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August 8, 2014
07:01 EDTMYL, AGN, MDT, VRX, ABT, COVHarvard professor says Treasury can reduce inversion incentives, NY Times says
Stephen Shay, a Harvard Law School professor and former deputy assistant secretary for international tax affairs at the Treasury Department, recently argued in the trade journal Tax Notes that the Treasury Department could reduce the incentives for tax inversions, according to a New York Times columnist. Treasury can do this by limiting the deductions for interest payments that an American subsidiary pays its foreign parent company, and by ensuring that profits of overseas subsidiaries will continue to be subject to American taxes, the columnist quoted Shay as saying. Robert Willens, described as an influential tax commentator by the columnist, indicated that Shay's suggestions aren't practical, but the columnist says they are both legally and politically feasible. Among the deals or possible transactions that involve inversion are Mylan's (MYL) acquisition of Abbott (ABT), Medtronic's (MDT) acquisition of Covidien (COV) and Valeant's (VRX) proposed takeover of Allergan (AGN). Reference Link
News For MYL;ABT;MDT;COV;VRX;AGN From The Last 14 Days
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November 13, 2015
08:10 EDTMYLMylan about 10M shares short of needed votes for Perrigo bid approval, CNBC says
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06:54 EDTAGNPiper sees Pfizer worth over $50/share on standalone basis
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06:26 EDTABT, MDTAbbott downgraded to Neutral from Buy at Goldman
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06:24 EDTMDT, ABTMedtronic upgraded to Conviction Buy from Buy at Goldman
Goldman Sachs analyst David Roman upgraded Medtronic (MDT) to Conviction Buy saying the stock's risk/reward is compelling at current levels. The company's fundamentals are the strongest in nearly a decade amid improving end-markets, new product launches and financial flexibility, Roman tells investors in a research note. He raised his price target for shares to $90 from $87. Roman removed Stryker (SYK) from the Conviction List and also downgraded Abbott (ABT) to Neutral.
06:12 EDTMYLMylan's hostile bid for Perrigo unlikely to succeed, Reuters reports
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November 12, 2015
13:45 EDTAGNPfizer, Allergan talks could set off further Treasury action, dealReporter says
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12:54 EDTMYLMylan volatility elevated into completion of tender offer for Perrigo
Mylan (MYL) November weekly call option implied volatility is at 140, November is at 72, December is at 50; compared to its 52-week range of 26 to 60; suggesting large price movement into the completion of tender offer for Perrigo (PGRO) deadline of November 13.
12:42 EDTMYLPerrigo held unsuccessful talks to acquire Endo, Reuters reports
Perrigo (PRGO) has held unsuccessful talks to acquire Endo (ENDP) in all-stock deal, reports Reuters. According to people familiar with the matter, the talks were advanced enough for major issues such as the role of the Endo's CEO and how the companies could be integrated to have been addressed. Perrigo ended the talks when Endo asked for too much stock for its shareholders. Reference Link
08:02 EDTVRXSynergy Pharmaceuticals still a saleable asset, says Canaccord
Canaccord still views Synergy Pharmaceuticals (SGYP) as a saleable asset, with Valeant (VRX) or Shire (SHPG) seen as the most obvious buyers. The firm also sees the cost of the launch of plecanatide as lower than expected and sees no need for the company to raise capital until at least the end of 2016. Canaccord reiterated its Buy rating and $19 price target on Synergy Pharmaceuticals shares.
