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Stock Market & Financial Investment News

News Breaks
August 8, 2014
07:01 EDTMYL, ABT, MDT, COV, VRX, AGNHarvard 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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October 8, 2014
06:23 EDTAGN, VRXActavis more inclined to pursue Allergan over Salix, says Citigroup
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October 7, 2014
18:29 EDTAGN, VRXOn The Fly: After Hours Movers
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18:05 EDTVRX, AGNValeant, Pershing Square plan to raise Allergan bid by $15 a share, WSJ says
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17:52 EDTVRX, AGNAllergan up 2.8% after Dow Jones says Valeant planning to boost bid for company
17:49 EDTAGN, VRXValeant up 3.9% after Dow Jones says planning to boost Allergan bid
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17:47 EDTVRX, AGNValeant, Pershing Square planning to boost Allergan bid by $15 a share, DJ says
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15:21 EDTAGN, VRXAllergan warms to sale as Actavis plans new approach, Reuters says
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15:01 EDTAGNAllergan up 1.5% following report on Actavis planned approach on merger
14:59 EDTAGNActavis plans new approach to Allergan, Reuters reports
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10:56 EDTMYLOptions with increasing implied volatility
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10:43 EDTCOVOptions with decreasing implied volatility
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07:48 EDTAGNSalix reinstated with a Buy at Jefferies
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07:12 EDTVRX, AGNAllergan requests Ackman be hindered from voting at meeting, Bloomberg says
In an effort to avoid an unsolicited $54B acquisition offer from Valeant Pharmaceuticals (VRX), Allergan (AGN) filed a request in a California court for a judge to hinder Bill Ackmanís Pershing Square from voting its 10% stake at the December shareholder meeting, according to Bloomberg, citing the filing. A hearing regarding Allergan's request is set to occur on October 28. Reference Link
October 6, 2014
11:15 EDTAGNDurata surges after Actavis takeover
Shares of Durata Therapeutics (DRTX) are surging after the drugmaker agreed to be acquired by its larger industry peer, Actavis (ACT). WHAT'S NEW: Actavis announced it will commence a tender offer to acquire all of the outstanding shares of Durata common stock for $23.00 per share in cash, or approximately $675M in the aggregate, and contingent value rights entitling the holder to receive additional cash payments of up to $5.00 per share if certain regulatory or commercial milestones related to Durata's lead product Dalvance are achieved. If Dalvance is approved in Europe for Acute Bacterial Skin and Skin Structure Infections, or ABSSSI, holders of the CVR will receive $1.00 per share. If Dalvance is approved for single dose administration by the FDA, holders of the CVR will receive $1.00 per share. If a net global Dalvance revenue threshold is met over a designated time period, holders of the CVR will receive $3.00 per share. Actavis expects the acquisition to be accretive by the end of the first year, it stated. WHAT'S NOTABLE: The acquisition comes after Durata Therapeutics was granted a Special Protocol Agreement by the FDA for its Phase 3 study of Dalvance on October 3. The study was designed to study Dalvance for the treatment of patients with community-acquired pneumonia and pediatric osteomyelitis. ANALYST REACTION: BMO Capital views the acquisition as a "good deal" for Actavis that is in line with CEO Brent Saunders' goal of making investments that complement its existing business. BMO believes the acquisition does not extend Actavis' balance sheet too far, and therefore does not prevent the company from doing additional deals. The firm expects there could be more deal-related news ahead for Actavis. The Fly notes Bloomberg reported on October 2 that Salix Pharmaceuticals (SLXP) was discussing selling itself to Actavis after failing to reach a deal with Allergan (AGN). PRICE ACTION: During morning trading, Durata Therapeutics gained $9.93, or 71.5%, to $23.81, Actavis slipped $1.95, or 0.8% to $244.12, and Salix fell $4.02, or 2.6%, to $148.85.
11:09 EDTMYLOptions with increasing implied volatility
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11:00 EDTCOVOptions with decreasing implied volatilit
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08:07 EDTAGNSalix slips in pre-market trade after Actavis strikes deal for Durata
Note that Bloomberg reported on October 2, citing people with knowledge of the matter, that Salix Pharmaceuticals (SLXP) was discussing selling itself to Actavis (ACT) after failing to reach a deal with Allergan (AGN). Actavis announced this morning that it has reached a deal to acquire Durata Therapeutics (DRTX) for $675M, or $23.00 per share. In pre-market trading, shares of Salix are down nearly 2% to $150 per share.
07:30 EDTMYLMylan launches generic Combivir
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07:12 EDTCOVThe MedTech Conference holds a conference
AdvaMed 2014 is being held in Chicago on October 6-8.
07:01 EDTAGNAllergan Q3 results likely to beat expectations, says Bernstein
Bernstein predicts that Allergan's Q3 EPS will exceed expectations by 15c, driven by cost cutting.
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