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Stock Market & Financial Investment News

News Breaks
February 28, 2014
11:06 EDTENDP, PLDLFEndo completes acquisition of Paladin Labs
Endo International (ENDP) announced that it has completed the acquisition of Paladin Labs (PLDLF) in a stock and cash transaction currently valued at approximately $2.7B. The acquisition accelerates Endo's strategic transformation into a leading global specialty healthcare company and creates a platform for future growth in North America and around the globe. In connection with the acquisition, Endo and Paladin Labs have been combined under a new company incorporated in Ireland named Endo International. Shares of Endo International will trade on NASDAQ under the ticker symbol ENDP and the Toronto Stock Exchange under the ticker symbol ENL. Under the terms of the transaction, Paladin Labs shareholders received 1.6331 shares of Endo International stock and C$1.16 in cash for each Paladin Labs share they owned upon closing. In addition, for each Paladin Labs share owned at closing, shareholders of Paladin Labs received one share of Knight Therapeutics a newly formed Canadian company that has been separated as part of the transaction. Shareholders of Endo Health Solutions received one share of Endo International for each share of Endo Health Solutions they owned upon closing.
News For ENDP;PLDLF From The Last 14 Days
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September 17, 2014
12:22 EDTENDPOn The Fly: Midday Wrap
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12:15 EDTENDPAuxilium climbs, QLT falls after Endo submits takeover bid
Shares of drug maker Auxilium (AUXL) are rallying after another company in the sector, Endo (ENDP), offered to buy Auxilium for $28.10 per share. Endo said that Auxilium's 12 FDA approved products in urology, orthopedic and other areas are "natural complements" to Endo's men's health and pain products, while Auxiium said it would consider the offer. The potential deal, however, jeopardizes Auxiium's prior agreement to acquire another drugmaker, QLT Inc. (QLTI). WHAT'S NEW: Endo announced last night that it had made a cash and stock bid of $28.10, or $2.2B, for Auxilium. The latter company announced this morning that it would "carefully review" the offer. The two companies have "significant synergy opportunities" and the deal is "expected to be immediately accretive" to Endo's EPS, the hopeful buyer added. WHAT'S NOTABLE: On June 26, Auxilium announced that it would merge with Canada's QLT Inc. According to Sterne Agee analyst Shibani Malhotra, Endo said last night that it was not interested in acquiring QLT and Auxilium would have to choose between merging with QLT and being acquired by Endo. ANALYST REACTION: Although Endo's bid represents a 30%+ premium to Auxilium's closing price yesterday, Jefferies analyst Thomas Wei believes that the synergies outlined by Endo justify a higher takeout price. Specifically, the analyst thinks that Auxilium could be acquired for $34 to $45 per share. Wei kept a $34 price target and Buy rating on Auxilium. For his part, Malhotra predicted that Auxilium would approve the Endo deal and reject the QLT merger. The bid appears to be substantially accretive for Endo, added the analyst, who kept a $75 price target and Buy rating on Endo's shares. PRICE ACTION: In early afternoon trading, Auxilium surged over 43% to $30.88 and Endo advanced 6.5% to $69.35, while QLT dropped 12% to $5.46.
09:11 EDTENDPEndo offer likely to be accepted by Auxilium, says Sterne Agee
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09:10 EDTENDPOn The Fly: Pre-market Movers
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08:44 EDTENDPBioDelivery Sciences remains takeout candidate for Endo, says Summer Street
Summer Street believes a potential takeover of BioDelivery Sciences (BDSI) by partner Endo (ENDP) is no less likely after Endo made a bid to acquire Auxilium (AUXL). The firm believes an Endo buyout of BioDelivery is likely a 2015 event when BioDelivery's Bunavail for opioid dependence is on the market and BEMA Buprenorphine is facing FDA approval. Summer Street says it is a buyer of BioDelivery Sciences on weakness this morning and keeps a Buy rating on the name with a $28 price target.
08:06 EDTENDPAuxilium likely to require higher bid from Endo, says MKM Partners
After Endo (ENDP) made a $28.10 per share bid for Auxilium (AUXL), MKM Partners believes that Endo will probably have to bid at least $32 to buy Auxilium. The firm raised its price target on Auxilium to $32 from $26 and reiterates a Buy rating.
07:58 EDTENDPEndo, Auxilium deal can create significant synergies, says Canaccord
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07:39 EDTENDPEndo deal for Auxilium highly complimentary, says UBS
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07:15 EDTENDPEndo bid for Auxilium positive, says Wells Fargo
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07:14 EDTENDPAuxilium to 'carefully review' proposal from Endo for $28.10 per share
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07:12 EDTENDPQLT Inc. provides update on merger with Auxilium
QLT Inc. (QLTI) announces that it has been advised by Auxilium Pharmaceuticals (AUXL) that Auxilium has received an unsolicited offer from Endo International (ENDP) to acquire all of the issued and outstanding shares of Auxilium. Auxilium has further advised QLT that the board of Auxilium is reviewing the Endo Proposal, and has not withdrawn, modified, withheld, changed or qualified its recommendation with respect to the proposed merger with QLT pursuant to the Agreement and Plan of Merger among QLT, Auxilium, QLT Holding, and QLT Acquisition, dated June 25. The Merger Agreement continues in full force and effect. In accordance with the Merger Agreement, QLT has consented to the adoption by Auxilium of a stockholder rights plan in response to the Endo Proposal.
07:11 EDTENDPAnalysts say Auxilium QLT deal could be snarled by Endo bid, Reuters says
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07:04 EDTENDPAuxilium could be worth $34-$45/share in takeout, says Jefferies
Jefferies believes Auxilium (AUXL) could be worth more than the $28.10 per share offer by Endo (ENDP). The firm says it can get to valuations of $34-$45 per share for Auxilium under a takeout scenario. Jefferies thinks proposed acquisition cost "leaves considerable value on the table." It keeps a Buy rating on Auxilium with a $34 price target. In pre-open trading, Auxilium is trading well above Endo's offer price at $30.26 per share, up 41% or $8.74.
06:36 EDTENDPEndo volatility expected to move on Endo acquisition proposal
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06:25 EDTENDPAuxilium volatility expected to move on Endo acquisition proposal
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September 16, 2014
17:29 EDTENDPAuxilium up 42% following Endo acquisition proposal
16:48 EDTENDPEndo delivers proposal to acquire Auxilium for $28.10 per share in cash, stock
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16:48 EDTENDPEndo delivers proposal to acquire Auxilium for $2.2B in cash, stock
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September 8, 2014
16:33 EDTENDPEndo reports TOPAS System improves fecal incontinence in women
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07:31 EDTENDPEndo announces launch of generic Fortesta gel
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