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Stock Market & Financial Investment News

News For MEDI;PFE;CELG;PRXL;ACOR;NPSP;ALKS;AZN;TEVA From The Last 14 Days
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April 22, 2015
09:44 EDTTEVASources: Mylan planning new offer for Perrigo, CNBC's Faber says
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09:08 EDTTEVATeva price target raised to $75 from $64 at Argus
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08:43 EDTTEVAHostile bids carry low success rates, says Leerink
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08:42 EDTTEVAMylan likely to seek higher offer from Teva, says Bernstein
after Teva (TEVA) offered to buy Mylan (MYL) for $82 per share, Bernstein expects Mylan to seek an offer closer to $90. The firm also expects Mylan to seek shared management and perhaps some protection for its employees. Bernstein expects Teva to attempt to convince Mylan shareholders of the merits of its offer and Mylan to attempt to convince Perrigo (PRGO) shareholders of the merits of its offer and its own shareholders of the risks associated with the Teva deal. Bernstein keeps Outperform ratings on Teva and Mylan.
08:31 EDTTEVATeva files for Hart Scott Rodino notification regarding proposed Mylan purchase
Teva Pharmaceutical Industries (TEVA) announced that it has filed for premerger notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with the U.S. Department of Justice Antitrust Division and the Federal Trade Commission regarding its proposed acquisition of Mylan N.V. (MYL). As announced on April 21, 2015, Teva proposed to acquire Mylan for $82.00 per Mylan share, with the consideration to be comprised of approximately 50% cash and 50% stock. Teva’s proposal for Mylan implies a total equity value of approximately $43 billion and an enterprise value of approximately $50 billion. The Teva Board and management team are committed to consummating a transaction as soon as possible. The acquisition proposal would provide Teva stockholders with very attractive strategic and financial benefits and Mylan stockholders with a substantial premium and immediate value for their shares, as well as the opportunity to participate in the significant upside potential of the combined company – one that would transform the global generics space and leverage it to hold a unique leadership position in the pharmaceutical industry. Teva has carefully studied the regulatory aspects of a combination of Teva and Mylan, in conjunction with its advisors. Teva is confident that it would be able to structure a transaction that would not contain material impediments to closing and that it can determine and promptly implement divestitures, as necessary, to gain regulatory clearances. Teva intends to work cooperatively with antitrust authorities and expects that the proposed transaction can be completed by year-end 2015. Teva’s proposal provides Mylan stockholders with a more attractive alternative to Mylan’s proposed acquisition of Perrigo Company plc (PRGO), as announced on April 8, 2015, as well as to Mylan on a standalone basis. Teva’s proposal would provide Mylan stockholders with consideration representing a 37.7% premium to the stock price of Mylan on April 7, 2015, which is the last day of trading prior to Mylan’s press release regarding its unsolicited proposal for Perrigo, and a 48.3% premium to the unaffected stock price of Mylan on March 10, 2015, which is the last day of trading prior to widespread speculation of a transaction between Teva and Mylan. Barclays and Greenhill & Co. are serving as financial advisors to Teva. Kirkland & Ellis LLP and Tulchinsky Stern Marciano Cohen Levitski & Co are serving as legal counsel to Teva, with De Brauw Blackstone Westbroek N.V. and Loyens & Loeff N.V. acting as legal advisors in the Netherlands.
08:04 EDTAZNBIND Therapeutics presents data on BIND-014, AZD2811 at AACR
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07:33 EDTACORAcorda Therapeutics presents data on remyelinating anibody clinical study
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07:27 EDTTEVAPiper sees more sense in Teva buying Perrigo than Mylan
Piper Jaffray says that while a potential acquisition of Mylan (MYL) by Teva (TEVA) would bring major cost synergies and meaningful earnings accretion, it would not significantly improve the limited visibility on long-term top-line and earnings growth for Teva. Piper sees more strategic sense in Teva acquiring Perrigo (PRGO). Such a deal would drive multiple expansion for Teva since Perrigo's Consumer Health and Nutritionals businesses can offer a "much higher level of visibility on robust long-term earnings growth" than what Mylan can offer Teva, Piper tells investors today. The firm reiterates a Neutral rating on shares of Teva.
