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News Breaks | | | | February 6, 2013 | | 08:26 EDT |  | ELN | Elan sale of Tysabri stake positive, says RBC Capital
After Elan (ELN) agreed to sell its 50% interest in the Tysabri MS drug to Biogen (BIIB) for $3.25B in cash and an 18%-25% royalty on global payments, RBC Capital thinks that Elan received a relatively high royalty rate. The firm believes the deal will enable Elan to diversify into other products and it maintains an Outperform rating on the stock. | |
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News For ELN From The Last 14 Days Check below for free stories on ELN the last two weeks. |
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| June 19, 2013 | | 14:10 EDT |  | ELN | Forest Labs interested in bidding for Elan, Reuters reports
 Subscribe for More Information | | | 13:46 EDT |  | ELN | Forest Labs to make bid for Elan, Reuters reports
Subscribe for More Information | | | 12:03 EDT |  | ELN | Options with decreasing implied volatility: NBG ELN HRB PVH TIBX AGNC
Subscribe for More Information | | | June 18, 2013 | | 08:52 EDT | | ELN | On The Fly: Pre-market Movers
Subscribe for More Information | | | 08:36 EDT | | ELN | Elan shares could be worh $19 in a buyout, says Jefferies
Jefferies raised its price target for shares of Elan (ELN) to $19 from $14, reflecting what it sees as the value of the company in a takeout scenario. The firm says Elan management suggested they would be open to sale in the $15-$20 per share range. Jefferies believes a high taxpaying suitor could pay the upper end of that range, and lists Allergan (AGN), Regeneron (REGN), Vertex (VRTX), Alexion (ALXN), Zoetis (ZTS), Mylan (MYL) and Perrigo (PRGO) as potential acquirers for Elan. Shares of Elan are up 13c to $13.62 in pre-market trading after Royalty Pharma announced that its buyout proposal for the company has expired. | | | 06:46 EDT | | ELN | Royalty Pharma announces withdrawal of judicial review, lapse of offer
Royalty Pharma announced today that it had withdrawn its request for a judicial review of the Irish Takeover Panel's decision requiring it to lapse its offer for Elan if, among other things, Elan shareholders approved the Share Repurchase Program. As a result, Royalty Pharma's offer has now lapsed. Accordingly, no Further Revised Acceptance Documents should be executed and delivered and any Acceptance Documents in respect of the Offer, the Increased Offer and Further Increased Offer are now of no legal effect. | | | 06:08 EDT | | ELN | Court designates lead plaintiff in shareholder suit against SAC, Reuters reports
Subscribe for More Information | | | 05:39 EDT | | ELN | Elan advises holders to withdraw acceptances of Royalty Pharma Offer
Subscribe for More Information | | | June 17, 2013 | | 10:40 EDT | | ELN | Royalty says Elan holders can execute documents amid proceedings
Subscribe for More Information | | | 08:23 EDT | | ELN | Elan holders do not approve Theravance/Elan royalty participation transaction
Subscribe for More Information | | | | 06:27 EDT | | ELN | Elan announces royalty Pharma bid lapses in accordance with terms
At an Extroadinary General Meeting, the shareholders did not approve the Theravance Transaction, the AOP Transaction or the ELND005 Transaction. As shareholders have approved the Share Repurchase Program, and in accordance with the terms of the Royalty Pharma Offer, the Royalty Pharma Offer has now lapsed. As announced on June 14, Elan has now initiated a formal sale process. Royalty Pharma has been invited to participate in that process and to bring forward a new offer should it so desire. | | | 06:01 EDT | | ELN | Royalty Pharma expresses disappointment in letter to Elan board
Subscribe for More Information | | | June 14, 2013 | | 16:34 EDT |  | ELN | On The Fly: Closing Wrap
Stocks on Wall Street were lower after opening higher, but pulling back from its early levels following consumer confidence data that pulled back from recent six-year highs. The averages moved to their worst levels near mid-afternoon and closed off those levels, with the Dow logging the day's biggest losses. ECONOMIC EVENTS: In the U.S., the producer price index for May rose 0.5% from the prior month, versus expectations for a 0.1% month-over-month increase. Core PPI, which excludes the food and energy components, increased 0.1%, matching forecasts. The first quarter current account balance showed the deficit shrunk to $106.1B, versus consensus for the current account deficit to widen to $111.2B. May industrial production was flat, compared to expectations for it to grow 0.2%, while capacity utilization fell to 77.6% from the revised prior reading of 77.7%. The preliminary Reuters/University of Michigan consumer sentiment reading for June slipped to 82.7 from the prior 84.5 reading, where it had been forecast to hold steady. In Europe, employment in the euro zone currency bloc shrank 0.5% in the first three months of the year from the prior quarter, while the wider EU saw a 0.2% decline. EU consumer prices rose by 0.1% in May, putting the annual inflation rate at 1.4% compared to 1.2% in April, Eurostat said. COMPANY NEWS: Elan (ELN) shares gained $1.05, or 8.33%, to $13.66 after the company said it will explore a possible sale of the company "in light of the expressions of interest received to date." Royalty Pharma, which has been making a hostile takeover bid for the Irish drugmaker, was invited to participate in the process... Walter Energy (WLT) fell $2.56, or 17.43%, to $12.13 after a report by Forbes said the company withdrew a proposed $1.55B loan refinancing. The company later released a statement saying the proposed refinancing would not have raised additional capital and that the company has no material debt principal payments due until 2015. MAJOR MOVERS: Among the notable gainers was Restoration Hardware (RH), up $9.51, or 16.13%, to $68.47 after its quarterly results beat expectations and the company raised its fiscal year outlook. Also higher were shares of Charter Communications (CHTR), up $5.72, or 5.16%, to $116.61, and Time Warner Cable (TWC), up $7.78, or 8.09%, to $103.93 after CNBC's David Faber reported Liberty Media's (LMCA) CEO discussed a combination between Charter and Time Warner with Time Warner Cable's CEO. Among the noteworthy losers was Myriad Genetics (MYGN), down another $4.42, or 13.81%, or $27.59 the day after the Supreme Court ruled on gene patents. INDICES: The Dow was down 105.90, or 0.70%, to 15,070.18; the S&P was down 9.63, or 0.59%, to 1,626.73; the Nasdaq was down 21.81, or 0.63%, to 3,423.56. | | | 16:00 EDT | | ELN | Options Update; June 14, 2013
Subscribe for More Information | | | 14:26 EDT | | ELN | Moody's revises Elan's outlook to developing
Subscribe for More Information | | | 13:40 EDT | | ELN | Royalty Pharma says Elan sales process a 'clear frustrating tactic'
Subscribe for More Information | | | 12:43 EDT | | ELN | On The Fly: Midday Wrap
Subscribe for More Information | | | 10:50 EDT | | ELN | High option volume stocks: LSI SVNT ELN NEE MHR
Subscribe for More Information | | | 09:41 EDT |  | ELN | Elan spikes higher as formal sale process begins
The stock is currently up over 8.4% to $13.68. At that price, next resistance is at $14.80, the 52-week high. Support is at $13.31. | | | 09:36 EDT | | ELN | Active equity option families trading on open
Active equity option families trading on open according to Track Data: AAPL ELN GOOG TSLA CLF NFLX | | |
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