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Stock Market & Financial Investment News

News Breaks
February 8, 2013
08:01 EDTSHPG, IPXLImpax, Shire settle litigation on supply of authorized generic Adderall XR
Impax Laboratories (IPXL) announced that it has settled all pending litigation with Shire LLC (SHPG) and Shire Laboratories, Inc.relating to supply of its authorized generic Adderall XR under the parties’ License and Distribution Agreement that was signed in January 2006. As part of the settlement, the parties will submit a stipulation of dismissal for entry by the Court. Shire has agreed to make a one-time cash payment to Impax of $48M upon the court’s order of dismissal. The parties have entered into an amended License and Distribution Agreement which will govern the future supply of authorized generic Adderall XR from Shire to Impax. Following the end of the supply term on September 30, 2014, Impax will continue to have the right to sell its products on hand or owed to it under the agreement until depleted and will continue to pay a profit share to Shire on sales of such products. Impax will continue to pursue approval of its pending Abbreviated New Drug Application for generic Adderall XR which was filed with the U.S. Food and Drug Administration in September 2003.
News For IPXL;SHPG From The Last 14 Days
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April 23, 2015
09:20 EDTSHPGCelgene patent latest to be challenged by Hayman Capital's Bass
The Coalition For Affordable Drugs, a group linked to Hayman Capital's Kyle Bass, has requested an Inter Partes Review of Claims 1–10 of U.S. Patent No. 6,045,501 held by Celgene (CELG), according to a USPTO filing. The ’501 patent claims methods for delivering a drug, including a teratogenic drug, to a patient while preventing the exposure of a fetus or other contraindicated individuals to the drug. The patent is related to the company's Revlimid drug. BACKGROUND: Previously, the same coalition requested an Inter Partes Review of patents held by Pharmacyclics (PCYC), Acorda Therapeutics (ACOR), Shire (SHPG) and Jazz Pharmaceuticals (JAZZ). On January 7, Reuters reported that Bass planned to take "around 15 pharmaceutical companies with a combined market capitalization of $450B" into an Inter Partes Review for extending patents in questionable ways, citing a presentation made by Bass in Oslo. PRICE ACTION: Shares of Celgene are down 0.5% to $114.92 in pre-market trading.
April 22, 2015
07:07 EDTSHPGEuropean Association for the Study of the Liver to hold annual meeting
50th Annual Meeting of EASL will be held in Vienna, Austria on April 22-26.
April 20, 2015
14:32 EDTSHPGPharmacyclics patent for Imbruvica challenged by Hayman Capital's Bass
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07:18 EDTIPXLAmerican Academy of Neurology to hold annual meeting
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April 17, 2015
10:00 EDTIPXLOn The Fly: Analyst Downgrade Summary
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05:58 EDTIPXLImpax downgraded to Sell from Neutral at UBS
UBS downgraded Impax Laboratories to Sell saying the risk/reward is biased to the downside following the recent rally in shares. UBS attributes the recent run-up in shares to expectations the company will do more deals or get acquired. The firm does not see either scenario driving the stock much above current levels "any time soon." It keeps a $36 price target for Impax shares.
April 13, 2015
07:20 EDTSHPGShire price target raised to $288 from $267 at JPMorgan
JPMorgan raised its price target for Shire to $288 after lifting its estimates for Lifitegrast in dry eye following the FDA's Priority Review designation. The firm believes the FDA is very likely to approve the application in October of this year, without waiting for the third Phase III study late 2015. It upped its 2020 Lifitegrast forecasts by $600M to $900M and reiterates an Overweight rating on Shire.

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