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Stock Market & Financial Investment News

News Breaks
August 7, 2014
06:34 EDTMYLMylan reports Q2 adjusted EPS 69c, consensus 70c
Reports Q2 revenue $1.84B, consensus $1.88B.
News For MYL From The Last 14 Days
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June 25, 2015
12:52 EDTMYLEU to decide by July 29 on Mylan's bid for Perrigo, Reuters reports
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June 23, 2015
14:16 EDTMYLBMO Capital sees strong fundamentals in Perrigo regardless of Mylan deal
Shares of Perrigo (PRGO) are trading higher intraday after BMO Capital Markets initiated coverage of the stock with an Outperform rating. The research firm is bullish on the shares regardless of whether Mylan's bid for the company succeeds, saying Perrigo is well-positioned to ride momentum in reduced-price healthcare. WHAT'S NEW: BMO Capital Markets' David Maris initiated coverage of Perrigo with an Outperform rating and a $246 price target. Maris cited the company's 70%-plus market share in store- and private-label brands, as well as its roughly $1B annual sales in the generics space. The analyst believes Perrigo will see continued benefit from larger trends driving consumer-centric healthcare and the curtailing of medical costs. WHAT'S NOTABLE: BMO Capital Markets noted that two upcoming Tysabri-related events are not accounted for by the Street, giving rise to a "significant" undervaluing of the shares. Mylan (MYL) has submitted multiple unsolicited offers for Perrigo, and while the likelihood of the deal seems low given Perrigo's numerous rejections and Teva's (TEVA) 4.61% blocking stake in Mylan. BMO Capital remarked that a failed deal should see "limited downside" for Perrigo. There could certainly be near-term volatility if a Mylan agreement doesn't materialize, but the analyst was confident in the well-positioned company's ability to deliver on both earnings per share and cash flow. PRICE ACTION: Shares of Perrigo are up nearly 2% in afternoon trading. The company saw a nearly 25% leap following Mylan's initial offer on April 8, though it has since dipped from that high.
08:49 EDTMYLMylan CFO to meet with Tel Aviv bourse head Wednesday, Reuters says
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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 EDTMYLMylan CEO says Teva's 4.61% stake may be 'illegal,' Bloomberg reports
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June 19, 2015
08:30 EDTMYLTeva completes purchase of 4.61% interest in Mylan
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05:47 EDTMYLStocks with implied volatility movement; MYLCMG
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June 18, 2015
15:41 EDTMYLTeva 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.
11:57 EDTMYLMylan comments on ruling by appeals court on Copaxone patent
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11:54 EDTMYLAppeals court invalidates Teva patent claim related to Copaxone
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10:01 EDTMYLOn The Fly: Analyst Initiation Summary
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07:46 EDTMYLMylan initiated with a Buy at BTIG
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06:09 EDTMYLTeva raises stake in Mylan to 4.3%, Globes reports
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June 16, 2015
14:12 EDTMYLAbbott backing marginally ups chances of Mylan-Perrigo deal, says BMO Capital
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11:06 EDTMYLTeva says 'fully committed' to bid for Mylan, Bloomberg reports
After Abbott (ABT) announced earlier that it intends to vote its 14.5% stake in Mylan (MYL) in favor of Mylan's proposed acquisition of Perrigo (PRGO), a Teva (TEVA) spokesperson told Bloomberg in an email that the company remains "fully committed" to is offer to acquire Mylan, which Teva said is better than Mylan's suggested deal for Perrigo.
10:29 EDTMYLGeneric drugs may be targets of congressional price probe, Bloomberg says
In addition to branded drugs that were cited for "staggering" price increases in a congressional probe on drug prices being led by U.S. Senator Bernie Saunders, generic drug makers may also be targeted, stated Bloomberg Intelligence. Data show some generics, including clomipramine hydrochloride and tetracycline, have seen "aggressive" quarterly price increases, the report noted. Generic drug makers that could be caught up in the probe include Mallinckrodt (MNK), Teva (TEVA), Novartis' (NVS) Sandoz unit, Mylan (MYL), Taro Pharmaceutical (TARO) and Teva (TEVA). Mallinckrodt shares are down about 4% in early trading.
09:21 EDTMYLMylan issues statement regarding Abbott's support for Perrigo transaction
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09:10 EDTMYLAbbott confirms support for Mylan's proposed acquisition of Perrigo
Abbott (BT) confirmed its continued support for Mylan (MYL) N.V's growth strategy by stating its intent to vote its 14.5% stake in Mylan in favor of Mylan's proposed acquisition of Perrigo (PRGO). "We chose Mylan to acquire our developed markets branded generics pharmaceuticals because its scale and breadth across critical distribution channels, broad and diverse portfolio, and commitment to patients and product quality strongly positions it for success in the years to come," said Abbott. "As both Mylan's largest shareholder and its partner through our continued manufacturing relationships, Abbott has considered the entire situation and we believe Mylan's standalone strategy and acquisition of Perrigo will further enhance its platform, is strategically compelling, value enhancing for shareholders, and offers a clear path to completion. In light of these factors, we will be voting in favor of the Perrigo transaction."
08:54 EDTMYLPulmatrix enter into development agreement with Mylan for PUR0200
Pulmatrix (PULM) announced that it has entered into an ex-U.S. development agreement with Mylan (MYL). The agreement is for PUR0200, a clinical stage bronchodilator therapy being studied for chronic obstructive pulmonary disease, or COPD, and the first small molecule formulation from the company's novel iSPERSE inhaled dry powder technology. PUR0200 is under development as a once-daily therapy in a capsule-based dry powder inhaler, or DP. Under the terms of the agreement, Pulmatrix will lead the development work and pharmacokinetic clinical study with collaborative support from Mylan. Mylan has retained an option for PUR0200 ex-U.S. based on successful completion of the clinical study. Financial terms of the agreement are confidential.

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