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Stock Market & Financial Investment News

News Breaks
February 11, 2013
06:38 EDTCOV, VRX, TEVA, WCRX, ENDPFidelity Investments wants an Endo Health Solution's sale, Bloomberg reports
Fidelity Investments, Endo Health Solutions's (ENDP) largest shareholder, wants a sale, sources say, reports Bloomberg. It may be the company's best hope at regaining investor confidence after losing more than $1B in market value, or to undo the acquisitions that built the company. Endo has the lowest valuation in the U.S. specialty pharmaceuticals industry, according to Bloomberg data. On average, analysts see Endo getting at least a 26% premium in a deal. Teva Pharmaceutical Industries (TEVA) or Covidien Plc (COV) could go after parts or all of Endo, according to Stifel Financial Corp. Gabelli & Co. said Endo could break up or sell its pain drugs to Warner Chilcott Plc (WCRX) or Valeant Pharmaceuticals International (VRX). Reference Link
News For ENDP;TEVA;COV;WCRX;VRX From The Last 14 Days
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February 23, 2015
07:41 EDTVRXValeant buyout of Salix another smart deal, says UBS
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07:31 EDTENDPEndo, BioDelivery Sciences announce acceptance of NDA for Belbuca
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07:13 EDTVRXSalix downgraded to Market Perform from Outperform at Leerink
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07:03 EDTVRXValeant price target raised to $214 from $184 at Cantor
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06:37 EDTVRXSalix downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray downgraded Salix Pharmaceuticals (SLXP) to Neutral saying that while it could "easily see" another bidder emerge, it does not expect any potential competing bids to be significantly higher than the Valeant (VRX) offer. Piper lowered its price target for Salix shares to $158 from $160.
06:05 EDTVRXValeant to host conference call
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February 22, 2015
16:25 EDTVRXValeant says Dendreon acquisition expected to close Feb. 23, 2015
16:21 EDTVRXValeant expect Q1 cash EPS of at least $2.30 per share
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16:18 EDTVRXValeant reports Q4 EPS $2.58 vs. $2.15 in Q413
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16:07 EDTVRXValeant confirms acquiring Salix for $158 per share
Valeant Pharmaceuticals International (VRX) and Salix Pharmaceuticals (SLXP) announced that they have entered into a definitive agreement under which Valeant will acquire all of the outstanding common stock of Salix for $158 per share in cash, or a total enterprise value of approximately $14.5B. The transaction was approved by the Boards of Directors of both companies. Salix Pharmaceuticals is a widely recognized gastrointestinal market leader with a portfolio of 22 total products, including well-known prescription brands Xifaxan, Uceris, Relistor, and Apriso, as well as a strong near- term pipeline of innovative, new assets. "Salix's market-leading gastrointestinal franchise is an ideal strategic fit for Valeant's diversified portfolio of specialty products," said J. Michael Pearson, Valeant's chairman and CEO. "The growing GI market has attractive fundamentals, and Salix has a portfolio of terrific products that are outpacing the market in terms of volume growth and a promising near-term pipeline of innovative products. With strong brand recognition among specialist GI prescribers, a highly rated specialty sales force, and a significant product and commercial presence across the undertreated and underserved gastrointestinal market, this acquisition offers a compelling opportunity for Valeant to create a strong platform for growth and business development." The combination is expected to yield greater than $500M in annual cost savings from the cost base of the combined company. Synergies are expected to be achieved within six months of close, primarily from reductions in corporate overhead and R&D rationalization, with the cost to achieve these synergies to be approximately 65%. Valeant and Salix will determine how best to integrate the two companies to leverage the combined strengths of both while ensuring a smooth and orderly transition. Consistent with Valeant's approach to integrating Bausch + Lomb, there are no planned reductions to Salix's highly rated specialty sales forces or hospital, key account and field reimbursement teams and we will determine the optimal size of Primary Care Sales Force through the integration process.The acquisition is structured as an all-cash tender offer for all of the outstanding shares of Salix common stock at a price of $158 per share followed by a merger in which each remaining untendered share of Salix common stock would be converted into the right to receive the same $158 cash per share consideration as in the tender offer. The all-cash offer will be financed through a combination of bank debt and bonds. As a result of the need to draw down inventories, EBITDA will be artificially low in 2014 and 2015, resulting in the initial net leverage ratio of approximately 5.6. Valeant is committed to reducing its net leverage ratio to be below 4.0 by the second half of 2016. As a result of the plan to reduce wholesaler inventory levels in 2015, the transaction is expected to be modestly accretive to 2015 cash EPS, but over 20% accretive to 2016 cash EPS. Valeant does not expect any change to its credit ratings as a result of the transaction. The transaction, which is expected to close in the second quarter of 2015, is subject to customary closing conditions and regulatory approval.
