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News Breaks
February 14, 2013
12:15 EDTAZN, MYLAstraZeneca wins appeal to block generic Seroquel XR from Mylan, others
After a New Jersey district court ruled last March that AstraZeneca's (AZN) formulation patent protecting Seroquel XR extended release tablets was valid, the U.S. Court of Appeals for the Federal Circuit affirmed the lower court's ruling today. The lower court had also ruled that Anchen Pharmaceuticals, Osmotica Pharmaceutical, Torrent Pharmaceuticals and Mylan Pharmaceuticals (MYL) have infringed the Seroquel XR formulation patent, which expires in 2017. Reference Link
News For AZN;MYL From The Last 14 Days
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April 7, 2014
07:27 EDTAZNAmerican Association of Cancer Research to hold annual meeting
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05:48 EDTAZNMyriad Genetics submits premarket approval to FDA for BRACAnalysis
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April 4, 2014
12:09 EDTMYLOn The Fly: Midday Wrap
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10:45 EDTMYLMylan rises despite Meda rejecting takeover offer
Mylan (MYL) shares are higher this morning following a Financial Times report of its desire to buy Swedish rival Meda. Subsequent to the story being published, Meda confirmed it had been in talks with Mylan but rejected the company's takeover offer. WHAT'S NEW: The Financial Times reported that Mylan was considering buying Meda, a Swedish drugmaker, in a deal that would create a $23B+ pharmaceuticals business. Mylan reportedly hired advisers to put a deal together for Meda, and though the value of a deal was not noted, sources said Mylan was likely to pay a "significant" premium to Meda's market value, which was $4.5B at the end of trading on Thursday. Mylan's market value currently stands at $18.5B. A combination of the drugmakers would create a company with annual revenues of around $9B, the FT said, noting that would be half the size of generic drug rival Teva (TEVA). WHAT'S NOTABLE: Meda's board of directors confirmed that it was contacted by Mylan regarding a proposal to merge the companies, but the board decided to reject the proposal. Meda said all discussions between the company and Mylan have been terminated "without further actions." ANALYST REACTION: Citigroup upgraded Mylan to Buy from Neutral and raised its price target on the stock to $61 from $52 this morning. The firm cited potential operational and tax benefits from an acquisition of Meda, stating that in addition to expanding Mylan's geographic presence, the deal would increase its presence in specialty, OTC and branded generics. OTHER NEWS: Mylan sued Celgene (CELG) to block that company's efforts to keep generic versions of Revlimid and Thalomid off the market, Reuters reported. PRICE ACTION: Mylan shares are up $2.98, or 5.98%, to $52.84 in mid-morning trading.
10:02 EDTMYLOn The Fly: Analyst Upgrade Summary
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09:13 EDTMYLOn The Fly: Pre-market Movers
HIGHER: Mylan (MYL), up 6.8% after report of desire to buy Swedish rival Meda, which confirmed it had been in talks with Mylan but rejected the company's takeover offer. Shares of Mylan were also upgraded to Buy this morning at Citigroup... Mercury Systems (MRCY), up 8.8% after Reuters said Boeing (BA) is considering a takeover bid of the supplier..Micron (MU), up 3% after reporting earnings and revenue that topped expectations... Align (ALGN), up 6% after winning patent case against ClearCorrect... GameStop (GME), up 2.8% following upgrade at BofA Merrill Lynch... Potbelly (PBPB), up 4.6% after upgrade at William Blair.... SYNNEX (SNX), up 18.5% after earnings report. LOWER: CarMax (KMX), down 3.3% after reporting earnings and revenue that fell below expectations... Halozyme (HALO), down 33% after announcing temporary halt of Phase 2 trial enrollment for PEGPH20... Ocean Power (OPTT), down 15% after 3.8M share Spot Secondary priced at $3.10.
09:07 EDTMYLMylan off highs, shares still up 5% after Meda ends takeover talks
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09:06 EDTMYLMeda ends talks with Mylan, rejects takeover proposal
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09:02 EDTMYLMeda says 'decided to reject' proposal from Mylan
09:00 EDTMYLMylan rises 10.7%
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08:46 EDTMYLMylan upgraded to Buy from Neutral at Citigroup
Citigroup upgraded Mylan to Buy citing potential operational and tax benefits from an acquisition of Swedish-based Meda. Mylan is in preliminary talks to acquire Meda, according to the Financial Times. Citi raised its price target for shares to $61 from $52.
08:39 EDTMYLMylan upgraded to Buy from Neutral at Citigroup
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07:45 EDTMYLMylan volatility expected to move on looking at buying Swedish drug maker Meda
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06:49 EDTMYLMylan sues Celgene for blocking Thalomid, Revlimid generics, Reuters says
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06:44 EDTMYLMeda chairman says firm had preliminary discussions with Mylan, Reuters says
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06:08 EDTMYLMylan eyes takeover of Swedish rival Meda, FT reports
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April 3, 2014
14:30 EDTMYLMylan says USPTO rejects Teva '808 patent reissue application on Copaxone
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14:28 EDTMYLMylan says USPTO rejects Teva '808 patent reissue application on Copaxone
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06:04 EDTMYLMylan implied volatility of 44 at upper end of index mean range
April 2, 2014
11:14 EDTMYLOptions with increasing implied volatility: ATHN ISRG MYL
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