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Stock Market & Financial Investment News

News Breaks
June 9, 2014
11:29 EDTIDIX, GILD, JNJ, ABBV, ACHNHCV players moving after Merck buys Idenix
Shares of several companies that have developed hepatitis C, or HCV, treatments are rising after one such company, Idenix (IDIX), agreed to be acquired by Merck (MRK). Meanwhile, shares of Gilead (GILD) are falling after an analyst wrote that Merck could be in a better position to extract royalties from Gilead following the acquisition. WHAT'S NEW: Merck and Idenix reported this morning that Idenix would be acquired by Merck for $24.50 per share or $3.85B. The purchase price is more than triple the company's closing price on Friday. Idenix has developed a number of HCV treatments. In an interview with Reuters, Merck's R&D chief, Roger Perlmutter said that Indenix's experimental drug, IDX21437, could cure patients with every genotype of HCV within four to six weeks, the news service reported. Currently viewed by many as the leading HCV treatment, Gilead's Solvaldi must be taken for 12 weeks by most patients, according to Gilead's website. REACTION: In an article published by The Street today, blogger Adam Feuerstein wrote that Achillion Pharmaceuticals (ACHN), which has developed its own HCV drugs, could be the next takeover target in the space. Like Gilead's Sovaldi, Achillion's ACH-3422 is a nucleotide, Feurstein noted. After CNBC reported that Johnson & Johnson (JNJ) and Abbvie (ABBV) both made unsuccessful bids for Idenix, Feurstein believes that investors are betting that Achillion could be acquired by Johnson & Johnson or Abbvie. Meanwhile, in a note to investors earlier today, Dr. Joshua Schimmer, an analyst at research firm Piper Jaffray, wrote that some investors believe that Merck acquired Idenix partly to strengthen its hand in patent litigation against Gilead. Patents were likely a key factor in Merck's purchase of Idenix, but analysts have always expected Gielad to pay Merck a royalty on Sovaldi sales, the analyst wrote. Moreover, Sovaldi is likely to constitute a much lower percentage of Gilead's HCV sales going forward as the company develops new combination therapies, Schimmer contended. He kept an Overweight rating on the stock. PRICE ACTION: In late morning trading, Achillion climbed 39% to $4, Gilead dropped 4% to $79, and Idenix soared 230% to $24.
News For IDIX;GILD;JNJ;ABBV;ACHN From The Last 14 Days
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July 21, 2014
06:10 EDTABBVStocks with implied volatility movement; ABBV JOY
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July 20, 2014
12:46 EDTGILDGilead drug cocktail helps treat HIV/HCV-coinfected patients, JAMA says
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July 18, 2014
18:04 EDTABBVAbbVie purchase of Shire worth the premium, Barron's reports
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16:47 EDTABBVMarket ends week higher as earnings, M&A offset geopolitical tensions
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13:46 EDTABBVAbbVie price target raised to $85 from $71 at Jefferies
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10:34 EDTABBVShire downgraded to Neutral from Overweight at Piper Jaffray
Shire (SHPG) is being acquired by AbbVie (ABBV).
10:30 EDTABBVAbbVie says can't back out of Shire deal based on tax law change, Bloomberg says
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09:29 EDTABBVAbbVie, Shire says merger should help in enhanced buyback and dividend programs
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05:17 EDTABBVAbbVie, Shire agree on merger worth GBP32B pounds
The boards of AbbVie (ABBV) and Shire (SHPG) announced that they have reached agreement on the terms of a recommended combination of Shire with AbbVie. Under the terms of the Merger, Shire shareholders will be entitled to receive per share GBP 24.44 in cash and 0.8960 new AbbVie shares. Immediately following the transaction, Shire shareholders are expected to hold new AbbVie Shares representing approximately 25% of the issued share capital of new AbbVie. AbbVie expects the transaction to be accretive to adjusted earnings per share in the first year following completion, growing to above $1.00 per share by 2020, with "material ongoing financial and operating benefits." The AbbVie board also expects the transaction to reduce New AbbVie's effective tax rate to approximately 13% by 2016. The Shire board said it "considers the terms of the Transaction to be fair and reasonable." In order to undertake the transaction, AbbVie has formed a new company, New AbbVie, which is incorporated in Jersey, Shire's current place of incorporation. Following completion of the Transaction, New AbbVie will become the holding company of the Shire Group and the AbbVie Group. It is intended that the New AbbVie Shares will be listed on the New York Stock Exchange.
05:12 EDTABBVAbbVie to acquire Shire for 52.48 pounds per share in cash, stock
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July 17, 2014
14:54 EDTJNJJohnson & Johnson weakness creates buying opportunity, says Argus
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12:56 EDTABBVAbbVie set to announce GBP 31B deal to buy Shire, FT says
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12:54 EDTABBVAbbVie set to announce GBP 31B deal to buy Shire, FT says
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11:12 EDTIDIXOptions with decreasing implied volatility
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10:56 EDTJNJJohnson & Johnson reports 18% passive stake in Minerva
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05:53 EDTABBVStocks with implied volatility movement; HLF ABBV
Stocks with implied volatility movement; Herbalife (HLF) 52, AbbVie (ABBV) 30 according to iVolatility.
July 16, 2014
11:57 EDTGILDStocks with call strike movement; GILD YHOO
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08:55 EDTJNJJohnson & Johnson pullback a buying opportunity, says Leerink
Leerink views the post-earnings pullback in shares of Johnson & Johnson as a buying opportunity. The firm expects "several" more quarters of outperformance and raised its price target for the stock to $115 from $110. It keeps an Outperform rating on J&J.
07:59 EDTABBVTreasury Secretary urges Congress to take action on tax inversions
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07:25 EDTJNJJohnson & Johnson should be bought on pullbacks, says RBC Capital
RBC Capital believes that Johnson & Johnson reported strong Q2 results, and the company raised its estimates for the company. The firm continues to recommend buying the stock on pullbacks.
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