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Stock Market & Financial Investment News

News Breaks
April 4, 2014
10:45 EDTCELG, TEVA, MYLMylan 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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June 23, 2015
06:01 EDTMYLPerrigo initiated with an Outperform at BMO Capital
BMO Capital analyst David Maris started Perrigo (PRGO) with an Outperform rating and $246 price target. Maris calls shares "significantly undervalued" on a fundamental basis and sees limited downside risk should Mylan (MYL) remove its unsolicited bid for the company.
June 21, 2015
19:53 EDTMYL, TEVAMylan CEO says Teva's 4.61% stake may be 'illegal,' Bloomberg reports
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June 19, 2015
08:30 EDTMYL, TEVATeva completes purchase of 4.61% interest in Mylan
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07:23 EDTTEVATeva data quite strong, says Bernstein
After Teva (TEVA) announced data for its TEV-48125 drug in episodic migraine, Bernstein notes that the drug met its primary and secondary endpoints. The firm says that the reduction in migraine days of Teva's drug appears to be higher than what Amgen (AMGN) and Lilly (LLY) have shown. The firm continues to see the migraine treatments from Teva and Alder as better than those from Lilly and Amgen.
05:47 EDTMYLStocks with implied volatility movement; MYLCMG
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June 18, 2015
17:05 EDTTEVANovartis announces U.S. launch of Glatopa
Sandoz, a Novartis (NVS) company, announced the U.S. launch of Glatopa, the first generic version of Teva's (TEVA) Copaxone 20 mg/ml one-time-daily multiple sclerosis therapy.
15:41 EDTTEVA, MYLTeva tender offer for Mylan likely imminent, says Citi
Citi said Teva (TEVA) is likely to build up a 4.6% stake in Mylan (MYL) by today and that a formal tender offer is likely coming soon. An official bid could come with a provision requiring board changes and a tender will likely trigger a "poison pill" by Mylan, the firm added. Citi has a Buy rating and $70 price target on Teva shares.
12:51 EDTTEVATeva guidance assumed launch of Copaxone generic, says BMO Capital
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11:57 EDTMYL, TEVAMylan comments on ruling by appeals court on Copaxone patent
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11:54 EDTTEVA, MYLAppeals court invalidates Teva patent claim related to Copaxone
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10:41 EDTTEVAMomenta reports CAFC decision to invalidated remanded Teva patent
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10:01 EDTMYLOn The Fly: Analyst Initiation Summary
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09:11 EDTTEVAAlexza Pharmaceuticals amends Adasuve commercial partnership agreements
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08:34 EDTTEVATeva to present new data from Phase 2b migraine prevention studies at AHS
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08:02 EDTTEVATeva, Microchips Biotech announce partnership agreement
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07:46 EDTMYLMylan initiated with a Buy at BTIG
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07:36 EDTTEVAReceptos remains an attractive takeover candidate, says Leerink
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06:09 EDTMYL, TEVATeva raises stake in Mylan to 4.3%, Globes reports
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June 17, 2015
07:32 EDTCELGCelgene announces additional $4B share repurchase authorization
Celgene Corporation announced that during its June meeting the company's Board of Directors authorized the repurchase of up to an additional $4B of the company's common stock. This open-ended program is effective immediately. Purchases may be made in the open market or in privately negotiated transactions from time to time, as determined by Celgene's management and in accordance with the requirements of the Securities and Exchange Commission. Celgene now has a total of approximately $5.2B remaining from previous authorizations plus the new authorization. Since 2009, Celgene has returned approximately $12.3B to shareholders through the repurchase program.
07:12 EDTTEVANeurocrine price target raised to $87 from $63 at Piper Jaffray
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