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March 31, 2014
19:48 EDTLLY, TEVAEli Lilly patent for Alimta held up by court through 2022
Eli Lilly (LLY) announced that the U.S. District Court for the Southern District of Indiana has ruled in the company's favor regarding the vitamin dosage regimen patent for Alimta. In the case of Eli Lilly vs. Teva (TEVA) the court ruled the vitamin dosage regimen patent is valid and enforceable. The patent provides intellectual property protection for Alimta until 2022. Alimta's compound patent remains in force through early 2017.
News For LLY;TEVA From The Last 14 Days
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November 23, 2015
07:06 EDTTEVAPfizer sees Allergan deal closing in 2H16
The completion of the transaction, which is expected in the second half of 2016, is subject to certain conditions, including receipt of regulatory approval in certain jurisdictions, including the United States and European Union, the receipt of necessary approvals from both Pfizer (PFE) and Allergan shareholders, and the completion of Allergan's (AGN) pending divestiture of its generics business to Teva Pharmaceuticals Ltd (TEVA)., which Allergan expects will close in the first quarter of 2016. Pursuant to the terms of the merger agreement, the Allergan parent company will be the parent company of the combined group. A wholly owned subsidiary of Allergan will be merged with and into Pfizer, and subject to receipt of shareholder approval, the Allergan parent company will be renamed "Pfizer plc" after the closing of the transaction. Immediately prior to the merger, Allergan will effect an 11.3-for-one share split so that each Allergan shareholder will receive 11.3 shares of the combined company for each of their Allergan shares, and the Pfizer stockholders will receive one share of the combined company for each of their Pfizer shares. Pfizer's U.S. stockholders will recognize a taxable gain, but not a loss, for U.S. federal income tax purposes. The transaction is expected to be tax-free for U.S. federal income tax purposes to Allergan shareholders. Pfizer stockholders will have the opportunity to elect to receive cash instead of stock of the combined company for some or all of their Pfizer shares, provided that the aggregate amount of cash to be paid in the merger will not be less than $6 billion or greater than $12 billion. In the event that the aggregate cash to be paid in the merger would otherwise be less than $6 billion or greater than $12 billion, then the stock and cash elections will be subject to proration. Following the transaction, and assuming that all $12 billion of cash is paid in the merger, it is expected that former Pfizer stockholders will hold approximately 56% of the combined company and Allergan shareholders will own approximately 44% of the combined company on a fully diluted basis. As a result of the combination with Allergan and subsequent integration of the two companies, Pfizer now expects to make a decision about a potential separation of the combined company's innovative and established businesses by no later than the end of 2018. Pfizer plc's board is expected to have 15 directors, consisting of all of Pfizer's 11 current directors and 4 current directors of Allergan. The directors from Allergan will be Paul Bisaro, Allergan's current Executive Chairman, Brent Saunders, Allergan's current CEO, and two other directors from Allergan to be selected at a later date. Ian Read, Pfizer's Chairman and CEO, will serve as Chairman and CEO of the combined company. Brent Saunders will serve as President and Chief Operating Officer of the combined company. He will be responsible for the oversight of all Pfizer and Allergan's combined commercial businesses, manufacturing and strategy functions.
05:16 EDTTEVATeva upgraded to Buy from Neutral at Goldman
Goldman Sachs analyst Jami Rubin upgraded Teva Pharmaceuticals (TEVA) to Buy saying the setup for 2016 is attractive following the pullback in shares that began in late July. Several share overhangs will be removed in the near-term, with a likely equity offering ahead of Allergan (AGN) genetics unit purchase and recent quantification of Copaxone generic downside risk, Rubin tells investors in a research note. The analyst keeps a $75 price target for Teva. The generic pharmaceutical giant closed Friday up 68c to $61.72.
