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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 2, 2014
10:09 EDTMYLHigh option volume stocks
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09:56 EDTTEVA, MYLMylan rises in early trading amid takeover speculation
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October 1, 2014
07:39 EDTCELGCelgene reinstated with a Buy at BofA/Merrill
Target $112.
September 29, 2014
08:55 EDTCELGCelgene price target raised to $115 from $100 at RBC Capital
RBC Capital increased its price target on Celgene (CELG) as the firm now estimates that the company's new oral Crohn's disease drug GED-0301 will generate $1B in sales. The firm expects Celgene's stock to rise further as it predicts that Phase II data for the company's Crohn's treatment will be much better than the data for AbbVie's (ABBV) Crohn's treatment, Humira. RBC predicts that Celgene's long-term 2020 guidance will beat expectations if the company is able to reach a legal settlement with Actavis (ACT.). RBC Capital keeps an Outperform rating on Celgene.
07:26 EDTCELG, MYLInforma Business Information to hold a conference
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07:19 EDTTEVAUBS to hold a field trip
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05:26 EDTTEVAProtalix appoints Moshe Manor as CEO
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September 25, 2014
09:36 EDTCELGActive equity options trading on open
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September 24, 2014
13:17 EDTCELGCelgene continues rally after FDA approval of psoriasis drug
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07:01 EDTCELGCelgene OTEZLA to become important revenue generator, says Cantor
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06:23 EDTMYLExperts see new tax rules not halting inversions, WSJ reports
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September 23, 2014
15:21 EDTCELGCelgene announces FDA approves Otezla for treating plaque psoriasis
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10:54 EDTMYLStocks, analysts react to Treasury inversion crackdown
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09:13 EDTMYLOn The Fly: Pre-market Movers
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09:09 EDTMYLMylan shares defended at BofA/Merrill
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08:53 EDTMYLInversion regulations look more onerous than expected, says FBR Capital
FBR Capital says the new regulations announced last night by the Treasury and IRS contain appear more onerous than expected. FBR points out the proposed changes remove the ability of inverting companies to make "hopscotch loans" between the foreign and domestic subsidiaries. The firm believes the regulations will not end the practice of inversions, and it still expects completion of already announced deals.
06:28 EDTMYLTreasury rules may put Mylan deal at risk, says BMO Capital
BMO Capital believes Treasury's new inversion rules may put the tax benefits of Mylan's (MYL) planned acquisition of Abbott's (ABT) established products business at risk. BMO also thinks the rules impact Salix's (SLXP) pending deal for Cosmo Pharmaceuticals, which it feels may help make a deal with Allergan (AGN) more likely.
05:56 EDTMYLTreasury, IRS announce plans to reduce inversion tax benefits
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September 22, 2014
07:21 EDTCELGEBD Group to hold a conference
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September 19, 2014
11:25 EDTMYLSenators bring bill requiring companies to settle before inverting
U.S. Senators Sherrod Brown and Dick Durbin announced new legislation requiring corporations to "Pay What You Owe Before You Go" – settling their U.S. tax bill before relocating to a foreign country. "Everyone knows that before you leave a restaurant you have to settle your tab," Brown said. "Corporations shouldn’t get to play by different rules. While it is critical that we reach a long-term solution that reforms our international corporate tax code by implementing a global minimum tax and reducing the statutory tax rate, this bill is an immediate, commonsense measure to ensure businesses settle up before leaving the U.S." Among the deals or possible transactions that involve inversion are Mylan's (MYL) acquisition of Abbott (ABT), Medtronic's (MDT) acquisition of Covidien (COV) and Valeant's (VRX) proposed takeover of Allergan (AGN).
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