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Stock Market & Financial Investment News

News Breaks
April 4, 2014
10:45 EDTMYL, TEVA, CELGMylan rises despite Meda rejecting takeover offer
Mylan (MYL) shares are higher this morning following a Financial Times report of its desire to buy Swedish rival Meda. Subsequent to the story being published, Meda confirmed it had been in talks with Mylan but rejected the company's takeover offer. WHAT'S NEW: The Financial Times reported that Mylan was considering buying Meda, a Swedish drugmaker, in a deal that would create a $23B+ pharmaceuticals business. Mylan reportedly hired advisers to put a deal together for Meda, and though the value of a deal was not noted, sources said Mylan was likely to pay a "significant" premium to Meda's market value, which was $4.5B at the end of trading on Thursday. Mylan's market value currently stands at $18.5B. A combination of the drugmakers would create a company with annual revenues of around $9B, the FT said, noting that would be half the size of generic drug rival Teva (TEVA). WHAT'S NOTABLE: Meda's board of directors confirmed that it was contacted by Mylan regarding a proposal to merge the companies, but the board decided to reject the proposal. Meda said all discussions between the company and Mylan have been terminated "without further actions." ANALYST REACTION: Citigroup upgraded Mylan to Buy from Neutral and raised its price target on the stock to $61 from $52 this morning. The firm cited potential operational and tax benefits from an acquisition of Meda, stating that in addition to expanding Mylan's geographic presence, the deal would increase its presence in specialty, OTC and branded generics. OTHER NEWS: Mylan sued Celgene (CELG) to block that company's efforts to keep generic versions of Revlimid and Thalomid off the market, Reuters reported. PRICE ACTION: Mylan shares are up $2.98, or 5.98%, to $52.84 in mid-morning trading.
News For MYL;TEVA;CELG From The Last 14 Days
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October 23, 2014
10:54 EDTCELGAcceleron, Celgene to present sotatercept prelinical interim clinical data
Acceleron Pharma (XLRN) reported that its collaboration partner, Celgene (CELG), and investigators on the sotatercept program will present sotatercept preclinical and interim clinical data at the American Society of Nephrology Kidney Week 2014. The meeting will be held in Philadelphia on November 11-16. Preliminary data, including safety and effects on hemoglobin, bone density and vascular calcification from the ongoing phase 2a clinical trial of sotatercept will be presented on Thursday, November 13. Additionally, data from preclinical studies will be presented on Friday and Saturday, November 13 and 14.
08:15 EDTMYLPfizer wins SUTENT patent case In Delaware District Court
Pfizer (PFE) announced today that the U.S. District Court for the District of Delaware upheld its basic patent and the L-malate salt patent covering SUTENT capsules. This decision, which is subject to appeal, affirms Pfizer’s right to exclusively provide sunitinib malate as SUTENT to patients through the term of the patent, which expires in 2021. Pfizer filed suit in June 2010 after Mylan (MYL) applied to the U.S. Food and Drug Administration to market a generic version of SUTENT prior to the expiration of the patents covering sunitinib malate and its uses. After a four-day trial, the Court agreed that Mylan infringed the valid patents covering SUTENT.
07:33 EDTCELGCelgene raises FY14 adjusted EPS view to $3.65-$3.70 from $3.60-$3.65
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07:32 EDTCELGCelgene reports Q3 REVLIMID sales $1.3B
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07:32 EDTCELGCelgene reports Q3 adjusted EPS 97c, consensus 95c
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06:22 EDTMYLMylan, Abbott enter into amendment, still see deal closing in 1Q15
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October 22, 2014
15:37 EDTCELGNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Comcast (CMCSA), consensus 71c; Union Pacific (UNP), consensus $1.52; 3M (MMM), consensus $1.96; AbbVie (ABBV), consensus 77c; Celgene (CELG), consensus 95c; Eli Lilly (LLY), consensus 67c; Occidental Petroleum (OXY), consensus $1.57; Caterpillar (CAT), consensus $1.36; Alexion Pharmaceuticals (ALXN), consensus $1.16; Precision Castparts (PCP), consensus $3.32; Raytheon (RTN), consensus $1.60; American Electric Power (AEP), consensus $1.02; Southwest Airlines (LUV), consensus 53c; Lorillard (LO), consensus 90c; T. Rowe Price (TROW), consensus $1.15; Mead Johnson (MJN), consensus 91c; Zimmer Holdings (ZMH), consensus $1.30; Nucor (NUE), consensus 73c; Nielsen (NLSN), consensus 65c; Prologis (PLD), consensus 46c; Sigma-Aldrich (SIAL), consensus $1.06; Under Armour (UA), consensus 40c; EQT (EQT), consensus 56c; Dr Pepper Snapple (DPS), consensus 88c; Cameron International (CAM), consensus $1.10; Coca-Cola Enterprises (CCE), consensus 89c; Quest Diagnostics (DGX), consensus $1.08; CMS Energy (CMS), consensus 41c; Airgas (ARG), consensus $1.29; PulteGroup (PHM), consensus 36c; Diamond Offshore (DO), consensus 79c; Bemis (BMS), consensus 67c.
11:59 EDTMYLStocks with call strike movement; MYL AMZN
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11:55 EDTCELGStocks with call strike movement; YHOO CELG
Yahoo (YHOO) January 48 call option implied volatility decreased 6% to 32, Celgene (CELG) April 110 call option implied volatility increased 2% to 32 according to IVolatility.
11:38 EDTCELGBiogen retreats after Tecfidera sales miss, patient death reported
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11:01 EDTCELGBiogen trading lower on slower growth, PML case, says Deutsche Bank
Deutsche Bank attributes the pullback in shares of Biogen (BIIB) to slower sequential revenue growth and the one PML case with Tecfidera disclosed on today's earnings call. Deutsche believes investors are now favoring Celgene (CELG) over Biogen due to near term headline risks. The firm says it likes Celgene more as well due its pipeline, but keeps a Buy rating on Biogen.
09:16 EDTMYLAbbott sees Q4 reported sales growth in high single digits
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October 21, 2014
09:23 EDTCELGCelgene GED-0301 said to have 67% 12-week remission at high dose in trial
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October 20, 2014
13:26 EDTCELGCelgene I&I franchise boosted by Crohn’s trial data, says William Blair
William Blair said it views the preliminary Phase II efficacy and safety data from mongersen in Crohn’s disease reported by Celgene as encouraging. The firm noted that the 10 mg arm did not achieve significance, but the three data points collectively formed a robust dose-response that William Blair said lends support for the drug's proposed mechanism of action. William Blair believes mongersen complements Celgene’s Inflammation & Immunology portfolio and the firm maintains its Outperform rating on the stock, which is up 4% to $91.65 in afternoon trading.
13:21 EDTCELGCelgene reports Phase II data in Crohn’s Disease to be presented at UEG
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08:04 EDTMYLGerman fund pressured to sell Mylan stake over drug used in executions, FT says
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07:20 EDTMYLInternational Continence Society to hold annual meeting
ICS Annual Meeting 2014 is being held in Rio de Janeiro, Brazil on October 20-24.
06:28 EDTTEVAAllergan price target raised to $210 from $190 at Citigroup
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October 17, 2014
13:18 EDTCELGLeerink's biotech analyst holds an analyst/industry conference call
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October 16, 2014
15:10 EDTCELGAmerican College of Gastroenterology to hold annual meeting
ACG Annual Scientific Meeting 2014 to be held in Philadlephia, PA on October 17-22.
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