07:19 EDTACORAcorda Therapeutics assumed with a Neutral at Piper Jaffray
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07:14 EDTTEVATeva Mylan deal more likely to get done than Mylan Perrigo deal,says Wells Fargo
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06:31 EDTTEVAMylan likely to improve offer for Perrigo, says Citigroup
Citigroup believes Mylan's (MYL) board will likely reject Teva's (TEVA) initial takeover offer of $82 per share and present an improved proposal to acquire Perrigo (PRGO). Citi continues see a potential Teva-Mylan combination as more value accretive for Mylan shareholders than a potential Mylan-Perrigo combination. It keeps a Neutral rating on Mylan.
06:30 EDTTEVAMylan shareholders urge board to consider Teva offer, Reuters reports
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April 21, 2015
16:26 EDTTEVAOn The Fly: Top stock stories for Tuesday
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14:57 EDTTEVAPerrigo puts active on Teva proposal to acquire Mylan
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14:43 EDTTEVAPerrigo set to reject Mylan bid as soon as this week, Reuters says
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13:51 EDTTEVAEarnings Watch: Amgen's Enbrel, Neulasta sales key for Q1 results
Amgen (AMGN) is scheduled to report first quarter earnings after the market close on Tuesday, April 21 with a conference call scheduled for 5:00 pm ET. Amgen, a biotechnology medicines company, engages in the discovery, development, manufacture, and marketing of human therapeutic products in the areas of supportive cancer care, inflammation, nephrology, and bone diseases. EXPECTATIONS: Analysts are looking for earnings per share of $2.10 on revenue of $4.91B, according to First Call. The consensus range for EPS is $1.91-$2.25 on revenue of $4.62B-$5.13B. LAST QUARTER: Amgen reported fourth quarter EPS of $2.16 against estimates of $2.05 on revenue of $5.33B against estimates of $5.2B. With its Q4 report, Amgen also reiterated its fiscal year EPS view of 9.05-$9.40, on revenue of of $20.8B-$21.3B. Total product sales increased 8% for Q4 versus Q4 of 2013. The increase was driven primarily by Enbrel, Neulasta, Prolia, XGEVA and Vectibix .Growth for the quarter was due primarily to higher unit demand, and to a lesser extent, price. Product sales increased 6% for the full year driven by strong performance across the portfolio. STREET RESEARCH: On March 23, Piper Jaffray said the "positive" trial data Teva (TEVA) reported for its anti-CGRP antibody in migraines is another important validation for the class of drugs that is also being worked on by Amgen, Eli Lilly (LLY), and Alder Biopharmaceuticals (ALDR). The firm said it thinks Amgen is one of the leaders in CGRP antibody space and reiterated its Overweight rating and $187 price target on Amgen shares. On March 16, RBC Capital said it believes that data presented by Amgen on its evolocumab drug for hyperlipidemia.was "very positive." The firm expects the drug to be approved in late summer. It predicts that revenue from the drug will ramp modestly and steadily, and then accelerate after positive studies of the drug's effects are released in 2017. RBC Capital estimates that worldwide revenue from the drug will peak at $2.5B+. It keeps an Outperform rating on Amgen. PRICE ACTION: Amgen shares are higher by around 6% since its last earnings report on January 27, and are up 1.25% to to $168.06 in afternoon trading ahead of Tuesday's earnings report.
13:41 EDTTEVATeva shares should be accumulated at current levels, says Cowen
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12:33 EDTTEVAOn The Fly: Top stock stories at midday
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12:22 EDTTEVAMylan upgraded to Market Perform after Teva bid at BMO Capital
BMO Capital upgraded Mylan (MYL) to Market Perform from Underperform saying the stock is unlikely to underperform in the short term following Teva's (TEVA) hostile takeover bid of $82 per share. BMO expects Mylan shareholders will either extract a higher big from Teva, or the company will successfully defend against the takeover "with an even more compelling future." The firm raised its price target for Mylan shares to $75 from $41. It coupled the upgrade with a downgrade of Teva to Market Perform.
12:17 EDTTEVABMO Capital downgrades Teva, says Mylan deal 'neither bold nor compelling'
BMO Capital downgraded Teva (TEVA) to Market Perform from Outperform after the company bid $82, to be paid equally in cash and stock, for Mylan (MYL), as the firm views the proposed deal as "neither bold nor compelling" The firm thinks the deal is largely driven by a goal to be the largest, rather than the best, generics drugmaker and BMO believe the integration process would be hard for the companies. The firm also thinks the final outcome and price to be paid after a merger negotiation is uncertain and depends on how hard Mylan will fight. BMO simultaneously upgraded Mylan to Market Perform from Underperform after Teva came forward with its bid.
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