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News For MDT;COV;INTC;BSX;VRTX;JNJ From The Last 14 Days
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March 2, 2015
07:53 EDTJNJCardinal Health to host conference call
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07:35 EDTJNJCardinal Health to buy Cordis from Johnson & Johnson in $1.99B deal
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07:35 EDTJNJCardinal Health to acquire Cordis for $1.94B in cash
Cardinal Health (CAH) announced plans to acquire Johnson & Johnson's (JNJ) Cordis business, a global manufacturer of cardiology and endovascular devices, for $1.94B in cash, or approximately $1.59B, net of the present value of tax benefits. The acquisition is expected to be financed with a combination of $1B in new senior unsecured notes and the remainder with existing cash. The transaction is expected to close in the United States and key non-U.S. countries towards the end of calendar 2015. Assuming this timing, Cardinal Health expects fiscal 2017 accretion in non-GAAP diluted earnings per share from continuing operations of greater than 20c per share, which includes the cost of an incremental 7c-8c per share of interest expense associated with financing the transaction. The company expects the acquisition to be increasingly accretive thereafter and assumes that synergies will exceed $100M annually by the end of fiscal 2018. Cordis had annual sales in 2014 of approximately $780M, split almost evenly between cardiology and endovascular products. Upon completion of that process, Cardinal Health expects to enter into a definitive purchase and sale agreement in respect of the proposed acquisition. The proposed transaction will also be subject to customary closing conditions, including regulatory approvals, and is expected to close in the approximately 20 principal countries towards the end of calendar year 2015 and in the remaining countries on a rolling basis afterward.
07:16 EDTBSXEndo to divest AMS men's and prostate health businesses to Boston Scientific
Endo International (ENDP) announced it has entered into a definitive agreement with Boston Scientific (BSX), under which Boston Scientific will acquire Endo's American Medical Systems' Men's and Prostate Health businesses for up to $1.65B, with $1.6B in cash payable at closing. Endo is also eligible to receive a potential milestone payment of $50M in cash conditioned on Boston Scientific achieving certain product revenue milestones in the Men's Health and Prostate Health businesses in 2016. In addition, Endo is currently evaluating strategic alternatives for the AMS Women's Health business. The transaction is expected to close in the third quarter of 2015, subject to customary conditions, including the expiration or termination of any applicable waiting periods under applicable competition laws. Endo will classify and report results of AMS as Discontinued Operations. FY15 Endo guidance will be provided on a continuing operations basis.
07:10 EDTBSXEndo to sell AMS urology portfolio to Boston Scientific for up to $1.65B
Boston Scientific (BSX) announced that it has entered into a definitive agreement with Endo International (ENDP) to acquire the American Medical Systems' urology portfolio, which includes the Men's Health and Prostate Health businesses, for $1.6B in up-front cash and a potential additional $50M milestone based on 2016 sales. The company expects to close the transaction in the third quarter of 2015, subject to customary closing conditions. Upon completion of the transaction, the AMS Men's Health and Prostate Health businesses will become part of Boston Scientific Urology and Women's Health. The acquisition encompasses the AMS product portfolio for treating urologic conditions, including benign prostatic hyperplasia, male stress urinary incontinence and erectile dysfunction. These technologies complement Boston Scientific's strong kidney stone, pelvic organ prolapse, female stress urinary incontinence and abnormal uterine bleeding treatment portfolios, and together, will provide customers with a comprehensive urology, urogynecology and gynecologic surgery portfolio. The AMS women's health business for treating pelvic organ prolapse and female stress urinary incontinence is not included in the transaction. The AMS Men's Health and Prostate Health businesses generated 2014 sales of approximately $400M and adjusted operating income of approximately $130M, excluding amortization and certain allocated expenses. GAAP operating income, including amortization and certain allocated expenses, was approximately $60M in 2014. The acquisition is expected to result in annual pre-tax synergies in excess of $50M by the end of 2018. On an adjusted basis, the transaction is expected to be breakeven to adjusted earnings per share in 2015, accretive by at least 3c in 2016, approximately 7c in 2017, and increasingly accretive thereafter. The transaction is expected to be less accretive, or dilutive, as the case may be, on a GAAP basis 2015 through 2017, due to amortization expense and transaction and integration costs. The acquisition is being structured as an asset purchase for tax purposes. Boston Scientific intends to finance the acquisition through a combination of existing and newly committed credit facilities.