November 19, 2015
13:52 EDTTEVAMylan announces U.S. launch of generic Adderall tablets
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09:02 EDTTEVATeva, UCL start unique brain imaging study
Teva Pharmaceuticals and University College London, or UCL, announced the start of a "unique" study, combining state-of-the-art brain imaging with key biomarkers, aimed at building a better understanding of the role of inflammation in neurodegenerative disease and potentially a new approach in its early diagnosis and treatment. The Pilot Longitudinal Study in Alzheimer's Disease of Central Markers of Microglial Activation, or PADMMA, study is a two-year study in 20 patients that will assess, using PET imaging, the prevalence and pattern of activation of a specific type of cell, called microglia, in the central nervous system in people with certain symptoms of neurodegenerative disease. It is key demonstration of Teva's commitment towards dementia research made following the UK Government's Dementia Summit, spearheaded by UK Prime Minister David Cameron.
08:02 EDTTEVATeva reports 'positive' results from Phase III Asthma treatment trials
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06:34 EDTLLYEli Lilly, Merck expand immuno-oncology collaboration
Eli Lilly (LLY) and Merck (MRK) announced the extension of an existing collaboration to evaluate the safety and efficacy of the combination of Lilly's Alimta and Merck's Keytruda in a pivotal Phase III study in first-line nonsquamous non-small cell lung cancer, or NSCLC. The study will be sponsored by Merck and will be open to patients with NSCLC in the first-line setting, regardless of PD-L1 status. Financial details of the collaboration were not disclosed. The expansion of this oncology clinical trial collaboration comes following the release of encouraging data from a Phase I study, presented earlier this year at the 16th World Congress on Lung Cancer, which evaluated pemetrexed, carboplatin and pembrolizumab in first-line nonsquamous NSCLC.
November 18, 2015
08:11 EDTLLYIMS Health forecasts global drug spending to increase 30% by 2020 to $1.4T
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07:43 EDTTEVAJefferies to hold a conference
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06:09 EDTLLYValeant's Addyi sees hardly any sales, Bloomberg says
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November 17, 2015
07:47 EDTTEVALeerink sees M&A accelerating for central nervous system assets
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November 16, 2015
18:16 EDTLLYEli Lilly can continue to move higher next year, Barron's says
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17:02 EDTLLYPoint72 added to lululemon position, subtracted from Netflix position
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16:53 EDTTEVAPaulson reduced stake in Valeant
Paulson & Co. gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Perrigo (PRGO), CIT Group (CIT), Precision Castparts (PCP), Cameron (CAM), and Altera (ALTR). INCREASED STAKES: Teva (TEVA), Post Holdings (POST), Starwood Hotels (HOT), LivaNova (LIVN), and Synergy Pharmaceuticals (SGYP). DECREASED STAKES: Valeant (VRX), Shire (SHPG), Whiting Petroleum (WLL), Computer Sciences (CSC), and Oasis Petroleum (OAS). LIQUIDATED STAKES: Houghton Mifflin Harcourt (HMHC), Broadcom (BRCM), and Sprint (S).
11:47 EDTLLYEli Lilly reports 8.4% passive stake in Ignyta
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10:00 EDTLLYOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Alliant Energy (LNT) upgraded to Outperform from Market Perform at Wells Fargo... AmerisourceBergen (ABC) upgraded to Equal Weight from Underweight at Morgan Stanley... Amphenol (APH) upgraded to Buy from Neutral at Goldman... CA Technologies (CA) upgraded to Neutral from Sell at Citi... Cempra (CEMP) upgraded to Overweight from Equal Weight at Morgan Stanley... Edgewell Personal Care (EPC) upgraded to Neutral from Sell at Goldman... Eli Lilly (LLY) upgraded on improved growth outlook at BMO Capital... MiMedx (MDXG) upgraded to Strong Buy from Buy at Needham... NVIDIA (NVDA) upgraded to Buy from Hold at Canaccord... New York REIT (NYRT) upgraded to Buy from Hold at Evercore ISI... Oracle (ORCL) upgraded to Conviction Buy from Buy at Goldman... Perrigo (PRGO) upgraded to Buy from Neutral at UBS... Semtech (SMTC) upgraded to Buy from Neutral at B. Riley... Tullow Oil (TUWOY) upgraded to Buy from Neutral at UBS... Wabtec (WAB) upgraded to Outperform on valuatoin at Raymond James.
