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July 16, 2014
10:36 EDTMDT, ABT, PFE, AGN, MYL, COV, VRX, AZNTreasury calls on Congress to halt inversion deals
Congress should "shut down" tax inversion deals, Treasury Secretary Jack Lew wrote in a letter to key members of Congress. Tax inversion deals have been embraced in recent months by a number of drug companies looking to lower their tax bills. WHAT'S NEW: In a letter to leaders of Congressional committees that deal with tax legislation, Lew said legislation to shut down tax inversion deal should be enacted immediately and made retroactive to May 2014. The Obama administration seeks to take comprehensive action to reform and simplify the U.S. tax system, but as it works to do that Congress should crack down on this loophole, Lew said. BACKGROUND: Tax inversions refer to an acquisition of one company, usually officially based in a country in Europe or elsewhere, by a U.S. company, following which the acquiring company becomes domiciled in the same country as the company that it bought. The switch has the potential to significantly lower the acquiring company's tax rate. ANALYST REACTION: In a note to investors earlier today, BMO Capital analyst David Maris wrote that anti-inversion rhetoric from the Obama administration may cause the environment for inversion deals to become "quite chilly." Although Congress is unlikely to act on this issue soon, the risk of legislation could make some companies think twice about paying high premiums for competitors they are acquiring in inversion deals, the analyst warned. Investors should be especially cautious about deals that are pending or have been recently announced, such as Mylan's (MYL) acquisition of Abbott’s (ABT) established products business announced on Monday, Maris wrote. Lew's letter will also hinder Valeant's (VRX) efforts to acquire Allergan (AGN), as the Treasury Secretary's statement will bolster Allergan's argument that Valeant's tax assumptions could be overly positive, according to the analyst. Maris has Outperform ratings on all the stocks mentioned except for Mylan, on which he has an Underperform rating. Another high-profile proposed deal in the pharmaceutical space that involved a potential inversion was Pfizer's (PFE) failed attempt to acquire AstraZeneca (AZN). Additionally, Medtronic (MDT) recently agreed to acquire Ireland's Covidien (COV). PRICE ACTION: In early trading, Mylan was little changed at $52.20, Abbott was fractionally higher to $41.25, Valeant was little changed at $120, Allergan traded fractionally lower at $164.30, Medtronic fell 1.7% to $62.48 and Covidien dropped 2% to $88.67.
News For MYL;ABT;VRX;AGN;MDT;COV;PFE;AZN From The Last 14 Days
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September 28, 2015
13:29 EDTVRXValeant sinks after House Democracts seek subpoena, Bloomberg reports
Valeant Pharmaceuticals shares are plunging after House Democrats asked to subpoena the company for documents relating to drug price increases, Bloomberg reports. In midday trading, shares of Valeant are down 13% to $173.75. Reference Link
12:49 EDTVRXValeant down 10% after Democrats request subpoena
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12:45 EDTVRXHouse Democrats urge Valeant to turn over documents, Bloomberg says
11:28 EDTVRXValeant mentioned cautiously in a Seeking Alpha article
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10:20 EDTVRXOptions with increasing implied volatility
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08:36 EDTMDTMedtronic acquires Lazarus Effect
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08:24 EDTVRXValeant CEO tells employees bear thesis in media incorrect
Valeant Pharmaceuticals disclosed that it distributed a letter today from its CEO Michael Pearson to employees relating to recent changes in Valeant's stock price. The letter stated in part, "A number of you have asked me and other senior members of our management team about the significant drop in our stock price - especially over the past 5 trading days. While the entire pharmaceutical and biotech sector has been impacted by market volatility and numerous press articles about pharmaceutical pricing, we have been hit particularly hard. After talking with a number of investors and observing the concerns and assertions in the media, I thought it would be helpful to give you my perspective on the two main issues worrying investors: 1) Concern that our business model and strategy is dependent upon large price increases in our U.S. pharmaceutical business, 2) Concern around our exposure to U.S. government drug price reimbursement. I can assure you that this bear thesis is incorrect on both accounts...Turning to the first concern about our business model, the majority of our portfolio will continue to deliver strong volume-based organic growth and is not dependent on price increases...Turning to the second concern about proposed changes to government reimbursed products in the U.S., our exposure to U.S. government reimbursement currently represents approximately 15% of our total revenue. Of this, about one third, or ~5%, represents sales to Medicaid, the Department of Veterans Affairs, the Department of Defense, and other government entities, where the business is at best marginally profitable. Despite this, we continue to offer our products through these programs to ensure these patients continue to have access to needed medications. The remaining 10% of our government exposure is related to Medicare. As I stated above, our overall strategy is to focus on private and cash pay markets and to minimize government reimbursement. I believe our exposure to government reimbursement is lower than any other major pharmaceutical company." Shares of Valeant are down 18% over the past five trading days. They closed Friday down $10.18 to $199.32.
07:52 EDTAGN, AZN, PFEIIR Holdings to hold a conference
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07:46 EDTVRXUBS to hold a field trip
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07:31 EDTMYLMylan launches generic Invega tablets
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07:27 EDTPFE, MYLFDA and the Parental Drug Association to co-host a conference
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September 25, 2015
16:00 EDTPFEOptions Update; September 25, 2015
iPath S&P 500 VIX Short-Term Futures up 66c to 25.09. Option volume leaders: AAPL NFLX BAC FB AU NKE PFE INTC AMZN TSLA
13:51 EDTMYLBMO's pharma predictions for rest of year include take on Mylan, Perrigo
BMO Capital analyst David Maris rolled out his rest of year predictions for the Specialty Pharmaceuticals space. Among them is his belief that Mylan (MYL) will be unsuccessful in acquiring Perrigo (PRGO). Perrigo will either be acquired by another company or make an acquisition itself, Maris tells investors in a research note. His other predictions include Jazz Pharmaceuticals (JAZZ) proving to be a good buying opportunity amidst the current negative sentiment and ZS Pharma (ZSPH) offering upside following the recent pullback given the potential for a near-term buyout and prospects for its "best in class drug for hyperkalemia" winning approval in 2016.
12:38 EDTVRXOptions with increasing implied volatility
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09:34 EDTPFEActive equity options trading on open
Active equity options trading on open: AAPL BAC FB NKE NFLX PFE AU TSLA
08:00 EDTAGNAllergan launches generic version of INVEGA
Allergan announced that it has launched a generic version of Janssen's INVEGA in the U.S. Allergan is the first company to receive FDA approval for and launch a generic version of INVEGA, demonstrating the deep expertise of the Company's global generics R&D, regulatory and supply chain teams.
07:22 EDTPFE, AZNEuropean Society for Medical Oncology to hold a conference
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07:03 EDTPFEMerck KGaA, Pfizer announce FDA orphan drug designation for avelumab
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05:11 EDTVRXStocks with implied volatility movement; VRX CAT
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05:08 EDTPFEStocks with implied volatility movement; PFE HLF
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