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Stock Market & Financial Investment News

News Breaks
March 25, 2014
07:53 EDTMYL, VRX, ENDP, PRGOPullback has created attractive pharma opportunities, says JPMorgan
JPMorgan believes nothing has fundamentally changed to warrant the recent pullback in the specialty pharmaceutical space and views the pullback as an attractive buying opportunity. JPMorgan named Endo Health (ENDP), Mylan (MYL), Perrigo (PRGO), and Valeant (VRX) as stocks on which it maintains Overweight ratings, citing their favorable positions given the wave of consolidation ongoing in the industry.
News For ENDP;MYL;PRGO;VRX From The Last 14 Days
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September 1, 2015
06:39 EDTENDPEndo downgraded to Equal Weight on growth uncertainty at Morgan Stanley
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06:28 EDTENDPEndo downgraded to Equal Weight from Overweight at Morgan Stanley
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05:33 EDTVRXValeant, AstraZeneca to partner on brodalumab
Valeant Pharmaceuticals (VRX) announced that its affiliate has entered into a collaboration agreement with AstraZeneca (AZN) under which Valeant was granted an exclusive license to develop and commercialize brodalumab. Brodalumab is an IL-17 receptor monoclonal antibody in development for patients with moderate-to-severe plaque psoriasis and psoriatic arthritis. Under the agreement, Valeant will hold the exclusive rights to develop and commercialize brodalumab globally, except in Japan and certain other Asian countries where rights are held by Kyowa Hakko Kirin under a prior arrangement with Amgen Inc., the originator of brodalumab. Valeant will assume all development costs associated with the regulatory approval for brodalumab. Regulatory submission in U.S. and EU for brodalumab in moderate-to-severe psoriasis is planned for Q4. Under the terms of the agreement, Valeant will make an up-front payment to AstraZeneca of $100M, as well as additional pre-launch milestones of up to $170M and further sales-related milestone payments of up to $175M following launch. After approval, AstraZeneca and Valeant will share profits.
August 31, 2015
08:34 EDTPRGOPerrigo acquires ScarAway
Perrigo announced that it has acquired ScarAway from Enaltus, LLC. The brand is expected to generate approximately $10M in full, calendar year 2015 net sales or approximately $3M for the remainder of the year. The acquisition is expected to be immediately accretive to Perrigo's calendar year 2015 adjusted earnings per share and to immediately exceed Perrigo's ROIC threshold.
08:02 EDTENDPEndo announces Xiaflex for Dupuytren's contracture formal pricing in Japan
Endo announced that XIAFLEX for the treatment of Dupuytren's contracture has been listed on the Japanese National Health Insurance drug price standard. As a result, Endo partner Asahi Kasei Pharma expects to commercially launch the product in Japan on September 16, 2015. Under the terms of the partnership agreement, Endo will receive a $20M milestone payment upon the first commercial sale of XIAFLEX in Japan. In March 2011, Asahi Kasei Pharma received rights to develop and market XIAFLEX in Japan through an agreement with Auxilium Pharmaceuticals, which was subsequently acquired by Endo in January 2015. Under the agreement, Asahi Kasei Pharma was granted the exclusive right to commercialize XIAFLEX for the treatment of Dupuytren's contracture and Peyronie's disease in Japan upon receipt of applicable regulatory approvals. Asahi Kasei Pharma is also responsible for clinical development and regulatory activities for XIAFLEX and has a right of first negotiation to obtain exclusive rights to commercialize other XIAFLEX(R) pipeline indications in Japan. Endo is eligible to receive up to $217M in remaining potential milestone payments and up to $210M in connection with the achievement of aggregate annual net sales thresholds. In addition, Asahi Kasei Pharma will provide tiered payments based on net sales of XIAFLEX . Asahi Kasei Pharma obtained approval in Japan for the manufacture and marketing of XIAFLEX(R) for Dupuytren's contracture in July 2015.
06:51 EDTMYLDutch pension fund sells Mylan shares over death penalty drug, Reuters says
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August 28, 2015
16:17 EDTPRGO, MYLOn The Fly: Top stock stories for Friday
Stocks slipped at the open as the futures once again were influenced by the volatile overnight trading session in China. The averages began to recover shortly after the open and turned mixed by midday. Comments from Fed Vice Chairman Stanley Fisher about the central bank being open to a possible rate hike in September took some momentum out of the market. As the volume slowed and the news flow went silent, the volatility increased and the averages headed lower only to rebound before the close, but the trading was still remarkably calm when compared to the wide swings seen in the market in the earlier sessions of this week. ECONOMIC EVENTS: In the U.S., personal income rose 0.4% in July, as expected, with consumer spending up 0.3%, which was below the 0.4% consensus growth forecast. The University of Michigan consumer sentiment reading for August was revised down to 91.9 from the 92.9 preliminary reading, versus expectations for it to be bumped up to 93.0. Baker Hughes reported the U.S. rig count is down 8 rigs from last week to 877. WTI crude oil prices added another 6% today to yesterday's 10% rally, closing at $45.22 a barrel on Friday. U.S. crude closed with a weekly gain of 11.8%, marking its first advance in 10 weeks and best week in six years. The Federal Reserve may still raise its benchmark interest rate in September, Fed vice chairman Stanley Fischer said in an interview with CNBC, noting that Fed committee members "haven't made a decision yet" and have "time to wait and see," because the next policy-making meeting won't happen until the middle of next month. COMPANY NEWS: Shares of cancer drug maker ARIAD (ARIA) surged $2.91, or 41.69%, to $9.89 after Bloomberg reported that industry peer Baxalta (BXLT) is in takeover talks with the smaller company to boost its oncology pipeline. Baxalta, which had recently turned down a merger offer from Shire (SHPG), fell $1.18, or 3.24%, to $35.25 following the report... In other pharmaceutical industry M&A news, Mylan (MYL) shareholders voted to approve the company's proposed acquisition of Perrigo (PRGO) and the related issuance of Mylan ordinary shares. Afterward, Perrigo CEO Joseph Papa said he was confident that most of his company's shareholders believe that Mylan's offer substantially undervalues Perrigo and would dilute its "growth profile and superior valuation"... Video game maker Activision Blizzard (ATVI) and airline owner United Continental (UAL) both advanced sharply, rising 4.62% and 6.93%, respectively, after each had their shares selected to join the S&P 500. Activision will replace Pall Corp. (PLL) in the S&P 500 after the close of trading tonight, while United will replace Hospira (HSP) in the index after the close of trading on Wednesday, September 2. MAJOR MOVERS: Among the notable gainers was Big Lots (BIG), which advanced $6.58, or 15.67%, to $48.58 after the discount retailer reported better than expected quarterly results and lifted its fiscal year guidance. Among the noteworthy losers after their quarterly reports were video game retailer GameStop (GME), which slid $3.71, or 8.03%, to $42.49, and design software and services company Autodesk (ADSK), which fell $2.48, or 4.96%, to $47.52. INDEXES: The Dow fell 11.76, or 0.07%, to 16,643.01, the Nasdaq gained 15.62, or 0.32%, to 4,828.33, and the S&P 500 advanced 1.21, or 0.06%, to 1,988.87.
