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Stock Market & Financial Investment News

News Breaks
December 7, 2012
06:50 EDTNVS, RBXLY, MYLMylan suing to obtain generic rights to Novartis drug, NY Times says
Ranbaxy (RBXLY), which has had the right to make a generic version of Novartis' (NVS) blood pressure drug Diovan for almost three months, has so far failed to do so, according to The New York Times. As a result, Mylan (MYL) has filed a lawsuit to force the FDA to revoke Ranbaxy's exclusive rights to the generic version and enable Mylan to begin selling a generic version, the newspaper said. Reference Link
News For MYL;RBXLY;NVS From The Last 14 Days
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April 21, 2015
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
06:01 EDTMYLTeva bid for Mylan could come today, Bloomberg reports
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05:26 EDTNVSNovartis says data shows Gilenya high efficacy
Novartis announced new analysis from the Phase III FREEDOMS and FREEDOMS II. The data showed that previously-treated patients with highly-active relapsing multiple sclerosis, or RMS, who were treated with Gilenya had a six-times greater likelihood of achieving 'no evidence of disease activity' across four key measures of disease activity compared to placebo over two years. This is referred to as NEDA4 and is achieved when a patient with RMS has no relapses, no new MRI lesions, no MS-related brain shrinkage and no disability progression. This analysis was the first time patients with highly-active RMS who had been treated in the previous year with an injectable therapy were assessed using the NEDA4 definition that includes brain shrinkage. Brain shrinkage is a marker of the widespread inflammatory damage in the central nervous system and is associated with accumulated loss of function. By using this updated NEDA4 definition, physicians are able to get a more complete picture of a patient's disease and response to treatment, which is crucial to identify the optimal therapy to slow short- and long-term disease progression. This is especially important for people with highly-active RMS, who are at a greater risk of relapses and future loss of function, and may therefore require a different treatment approach.
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
12:31 EDTNVSOn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday after Chinaís central bank relaxed reserve requirements for its banks. The nation's own stock market struggled to overcome the cross current of other actions taken to cut down on speculative trading there, but U.S. stock markets surged at the open and had not looked back by midday. The domestic economic calendar has quiet and earnings continue to be the focal point at home, as a great number of S&P 500 companies prepare to report this week. ECONOMIC EVENTS: In the U.S., the Chicago Fed National Activity Index had a reading of -0.42, versus expectations for a +0.10 reading. A reading below zero represents economic activity below trend. In China, the People's Bank of China cut the reserve-requirement ratio, or the amount of reserves lenders need to hold, by 1 full percentage point, which was the biggest cut since the depths of the financial crisis and more than expected by economists. However, the Shanghai Composite Index still dropped 1.6%, since the reserve-requirement cut came after regulators had moved to curb speculative trading with actions taken Friday. COMPANY NEWS: Shares of Morgan Stanley (MS) advanced 1% after the bank's headline earnings excluding certain adjustments and tax benefits beat expectations. CEO James Gorman noted that the first quarter of the year was the bank's "strongest quarter in many years with improved performance across most areas of the firm." Morgan Stanley also increased its quarterly dividend to 15c per share from 10c per share. MAJOR MOVERS: Among the notable gainers was Hasbro (HAS), which gained 10% after the toymaker's sales and profits widely topped expectations in its fiscal first quarter. Also higher was Rovi (ROVI), which gained more than 10% after the company announced it has renewed its patent license and interactive program guide product agreement with Charter Communications (CHTR). Among the noteworthy losers was FARO Technologies (FARO), which dropped 25% and was downgraded by Noble Financial and Needham after the preannounced lower than expected first quarter revenue. Also lower were a number of companies that are developing CAR-T cancer therapies following the annual meeting of the American Association for Cancer Research. Mizuho analyst Peter Lawson attributed the pullback to disappointment in this weekend's solid tumor data on a small number of patients with advanced cancers who were given CAR-T therapy developed by Novartis (NVS) and the University of Pennsylvania. Shares of Kite Pharma (KITE), Juno Therapeutics (JUNO), blue bird bio (BLUE), and ZIOPHARM Oncology (ZIOP) were all lower near noon. INDEXES: Near midday, the Dow was up 236.19, or 1.32%, to 18,062.49, the Nasdaq was up 59.54, or 1.21%, to 4,991.35, and the S&P 500 was up 21.82, or 1.05%, to 2,103.00.
11:44 EDTNVSCAR-T therapy stocks fall following cancer research meeting
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09:20 EDTNVSLeerink biotech analyst holds an analyst/industry conference call
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07:20 EDTNVSAmerican Association for Cancer Research to hold annual meeting
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07:18 EDTNVSAmerican Academy of Neurology to hold annual meeting
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06:39 EDTMYLCiti believes Teva, Mylan deal would have to be friendly
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