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July 16, 2014
10:36 EDTAZN, MDT, ABT, PFE, AGN, MYL, COV, VRXTreasury 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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November 12, 2014
08:13 EDTPFEBoston Biotech to hold a conference
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08:02 EDTPFECredit Suisse to hold a conference
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07:35 EDTAZNAdvaxis submits IND application for ADXS-HPV Phase 1/2 study, MEDI4736
Advaxis (ADXS) announced that the company has submitted an Investigational New Drug application, or IND, to the FDA to conduct a Phase 1/2 study of ADXS-HPV alone or in combination with MedImmune's investigational anti-PD-L1 immune checkpoint inhibitor, MEDI4736, for the treatment of advanced, recurrent or refractory human papillomavirus, or HPV,-associated cervical cancer and HPV-associated head and neck cancer. This follows the press release issued in July announcing the clinical trial collaboration between Advaxis and MedImmune, the global biologics research and development arm of AstraZeneca (AZN).
07:23 EDTMDTMedtronic volatility elevated into Q2 and outlook
Medtronic November call option implied volatility is at 23, December is at 20, January is at 19, February is at 18; compared to its 26-week average of 19 according to Track Data, suggesting large near term price movement into the expected release of Q2 results on November 18.
07:01 EDTAGNAllergan announces approval of amendments to company bylaws
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06:22 EDTAGN, VRXZoetis price target raised to $49 from $44 at Citigroup
Citigroup raised its price target for Zoetis (ZTS) shares to $49 after activist Pershing Square confirmed the accumulation of a 10% stake in the company. Citi thinks Pershing is interested in advocating for a sale of Zoetis, potentially to Valeant (VRX) if its bid for Allergan (AGN) fails. Citi believes others, including Bayer (BAYRY), could be interested in acquiring Zoetis. It keeps a Buy rating on the stock.
November 11, 2014
16:24 EDTVRXOn The Fly: Closing Wrap
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16:05 EDTAZNAmgen, AstraZeneca say Phase 3 brodalumab study met endpoints
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15:46 EDTVRX, AGNPershing Square, Sachem Head build 10% stake in Zoetis, WSJ reports
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15:43 EDTPFE, AZNLeerink major pharma & biotech analysts hold analyst/industry conference call
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08:32 EDTVRX, AGNValeant likely to raise offer for Allergan again, says Bernstein
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07:24 EDTCOV, MDTMedtronic submits commitments to EU related to Covidien merger
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November 10, 2014
15:54 EDTCOVAmerican Society of Nephrology to hold a conference
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09:10 EDTMDTMedtronic announces Japanese approval, launch of Evera MRI SureScan ICD
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08:36 EDTCOVBSD Medical names Clint Carnell as president and CEO
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November 9, 2014
13:26 EDTVRX, AGNAckman's Allergan court win may prove costly down the road, Bloomberg says
When U.S. District Court Judge David Carter ruled on November 4 that Pershing Square can vote its 9.7% stake in Allergan (AGN) in a shareholder ballot aiming to remove Allergan directors, he also noted that there were “serious questions” regarding insider trading rules in the way Pershing Square acquired Allergan stock while preparing a bid with Valeant (VRX), says Bloomberg. Reference Link
November 7, 2014
17:05 EDTVRXValeant sends open letter to physician customers
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14:56 EDTVRX, AGNAllergan says Valeant offers to date inadequate, would consider increased bid
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09:49 EDTAGN, VRXAckman says Allergan 'tipping scales' in Actavis’ favor, disadvantaging Valeant
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08:01 EDTMYLMylan signs alliance agreement with Disney Parks to enhance EpiPen access
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