07:08 EDTINTCCiti says channel checks negative for Altera, Intel, Xilinx
Citigroup says its channel checks indicate Altera's (ALTR) 14nm tapeout at Intel (INTC) has been pushed out again from Q2 to the second half of the year. Its checks also show that Altera has been "very aggressive" in pricing to gain back market share in Asia. Citi sees the two issues as negative for Altera, Intel and Xilinx (XLNX), and positive for TSMC (TSM) and Samsung.
07:08 EDTBSXEndo to sell AMS urology portfolio to Boston Scientific for up to $1.65B
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07:08 EDTBSXBoston Scientific enters $1.65B agreement with Endo to acquire urology portfolio
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05:56 EDTINTCWind River announces collaboration with China Mobile
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05:51 EDTINTCIntel Security selected by Samsung for Galaxy S6 smartphones
Intel Security announced that Samsung will be providing Samsung Galaxy S6 and S6 Edge smartphone users with a security solution to help keep them safe from a growing number of mobile threats. For the first time, Samsung Galaxy S6 and S6 Edge will be pre-installed with VirusScan Mobile technology. With this agreement, customers’ Galaxy S6 devices will be protected by anti-malware technology that provides users with a more secure online mobile experience.
February 27, 2015
14:34 EDTJNJPharmacyclics says Imbruvica combination enhances anti-tumor activity
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09:02 EDTMDTMedtronic announces Irish High Court approval of share premium reduction
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08:15 EDTJNJJohnson & Johnson would benefit from Pharmacyclics deal, says Wells Fargo
After Bloomberg and The Financial Times reported that Johnson & Johnson (JNJ) and Novartis (NVS) are interested in buying Pharmacyclics (PCYC), Wells Fargo thinks the deal would cause a slight acceleration of Johnson & Johnson's revenue growth. The firm believes that the deal could be slightly dilutive to Johnson & Johnson's EPS in the first full year and 1%-4% accretive thereafter. Wells keeps an Outperform rating on Johnson & Johnson.
February 26, 2015
11:03 EDTINTCSamsung ranks first in 2014 EU patent applications
The European Patent Office reports that Samsung (SSNLF) was ranked first in number of European patent applications for 2014 with 2,541 applications filed. Philips (PHG) took second place with 2,317, Siemens (SIEGY) took third with 2,133, BASF (BASFY) took sixth with 1,530, Qualcomm (QCOM) took seventh with 1,459, Ericsson (ERIC) took ninth with 1,347, and Intel (INTC) took 10th with 1,054 applications filed.
09:41 EDTJNJHospira launches generic Remicade, WSJ says
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08:03 EDTJNJJohnson & Johnson forms new health and wellness platform
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06:52 EDTJNJPharmacyclics downgraded to Hold from Buy at WallachBeth
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06:30 EDTINTCARM Holdings looking to expand to Internet of Things, servers, WSJ reports
ARM Holdings (ARMH) is trying to break into the nascent Internet of Things market and the server segment, according to The Wall Street Journal. In the server market, ARM is looking to take share from Intel (INTC), the newspaper stated. Reference Link
06:26 EDTINTCCiti sees downside risk to consensus estimates for Intel
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February 25, 2015
14:47 EDTJNJPharmacyclics could fetch as much as $19B in sale, FT says
Pharmacyclics (PCYC) is considering a sale that could fetch as much as $19B, reported Financial Times, citing people familiar with the matter who said Johnson & Johnson (JNJ) is exploring a potential deal for the company. The Fly notes that Bloomberg had a similar report, but its report said Pharmacyclics could fetch $17B-$18B in a sale. Reference Link
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