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News For ELN;BIIB From The Last 14 Days Check below for free stories on ELN;BIIB the last two weeks. |
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| May 20, 2013 |
| 13:03 EDT |  | ELN | Elan advises holders to take no action related to Royalty offer
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| 11:46 EDT | | ELN | Royalty Pharma ups offer for Elan to $12.50 per share in cash
Royalty Pharma announced that it raised its takeover offer for Elan to $12.50 per share in cash. The increased offer is fully financed, cash confirmed and not conditional on due diligence, the company added, while saying the $1.00 per share net cash right has been eliminated. Royalty Pharma added that it has reserved its right to waive down the acceptance threshold for the increased offer from 90% to 50% plus one Elan share. Reference Link |
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| 11:43 EDT | | ELN | Elan rallies 3.6% to $12.10 after Royalty Pharm raises buyout offer
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| 11:42 EDT | | ELN | Royalty Pharma raises offer for Elan to $12.50 per share in cash
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| 07:39 EDT |  | BIIB | Biogen weekly MS drug scripts up 26.5%, says Citigroup
Citigroup says weekly scripts for Biogen's multiple sclerosis drug Tecfidera were up 26.5% to 1,621. Citi says the launch of Tecfidera is on track to beat Q2 estimates by a wide margin and it keeps a Buy rating on shares of Biogen. |
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| 05:54 EDT | | ELN | Elan announces transactions to transform company, $200M share repurchase plan
Elan announces a series of transactions designed to decisively transform and advance the company. Upon shareholder approval, the totality of these strategically driven decisions, in addition to the Theravance royalty participation agreement and dividend pass through announced last week and the previously completed Tysabri transaction, will form a dynamic and unique business foundation for Elan in the years ahead. Elan will acquire 100% of AOP Orphan Pharmaceuticals and upon close Elan will pay EUR 263.5M for the company, comprised of EUR 175.7M in cash and EUR 87.8M of Elan ordinary shares. In addition, there will be potential cash milestone payments of up to EUR 270M on the advancement of certain late stage clinical programs. Elan has completed the first step in its investment in Newbridge by paying $40M in exchange for 48% of the total fully diluted capitalization of the company. In addition, Elan has appointed two directors to the board of Newbridge. Elan has the option to purchase the remaining stake in Newbridge by 2015 for a sum of $244M. Elan will commit $70M to the new entity upfront, plus up to a potential future $8M, for an 18% minority equity position, royalties in major markets along with additional milestones, and retention of commercial rights in certain territories and markets. The third party equity financial partner will commit $20M for 62% equity position, plus up to a potential future $2M. The remaining 20% equity will be allocated among Speranza management. This allows Elan to eliminate the operating activities associated with the development of the drug, while at the same time maintaining a share of the potential upside. A $200M share repurchse program is planned, details pending. |
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| 05:22 EDT |  | ELN | Elan to host business news update conference call
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| May 16, 2013 |
| 07:29 EDT | | BIIB | Leerink to host a bus tour
Boston Biopharma Bus Tour travels throughout Boston on May 16-17. |
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| May 15, 2013 |
| 17:21 EDT | | ELN | Elan publishes response document regarding Echo Pharma offer
Elan announces publication of a response document in respect of the Echo Pharma Acquisition Limited offer made on May 2. The response document is published in accordance with Rules 25 and 30.3 of the Irish Takeover Rules and the United States tender offer rules. As previously advised, the Board of Elan has unanimously, and without reservation, rejected the offer by Royalty Pharma. Shareholders are strongly advised to take no action in relation to the offer. |
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| May 14, 2013 |
| 15:09 EDT | | BIIB | Biogen has a conference call hosted by JPMorgan
JPMorgan Analysts Meacham and Kasimov host a conference call with CEO George Scangos and CFO Paul Clancy on May 17 at 10 am. |
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| 07:07 EDT | | ELN | Theravance price target raised to $54 from $44 at Stifel
Stifel thinks that Theravance's (THRX) royalty deal with Elan (ELN) demonstrates its ability to generate revenue that had not been reflected in its stock price. The firm expects Theravance to make similar deals in the future and it keeps a Buy rating on the stock. |
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| May 13, 2013 |
| 16:25 EDT |  | ELN | On The Fly: Closing Wrap
Stocks on Wall Street were little changed from their opening levels as investors weighed the potential end of the Fed's quantitative easing program against a better than expected report on retail sales. The Wall Street Journal's Jon Hilsenrath suggested in a report over the weekend that the Federal Reserve has mapped a QE exit strategy. The report paired with the retail sales data left the market lacking conviction in either direction today, as the averages spent the majority of the session range-bound near the flatline. ECONOMIC EVENTS: In the U.S., retail sales rose 0.1% in April, which beat expectations for a 0.3% decline. Retail sales excluding autos, gas, and building materials rose 0.6%, which was also better than expected. Business inventories were flat in March, versus expectations for a 0.3% gain. In Asia, Chinese factory output grew 9.3% annually in April, which was up from 8.9% in March but still missed expectations for a 9.5% growth rate. COMPANY NEWS: The Supreme Court ruled unanimously that Monsanto's (MON) patented genetically altered soybeans are protected and that farmers cannot use them to create new seeds without paying the company... Dell's (DELL) special committee publicly asked for more information from Carl Icahn and Southeastern Asset Management about their proposed leveraged recapitalization. This request follows television interviews by Icahn last Friday in which he discussed his Dell proposal, as well as a weekend report in Barron's saying the Icahn and Southeastern plan could be a better deal for shareholders. MAJOR MOVERS: Among the notable gainers was Theravance (THRX), up $6.26, or 17.92%, to $41.20 after Elan Corporation (ELN) bought a stake in the potential future royalty payments from four respiratory programs partnered with GlaxoSmithKline (GSK) in exchange for $1B in cash. Also higher was Tesla (TSLA), which rose $11.04, or 14.38%, to $87.80 in its third straight double-digit percentage gain following a better-than-expected earnings report last week. Among the noteworthy losers was Barnes & Noble (BKS), down $2.21, or 9.48%, to $21.10 after the blog InsiderMonkey disputed a previous report about Microsoft's (MSFT) interest in the bookseller's NOOK assets. Also lower was JoS. A. Bank (JOSB), down $3.31, or 7.16%, to $42.90 after the company's first quarter earnings view came in below expectations. INDICES: The Dow was down 26.81, or 0.18%, to 15,091.68; the Nasdaq was up 2.21, or 0.06%, to 3,438.79; and the S&P 500 was nearly unchanged at 1,633.77. |
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| 12:20 EDT | | ELN | On The Fly: Midday Wrap
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| 11:12 EDT | | BIIB | Biogen MS drug scripts grew 38% week-over-week, says Leerink
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| 09:25 EDT | | ELN | On The Fly: Pre-market Movers
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| 07:34 EDT | | BIIB | Biogen says FDA accepts BLA for Eloctate
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| 05:44 EDT | | ELN | Elan provides additional information on Elan/Theravance agreement
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| 05:35 EDT | | ELN | Theravance, Elan enter into $1B royalty participation agreement
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| 05:31 EDT | | ELN | Theravance, Elan enter into $1B royalty participation agreement
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| 05:26 EDT | | ELN | Theravance to host conference call
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