06:12 EDTVRXAckman responds to Munger's Valeant criticism with Coke critique, Bloomberg says
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November 11, 2015
15:57 EDTVRXFiling points to odd stock windfall for Valeant CEO, SIRF says
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15:43 EDTAGN, VRXJudge says Valeant, Ackman must face insider trading suit, Reuters reports
In a decision rendered on Nov. 9, a U.S. district judge in California ruled that Valeant Pharmaceuticals (VRX) and shareholder Bill Ackman must face a lawsuit accusing them of insider trading in Allergan (AGN) before the hedge fund manager and the company partnered on their unsuccessful takeover bid, reported Reuters. Reference Link
10:05 EDTVRXValeant price target lowered to $200 from $285 at Stifel
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08:31 EDTVRXSpecialty pharmacy ties claim next victim in Horizon Pharma
Shares of Horizon Pharma (HZNP) are sharply lower this morning after pharmacy benefit manager Express Scripts (ESRX) cut ties with a specialty pharmacy called Linden Care, which is used by Horizon. The trouble for Horizon is reminiscent of the recent issues suffered by fellow drugmaker Valeant (VRX) due to its own association with a specialty pharmacy. WHAT'S NEW: Express Scripts, the nation's largest pharmacy benefit manager, has stopped doing business with Linden Care, accusing it of being a "captive" pharmacy that dispenses mostly products made by Horizon Pharma. In turn, Horizon called the idea that Linden Care is a captive pharmacy "entirely false," stating that "at best Express Scripts is being reckless in its allegations and at worse it is intentionally attempting to mislead investors." Horizon repeated its previous assertions that it does not own or have an ownership stake in any pharmacy, does not possess an option to purchase any pharmacy and that all pharmacies that distribute Horizon branded medicines are fully independent. WHAT'S NOTABLE: The fight between Express Scripts and Horizon over Linden Care comes amid the ongoing saga playing out between Valeant and its prior specialty pharmacy partner, Philidor Rx Services. Following claims that Philidor urged its employees to modify prescriptions to ensure more orders of Valeant-branded drugs rather than generics, as well as other allegations of wrongdoing, Express Scripts and peer CVS Health (CVS) terminated Philidor from their networks. The day after those termination announcements, Valeant said that it was severing all ties with Philidor and that the pharmacy had informed the drugmaker that it will shut down operations as soon as possible, consistent with applicable laws. Valeant has subsequently said that Philidor has committed to cease operations by January 30, 2016, at the latest. DEPOMED PURSUIT: In September, Horizon commenced an exchange offer for all of the outstanding shares of common stock of Depomed (DEPO). Under the terms of the offer, tendering Depomed shareholders would be able to exchange each share of Depomed common stock for 0.95 Horizon Pharma ordinary shares. Depomed's board has unanimously rejected Horizon's unsolicited exchange offer, highlighting reservations about Horizon's business model and strategy, while observing that the nature of Horizon's business model "had the potential to lead to significant volatility in the price of Horizon stock." This morning, WallachBeth analyst Brian Jeep upgraded Depomed to Buy, citing valuation and the potential of the Nucynta franchise following the company's better than expected Q3 results. Jeep keeps a $33 price target for Depomed shares. PRICE ACTION: In pre-market trading, Horizon Pharma fell over 17% to $18.50 per share, while Depomed slid nearly 6% to $20 per share.
07:56 EDTAGNBoston Biotech Conferences to hold a conference
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07:23 EDTVRXValeant upcoming 2016 guidance key to boosting confidence, says UBS
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07:04 EDTAGNAllergan submits Prior Approval Supplement for Restasis
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06:30 EDTVRXValeant holder reached out to Philidor employees, WSJ says
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06:23 EDTVRXValeant price target lowered to $225 from $265 at JPMorgan
JPMorgan analyst Chris Schott lowered his price target for Valeant Pharmaceuticals to $225 from $265 to reflect the Philidor discontinuation's impact on the dermatology and neurology franchises. The stock closed yesterday down $1.77 to $83.64. The analyst "conservatively" assumes that the dermatology business recovers "to some extent" in 2016. The rest of the Valeant business, which represents more than two-thirds of the company's revenue, appears to be performing well, Schott tells investors in a research note after management held a business update conference call. The analyst points out that the stock currently trades as less than six times his 2016 estimates and less than five times his 2017 estimates despite a portfolio consisting of a "number of high multiple businesses." Schott keeps an Overweight rating on Valeant.
06:11 EDTVRXValeant cutting prices for Nitropress, Isuprel for customers, Bloomberg reports
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