08:44 EDTLLYEli Lilly upgraded on improved growth outlook at BMO Capital
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06:07 EDTLLYEli Lilly upgraded to Outperform from Market Perform at BMO Capital
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November 13, 2015
10:49 EDTTEVAMylan jumps, Perrigo plunges after hostile takeover bid fails
Shares of Mylan (MYL) jumped after the company's offer to acquire Perrigo (PRGO) failed. Perrigo shares fell after the news. WHAT'S NEW: Mylan's approximately $26B hostile takeover offer for Perrigo officially fell through Friday morning, ending a seven-month ordeal between the two companies. Mylan said that only about 40% of Perrigo's shares were tendered by the company's stockholders, falling short of the 50% required for an acquisition, forcing the offer to lapse after failing to meet its goal by the established deadline. In response to the news, Perrigo Chief Executive Officer Joseph Papa said he was "delighted" that his company's shareholders rejected the offer. "We have said all along that this offer from Mylan was a bad deal for our shareholders, as it significantly undervalued our durable business model and industry-leading future growth prospects," Papa said. Perrigo added that it will immediately commence its previously announced $2B share buyback and that it intends to complete $500M of the planned repurchase by the end of the year. WHAT'S NOTABLE: On July 27, Teva (TEVA) withdrew a takeover offer for Mylan amid Mylan's talks with Perrigo. The Israeli pharmaceutical company opted instead to purchase Allergan's (AGN) generics business. Commenting on its failure to buy Perrigo, Mylan Executive Chairman Robert Coury said in a statement that while the company viewed Perrigo as a "unique and exciting company," it was not required for the future success of the company. Coury said, "We are well-positioned to quickly execute on the next strategic, value-enhancing opportunities for our business, some of which we have already identified." STREET RESEARCH: Citi analyst Liav Abraham upgraded Mylan to Buy and raised her price target for shares to $59 from $52, saying that an overhang has been removed since the company's hostile attempt to buy Perrigo has fallen through. Abraham argued that a combination of the two companies would have been both destructive to both earnings and value for Mylan and that the failed bid will increase management's optionality to pursue other value-enhancing opportunities and enable investors to focus on the company's base business. In addition, RBC Capital Markets analyst Randall Stanicky confirmed a Sector Perform rating for both Mylan and Perrigo with price targets of $60 and $176, respectively. Stanicky said he expects Mylan's stock to gain 10%-15% towards $50 as a result of the news, while Perrigo will probably see a pull-back into the low $140s. The analyst added that the removal of the Mylan bid will drive initial weakness for Perrigo's shares but that the stock can settle close to its current levels. PRICE ACTION: In morning trading, Mylan rallied 12.5% to $48.60 and Perrigo fell 6.92% to $145.72. OTHERS TO WATCH: Teva shares trading in New York increased 0.26%, Allergan was up 0.66%, and Endo (ENDP), with which Reuters reported Perrigo held unsuccessful takeover talks, gained 5.56%.
November 12, 2015
08:12 EDTLLYIncyte price target raised to $135 from $130 at Leerink
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08:08 EDTLLYEli Lilly target raised to $93 on baricitinib outlook at Leerink
Leerink analyst Seamus Fernandez raised his price target for Eli Lilly to $93 saying he views baricitinib as a best-in-class oral therapy for rheumatoid arthritis with a $3B market opportunity. The analyst expects baricitinib to "quickly replace" Pfizer's (PFE) Xeljanz and compete in the front line rheumatoid arthritis treatment setting with standard of care anti-TNF therapies. Fernandez reiterates an Outperform rating on Lilly after raising baricitinib sales forecast.
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