15:59 EDTVRX, ENDPValeant to buy Salix for $10.1B, FT says
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February 20, 2015
09:45 EDTVRXValeant near deal to acquire Salix, CNBC's Faber reports
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09:43 EDTVRXValeant nearing deal to acquire Salix, CNBC's Faber reports
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09:17 EDTENDPEndo price target raised to $101 from $86 at Goldman
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08:21 EDTENDPSummer Street still feels Endo could acquire BioDelivery Sciences
Summer Street reiterated its belief that Endo (ENDP) could acquire BioDelivery Sciences (BDSI), its partner on multiple products. The firm says scripts for BioDelivery's Bunavail continue to trend in the right direction. It reiterates a Buy rating on the stock with a $25 price target.
08:04 EDTTEVATeva to present new respiratory data at AAAAI
Teva Pharmaceutical Industries announced that four company-sponsored abstracts will be presented at the 2015 Annual Meeting of the American Academy of Allergy, Asthma and Immunology, or AAAAI, in Houston, Texas. Data to be presented include two replicate 52-week Phase III global studies of the company’s anti-IL5 monoclonal antibody, reslizumab, in patients with asthma and elevated blood eosinophils who were inadequately controlled on medium-to-high doses of inhaled corticosteroids with or without an additional controller. The data are scheduled for presentation on Monday, February 23 during an oral session titled “Asthma Therapy and Mechanisms.” Also to be presented are two Phase III studies of beclomethasone dipropionate 40mcg, which gained FDA approval in December 2014, and is now available for the treatment of nasal symptoms associated with allergic rhinitis in children 4-11 years of age. In addition, a dose-response study evaluating the safety and efficacy of fluticasone/salmeterol multidose dry-powder inhaler in patients 12 years of age and older with persistent asthma will be presented.
07:08 EDTTEVAAmerican Academy of Allergy, Asthma and Immunology to hold annual meeting
2015 Annual Meeting of AAAAI is being held in Houston, Texas on February 20-24.
February 19, 2015
17:03 EDTTEVATeva to initiate Phase 2b TV-45070 clinical trial
Xenon Pharmaceuticals (XENE) announced that its development and commercialization partner Teva Pharmaceutical (TEVA) will initiate a Phase 2b clinical trial of TV-45070 in patients with post-herpetic neuralgia, or PHN. The Phase 2b clinical trial in PHN will be a randomized, double-blind, placebo controlled, multi-site study to evaluate the efficacy and safety of TV-45070 in patients with PHN. The study will include three treatment groups to receive doses of 4% or 8% of TV-45070 or placebo, dosed twice daily. Approximately 330 patients will be enrolled in the study. Patients will be stratified into treatment groups based on their R1150W status, a genetic pain biomarker believed to be related to pain susceptibility. The primary endpoint of this study is the change from baseline to week 4 in the numeric rating scale, or NRS, scores. Secondary endpoints include additional pain measurement scores at specified daily time points, the percentage of patients with greater than 30% and greater than 50% improvement in pain scores, quality of life measurements and adverse events measurements. The first patient is anticipated to be dosed in March, and the anticipated completion date for the Phase 2b clinical trial is mid-2016.
16:34 EDTENDPAmerican Medical Systems enrolls 1,000th patient in PROPPER registry
American Medical Systems, or AMS, a subsidiary of Endo International, announced the enrollment of the 1,000th patient in the largest prospective, multi-year, global registry study of penile prosthetic outcomes in the world. The study, entitled PROPPER, or Prospective Registry of Outcomes with Penile Prosthesis for Erectile Restoration, is sponsored by AMS and is being conducted by a team of experienced urologists at 11 North American sites. It aims to better characterize real-world patient satisfaction and other outcomes among men who are receiving prosthetic implants to treat their erectile dysfunction. All patients enrolled in the registry will be implanted with penile implants manufactured by AMS, the majority of whom will receive the three piece inflatable penile prosthesis, the AMS 700.
06:13 EDTENDPEndo resumed with a Buy at Citigroup
Price target raised to $98 from $87.
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