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News Breaks
March 13, 2014
11:59 EDTPFE, MYLMylan to launch generic Celebrex after Pfizer patent ruling
Earlier today, Mylan (MYL) confirmed that the United States District Court for the Eastern District of Virginia has ruled invalid a patent, United States Patent No. RE44,048, related to Pfizer's (PFE) Celebrex 50 mg, 100 mg, 200 mg and 400 mg capsules. Mylan was sued by G.D. Searle and Pfizer Asia Pacific for alleged infringement of this patent in connection with Mylan's Abbreviated New Drug Application, ANDA, for its generic version of Celebrex. Mylan expects to launch its generic version of Celebrex in May 2014, pending final approval of its ANDA by the U.S. Food and Drug Administration, FDA. Based on available information, Mylan believes it may be entitled to 180 days of shared generic market exclusivity on the 100 mg, 200 mg and 400 mg strengths, subject to the FDA's determination that the product qualifies for an award of exclusivity under the provisions of the Hatch-Waxman Act. Mylan shares are fractionally higher in mid day trading.
News For MYL;PFE From The Last 14 Days
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April 21, 2015
09:37 EDTMYLActive equity options trading on open
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09:22 EDTMYLOn The Fly: Pre-market Movers
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09:18 EDTMYLMylan volatility elevated into Teva proposing to acquire
Mylan (MYL) overall option implied volatility of 43 compares to its 26-week average of 31 according to Track Data, suggesting large price movement into Teva (TEVA) proposing to acquire all of the outstanding shares in a transaction valued at $82.00 per Mylan share, with the consideration to be comprised of approximately 50% cash and 50% stock.
09:12 EDTMYLTeva volatility elevated into proposing to acquire Mylan
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09:01 EDTMYLPerrigo drops after Teva calls Mylan offer more attractive alternative
Shares of Perrigo (PRGO) are moving lower after Teva (TEVA) announced a proposal to acquire Mylan (MYL) in a transaction valued at $82.00 per share, consisting of 50% cash and 50% stock. Mylan on April 8 proposed to acquire Perrigo for $205 per share. In its press release this morning, Teva said its proposal "provides Mylan stockholders with a more attractive alternative to Mylan's proposed acquisition of Perrigo." The proposal would provide Mylan stockholders with consideration representing a 37.7% premium to the stock price of Mylan on April 7, it pointed out. Teva added, "We have long respected Mylanís business, and we are confident that Mylanís Board of Directors and stockholders will agree that our proposal represents a significantly more attractive alternative for Mylan and its stockholders than Mylanís proposed acquisition of Perrigo." Citigroup analysts yesterday said they believe any potential takeover of Mylan by Teva would have to be friendly after legal due diligence indicated Mylan's poison pill "presents a legitimate roadblock" to a potential hostile takeover. In pre-market trading, Perrigo is down $2.18 to $195.56 while Mylan is up $5.46 to $73.50. Teva is up $1.66 to $64.95.
08:54 EDTMYLPerrigo drops 2.2% to $193.74 after Teva proposes to acquire Mylan
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08:52 EDTMYLTeva CEO says proposal compelling for both Teva, Mylan stockholders
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08:50 EDTMYLTeva sees Mylan deal yielding non-GAAP EPS accretion in mid-teens in first year
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08:48 EDTMYLTeva expects proposed Mylan deal could be completed by year-end 2015
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08:47 EDTMYLMylan jumps 8% to $73.50 after Teva proposes $82 per share takeover bid
08:46 EDTMYLTeva offers to acquire Mylan for $82.00 per share in cash and stock
Teva Pharmaceutical Industries (TEVA) announced a proposal to acquire all of the outstanding shares of Mylan N.V. (MYL) in a transaction valued at $82.00 per Mylan share, with the consideration to be comprised of approximately 50% cash and 50% stock. The Teva cash and stock proposal provides Mylan stockholders with a substantial premium and immediate cash value, as well as significant potential for future value creation through participation in a financially and commercially stronger company. Tevaís proposal also provides Mylan stockholders with a more attractive alternative to Mylanís proposed acquisition of Perrigo Company plc (PRGO), as announced on April 8, 2015, as well as to Mylan on a standalone basis. Tevaís 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 Mylanís 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. The proposed combination of Teva and Mylan would create a leading company in the pharmaceutical industry, well positioned to transform the global generics space. The combined company would leverage its significantly more efficient and advanced infrastructure, with enhanced scale, production network, end-to-end product portfolio, commercialization capabilities and geographic reach. With this platform, the combined company would focus on complex technologies and more durable and sustainable products, in combination with robust capabilities in specialty drug development and commercialization. As a result, the combined company would have a unique and differentiated business model addressing significant trends and discontinuities prevailing today among patients and healthcare systems around the world. The combined company would also have an enhanced financial profile, creating the opportunity for rapid deleveraging and the funding of future growth Ė in generics, specialty and the intersection of the two.
08:45 EDTMYLTeva offers to acquire Mylan for $82.00 per share in cash and stock
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08:41 EDTMYLOptions expected to be active
Options expected to be active: UA TEVA PRGO MYL UTX QCOM VMW HOG CMG IBM VZ
08:18 EDTPFEPain Therapeutics resumes responsibility for Remoxy
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08:06 EDTPFEPfizer says Phase 3 inotuzumab ozogamicin study met first primary endpoint
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06:01 EDTMYLTeva bid for Mylan could come today, Bloomberg reports
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April 20, 2015
19:54 EDTMYLMylan looks to invest $5B in Indian operations, Times of India says
Mylan is looking to invest $5B to expand operations in India's Andhra Pradesh region, reports the Times of India, citing statements by Mylan SVP, legal, Rajeev Mukundan in a meeting with the US-India Business Council delegation. Reference Link
08:02 EDTPFEMerck KGaA, Pfizer initiate Phase III study with Avelumab
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06:39 EDTMYLCiti believes Teva, Mylan deal would have to be friendly
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06:05 EDTPFEProvectus receives notice of allowance for PV-10 combined with other drugs
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