal
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08:48 EDTMYLMylan confirms exercise of full call option by independent foundation
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08:34 EDTTEVA, MYLMylan foundation exercises call option to 'level playing field'
08:33 EDTTEVA, MYLMylan foundation says shareholders at risk of Teva takeover
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July 22, 2015
13:58 EDTAZNPiper cuts Array target by only 50c after failed trial
Piper Jaffray analyst Edward Tenthoff says selumetinib for Uveal Melanoma is a small indication and represented only a small part of his valuation for Array BioPharma (ARRY). As such, after partner AstraZeneca (AZN) announced that selumetinib failed in the Phase III trial, the analyst cut his price target for Array by only 50c to $14.50. The primary drivers for Array remain binimetinib and encorafenib in NRAS and BRAF melanoma and low-grade serous ovarian cancer, the analyst tells investors in a research note. He keeps an Overweight rating on the stock.
10:06 EDTTEVA, MYLAbbott CEO says supportive of Mylan pursuit of Perrigo
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09:30 EDTMYL, TEVAAbbott CEO says 'pretty alligned' with Mylan so far
09:07 EDTAZNOn The Fly: Pre-market Movers
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05:12 EDTAZNAstraZeneca says Phase 3 study of selumetinib did not meet primary endpoint
AstraZeneca (AZN) announced that the Phase 3 SUMIT study of selumetinib in combination with dacarbazine for the treatment of patients with metastatic uveal melanoma did not meet its primary endpoint of progression free survival. This combination therapy showed an adverse event profile generally consistent with current knowledge of the safety profiles of dacarbazine and selumetinib. A full evaluation of the data is ongoing. Selumetinib is a MEK inhibitor in late-stage development, with a primary Phase 3 program in second-line KRAS-mutant advanced non-small cell lung cancer in combination with docetaxel. Selumetinib is also being investigated in a Phase 3 study in differentiated thyroid cancer and in a Phase 2 registration study in patients with neurofibromatosis Type 1. Selumetinib is an oral small molecule MEK inhibitor invented by Array BioPharma (ARRY) and licensed to AstraZeneca in 2003.
July 20, 2015
10:26 EDTTEVALeerink's specialty pharma/generics analyst has analyst/industry conference call
Specialty Pharmaceuticals / Generics Analyst Gerberry, along with MEDACorp Specialists Michael Belliveau, PhD and Shashank Upadhye, JD, discuss the strengths and weaknesses of TEVA's preliminary responses to the IPR challenge on Copaxone 40mg, the likely outcomes for the Copaxone 40mg patent challenge and perspectives on recent updates in the JAZZ Xyrem patent case on an Analyst/Industry conference call to be held on July 22 at 2 pm.
08:38 EDTMYLAnalyst predicts Zoetis merges with Bayer unit, not Valeant
Zoetis (ZTS) in recent months has been the subject of takeover speculation, possibly for Valeant (VRX), but a Jefferies analyst told investors today in a research note that he views a deal with a unit of healthcare giant Bayer (BAYRY) as "highly likely" for the animal medicine company. BACKGROUND: Bill Ackman of Pershing Square, who owns stakes in both Zoetis and Valeant, said in early May while speaking on CNBC that Zoetis is a "great” business on a standalone basis, but he also spoke of the company's strategic value. Ackman added, however, that he was "not sure" that Valeant was the best acquirer of Zoetis. Subsequently, in late June, The Wall Street Journal reported that Valeant made a preliminary approach regarding a potential deal to buy Zoetis. CNBC's David Faber said the next day, citing his own sources, that Valeant reached out to Zoetis as a courtesy to common shareholder Ackman and was unlikely to pursue an acquisition of the company, though he cautioned then Valeant could change its approach and pursue a deal. BAYER: Jefferies analyst Jeffrey Holford said in a note today that he views a tie-up between Zoetis and Bayer's Animal Health business in 2016 as "highly likely." He sees Mylan's (MYL) acquisition of Abbott's (ABT) non‑U.S. developed markets specialty and branded generics business as a potential proxy for how a transaction could be structured, adding that such a "spinversion" could achieve up to 36% long-term earnings accretion for Zoetis. Holford reiterated a Buy rating on Zoetis with a $60 price target, while downgrading Bayer to Hold, citing valuation following the recent outperformance of its shares. IDEXX: While being discussed as a target, some analysts have also opined on companies that Zoetis could pursue as a buyer. On June 29, Canaccord said that in investor meetings with IDEXX (IDXX) executives declined to comment on Zoetis' potential interest in scaling up its animal health diagnostics business. Canaccord added that it thought Zoetis could make a bid for IDEXX. The firm reiterated its Buy rating and $80 price target on IDEXX shares at that time. PRICE ACTION: Since June 25, the day the Journal first reported on Valeant's preliminary takeover approach to Zoetis, the animal health company's shares have dropped nearly 4%. Zoetis closed down 20c to $47.80 on Friday.
07:33 EDTMYLInternational AIDS Society to hold a conference
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07:30 EDTMYLZoetis 'highly likely' to merge with Bayer unit in 2016, says Jefferies
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July 17, 2015
08:38 EDTMYL, TEVALeerink puts 25% odds on Teva, Mylan deal within 12 months
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