09:50 EDTENDPAllergan plans for generic version of Endo's Fortesta blocked, Bloomberg reports
A judge upheld Endo's (ENDP) patents on Fortesta expiring in 2018 and blocked Allergan's (AGN) bid to launch a generic version of the testosterone gel, according to Bloomberg.
09:31 EDTPRGO, MYLMylan vote not surprising, Perrigo likely to rise in near-term, says BMO Capital
BMO Capital analyst David Maris believes that Mylan (MYL) shareholders' vote in favor of Mylan's proposed takeover of Perrigo (PRGO) and authorizing the company to issue shares was the outcome expected by most investors and will not come as a surprise to the market. Maris noted that he expects Perrigo shares will rise in the coming days amid speculation on its next move and thinks the Mylan bid significantly undervalues the company, which he estimates is worth $246 per share on a stand-alone basis. The firm keeps an Outperform rating on Perrigo and a Market Perform rating on Mylan.
08:06 EDTPRGO, MYLPerrigo 'confident' shareholders will reject Mylan 's offer
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07:22 EDTMYL, PRGOMylan shareholders approve proposed acquisition of Perrigo
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August 26, 2015
10:07 EDTMYLMylan initiated with a Buy at Standpoint Research
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06:55 EDTPRGO, MYLMylan shares may sell off on affirmative Perrigo deal vote, says BMO Capital
With Mylan (MYL) set to hold a shareholder vote on August 28 regarding its proposed acquisition of Perrigo (PRGO), BMO Capital analyst David Maris predicts that if the vote goes in Mylan's favor, he expects Perrigo shares to rise and Mylan shares to fall. Afterward, he feels added overhangs, such as Teva's (TEVA) and Abbott's (ABT) shareholdings and potential short-term selling by arbitrageurs, will come into play, further pressuring Mylan shares.
05:58 EDTMYL, PRGOPerrigo CEO says company is 'very active in M&A,' Bloomberg reports
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August 25, 2015
15:02 EDTMYLMylan says USPTO institutes IPR of two Copaxone patents
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14:40 EDTMYLTeva Copaxone patents to be reconsidered by regulators, Bloomberg says
14:16 EDTMYLMylan launches generic version of Pfizer's Zosyn Injection
Mylan (MYL) announced the U.S. launch of Piperacillin and Tazobactam for Injection USP, 3.375g Single-dose Vials, which is the generic version of Pfizer's (PFE) Zosyn Injection. This product is a combination penicillin-class antibacterial and beta-lactamase inhibitor indicated for the treatment of patients with moderate to severe infections caused by susceptible isolates of certain bacteria. Piperacillin and Tazobactam for Injection USP, 3.375g Single-dose Vials had U.S. sales of approximately $72.1M for the 12 months ending June 30, 2015, according to IMS Health. Mylan's launch of this product adds to the company's growing portfolio of more than 145 injectable products available to patients in the U.S. across a broad array of therapeutic categories including oncology, anti-infectives, anesthesia/pain management and cardiovascular.
13:22 EDTPRGO, MYLMylan comments on 'misleading' Perrigo statements
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11:27 EDTMYL, PRGOTeva to refrain from voting at Mylan special meeting
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08:05 EDTVRXValeant names D. Robert Hale to board of directors
Valeant Pharmaceuticals International announced the addition of D. Robert Hale, Partner of ValueAct Capital, to its board of directors and the resignation of Jeffrey W. Ubben, CEO and CIO of ValueAct Capital, effective as of August 19, 2015. ValueAct Capital, an investment firm based in San Francisco with over $20B under management, owns approximately 4% of the outstanding stock of Valeant, and has been a shareholder in Valeant since 2006. As a Partner and member of the investment team of ValueAct Capital, Hale has worked closely with the board and management team of Valeant since January 2011. Hale will be the fourth Partner of ValueAct Capital to serve on the Valeant Board, following Mason Morfit, Brandon Boze, and Jeff Ubben.
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