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Stock Market & Financial Investment News

News Breaks
March 21, 2013
08:40 EDTPCRX, ELN, QCOR, FRX, PFE, ENDPJefferies to host a summit
Specialty Pharma Summit is being held in Denver on March 21.
News For ELN;ENDP;FRX;PCRX;PFE;QCOR From The Last 14 Days
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April 7, 2014
17:28 EDTPFEPfizer sell-off unwarranted, Barron's says
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16:35 EDTPCRXPacira Pharmaceuticals files to sell $100M of common stock
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16:28 EDTPFE, QCOROn The Fly: Closing Wrap
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16:08 EDTPCRXPacira Pharmaceuticals files automatic mixed securities shelf
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16:04 EDTPCRXPacira Pharmaceuticals enters co-production partnership with Patheon
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12:15 EDTQCOR, PFEOn The Fly: Midday Wrap
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11:21 EDTQCOROptions with decreasing implied volatility: QCOR MU KMX EPB
11:05 EDTQCOR High option volume stocks: EXC QCOR SQQQ GNK PPG
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10:40 EDTQCORShort-seller target Questcor spikes after deal to be bought by Mallinckrodt
Questcor (QCOR) shares are sharply higher this morning after the company agreed to be bought by Mallinckrodt (MNK) in a transaction valued at approximately $5.6B. WHAT'S NEW: Questcor, a biopharmaceutical company whose primary drug, H.P. Acthar Gel, is approved by the FDA for the treatment of 19 indications, will be acquired by Mallinckrodt for about $5.6B, made up of $30.00 per share in cash and 0.897 Mallinckrodt shares for each Questcor share they own. The total consideration equated to approximately $86.10 per Questcor share based on the closing price of Mallinckrodt shares on April 4. After the deal closes, Mallinckrodt shareholders will own approximately 50.5% and former Questcor shareholders will own approximately 49.5% of the combined company's stock. The deal is expected to immediately add to Mallinckrodt's fiscal 2014 adjusted earnings per share and significantly add to fiscal 2015 adjusted EPS. The transaction is targeted to close in the third quarter. On the companies' conference call discussing the merger, Questcor said it believes that its first quarter sales will be "somewhat lower" than the fourth quarter of 2013, but also "substantially higher" than last year's first quarter; the consensus estimate for Q1 revenue is $242.08M. Questcor also said that it sees a "favorable" tax structure and operating cash flow, as well as immediate value for shareholders. Mallinckrodt said sees about a 10% decline in the tax rate with the Questcor deal and believes it will realize immediate tax benefits. Mallinckrodt added that its focus will be on deleveraging in the coming months to allow for strategic acquisitions. WHAT'S NOTABLE: Of the 19 indications approved for Acthar, Questcor currently generates substantially all of its net sales from the following on-label indications: the treatment of proteinuria in the nephrotic syndrome of the idiopathic type, or NS, the treatment of acute exacerbations of multiple sclerosis, or MS, in adults, the treatment of infantile spasms, or IS, in infants and children under two years of age, and the treatment of certain rheumatology related conditions. Questcor has been a frequent target of the short-selling blog Citron Research in the past. As recently as March 14, Citron Research claimed Questcor was "deceiving" the FDA and investors, alleging H.P. Acthar Gel's active ingredient is less than 20% of the label specification. PRICE ACTION: Questcor is trading up $11.48, or 16.91%, to $79.35 in mid-morning trading. Meanwhile, Mallinckrodt is down $1.70, or 2.72%, to $60.82.
10:40 EDTPFEPfizer trades near lows of the day, levels to watch
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10:00 EDTQCORQuestcor rises 21.2%
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09:10 EDTPFE, QCOROn The Fly: Pre-market Movers
HIGHER: Questcor (QCOR), up 27% after agreeing to be bought by Mallinckrodt (MNK) for cash, stock valued at $86.10 per Questcor share... Agios Pharmaceuticals (AGIO), up 25% after program shows "promising clinical activity" for advanced blood cancers, shares upgraded at JPMorgan... Vocus (VOCS), up 47% after agreeing to be acquired by GTCR for $446.5M, or $18.00 per share... Pandora (P), up 1.3% following upgrade at Wedbush. LOWER: MannKind (MNKD), down 13% after announcing FDA extension of PDUFA date for Afrezza... American Eagle (AEO), down 2.2% following downgrade at Cowen... Pfizer (PFE), down 2.8% after announcing data for palbociclib in metastatic breast cancer... Mattel (MAT), down 3% following downgrade at BMO Capital... WWE (WWE), down 1.2% after cautious mention in Barron's, company announcing WrestleMania 30 grossed $10.9M.
09:09 EDTPFEConfusion on Pfizer Palbo could create buying opportunity, says BMO Capital
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09:00 EDTQCORQuestcor rises 29.2%
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09:00 EDTPFEPfizer falls 2.8%
Pfizer is down 2.8%, or 90c, to $31.25
07:27 EDTPFEAmerican Association of Cancer Research to hold annual meeting
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07:16 EDTQCORMallinckrodt and Questcor hold a joint conference call
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07:08 EDTQCORQuestcor to be bought by Mallinckrodt for cash, stock valued at $86.10 per share
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07:04 EDTQCORQuestcor acquired by Mallinckrodt for $5.6B
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April 6, 2014
13:46 EDTPFEPfizer's palbociclib significantly prolonged PFS in metastatic breast cancer
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