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Stock Market & Financial Investment News

News Breaks
June 11, 2014
08:03 EDTABBV, OSUROraSure announces new co-promotion agreement with AbbVie
OraSure Technologies announced that it has entered into a Master Program Services and Co-Promotion Agreement with AbbVie (ABBV) under which AbbVie and OraSure will co-promote the Company's OraQuick HCV Rapid Test in the U.S. The product will be used to test individuals at-risk for hepatitis C. OraSure will be responsible for manufacturing and selling the product directly into all markets. Under the agreement, OraSure has granted exclusive promotion rights to AbbVie for the OraQuick HCV test in certain markets and will provide certain additional services in support of HCV testing. In exchange for the exclusive rights granted to AbbVie, OraSure will receive up to $75M in exclusivity payments over the term of the agreement, which runs through December 31, 2019. In addition, upon achievement of certain performance-based milestones, OraSure will be eligible to receive additional payments annually over the life of the agreement.
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May 28, 2015
09:02 EDTABBVSeattle Genetics says data from ADC programs to be presented at ASCO
Seattle Genetics (SGEN) announced that data from multiple proprietary and collaborator antibody-drug conjugate programs will be highlighted in more than 10 sessions at the American Society of Clinical Oncology 2015 Annual Meeting being held May 29 to June 2, 2015 in Chicago, IL. Presentations will feature data from several corporate and investigator-sponsored trials with ADCETRIS, including additional analyses from the phase 3 AETHERA clinical trial and updated data in frontline diffuse large B-cell lymphoma. In addition, the company’s ADC collaborators, including Genentech (RHHBY), AbbVie (ABBV), Genmab and Agensys, will report data from clinical programs using Seattle Genetics’ ADC technology. Seattle Genetics will also present preclinical data from its novel SEA-CD40 immuno-oncology candidate currently being evaluated in a phase 1 clinical trial. Seattle Genetics is evaluating its ADC technology broadly through ADCETRIS, proprietary pipeline and collaborator programs. The company is leading the field in developing ADCs, a technology designed to harness the targeting ability of antibodies to deliver cell-killing agents directly to cancer cells. In addition, Seattle Genetics is building on expertise in empowered, targeted approaches for the treatment of cancer in advancing its proprietary sugar-engineered antibody technology, a novel technology designed to increase the potency of monoclonal antibodies through glycoengineering which may lead to an improved antitumor immune response.
07:25 EDTABBVEuro Renal Association / Euro Dialysis & Transplant Assoc to hold conference
52nd ERA-EDTA Congress is being held in London, England on May 28-31.
06:21 EDTABBVAbbVie coverage resumed with an Equal Weight at Morgan Stanley
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May 27, 2015
06:57 EDTABBVAbbVie enters into ASR with Morgan Stanley to repurchase $5B of stock
AbbVie (ABBV) said in a regulatory filing that on May 26, it entered into an accelerated share repurchase agreement with Morgan Stanley (MS) to repurchase $5B of AbbVie’s common stock. Morgan Stanley is expected to make an initial delivery of approximately 68 million shares of AbbVie’s common stock on May 27, which represents 90% of the prepayment amount divided by the closing price of AbbVie’s common stock on May 26. At settlement of the agreement, Morgan Stanley may be required to deliver additional shares of AbbVie’s common stock to AbbVie or, under certain circumstances, AbbVie may be required to deliver shares of its common stock or may elect to make a cash payment to Morgan Stanley. The total number of shares of AbbVie’s common stock to be repurchased under the agreement will be based on the daily volume-weighted average price of AbbVie’s common stock during the term of the transaction, less a discount and subject to adjustment pursuant to the terms of the agreement. The final settlement of the transactions under the agreement is expected to occur before the end of 4Q15 and may be accelerated at the option of Morgan Stanley.This agreement was entered into pursuant to AbbVie’s previously disclosed share repurchase authorization and in connection with AbbVie’s previously announced acquisition of Pharmacyclics, which was completed on May 26.
06:25 EDTABBVAbbVie reinstated with an Overweight at JPMorgan
JPMorgan reinstated its Overweight rating on shares of AbbVie and raised its price target for shares to $75 from $73. The firm views the valuation as "inexpensive" and views the Pharmacyclics acquisition as adding a "solid" growth platform.
May 26, 2015
19:16 EDTABBVEnanta says may receive $30M milestone payment from AbbVie upon Japan approval
In reference to the release of GIFT-1 study data, Enanta (ENTA) stated that upon commercialization regulatory approval [sic] in Japan of AbbVie's (ABBV) treatment regimen related to GIFT-1, Enanta will be entitled to a $30M milestone payment from AbbVie. In addition, Enanta will be eligible to receive annually tiered royalties, ranging from the low double digits up to 20%, on AbbVie’s aggregate net sales of all paritaprevir-containing regimens, including 45% of AbbVie’s worldwide net sales of any two direct-acting antivirals regimen.
19:07 EDTABBVAbbVie presents phase 3 GIFT-I data, says achieved primary endpoint
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10:46 EDTABBVAnthem sued for denying coverage for Gilead's Harvoni, WSJ says
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08:32 EDTABBVAbbVie completes acquisition of Pharmacyclics
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08:03 EDTABBVInfinity Pharmaceuticals reports preclinical data for duvelisib
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May 22, 2015
08:00 EDTABBVAbbVie announces expiration of HSR waiting period for Pharmacyclics acquisition
AbbVie (ABBV) announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for AbbVie's purchase of Pharmacyclics (PCYC) has expired today. The expiration satisfies the exchange offer condition with respect to the approvals and clearances required under antitrust laws. Assuming that the other customary exchange offer conditions are satisfied, including a minimum tender of at least a majority of outstanding Pharmacyclics shares, it is expected that the exchange offer to acquire all of the outstanding shares of common stock of Pharmacyclics will expire today at 5:00 p.m., New York City time, without any further extension.
May 21, 2015
08:04 EDTABBVAbbVie announces offer consideration for acquisition of Pharmacyclics
AbbVie (ABBV) announced the per share offer consideration amounts pursuant to its previously announced offer to acquire each outstanding share of common stock of Pharmacyclics (PCYC) for a mix of cash and AbbVie common stock, as described in the Registration Statement on Form S-4 filed with the SEC by AbbVie on March 23, 2015, as amended. The mixed consideration will consist of $152.25 in cash and 1.6639 shares of AbbVie common stock and, subject to proration, the all-stock consideration will consist of 3.9879 shares of AbbVie common stock.
07:58 EDTABBVDeutsche sees AbbVie shares getting to $80 over summer
Deutsche Bank sees pipeline readouts over the summer pushing shares of AbbVie to $80. The firm keeps a Buy rating on the stock with an $80 price target after meting with management.
07:37 EDTABBVPfizer replaces AbbVie as top global pharma pick at Jefferies
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May 20, 2015
09:07 EDTABBVJohnson & Johnson says exploring eight new indications for Imbruvica
Imbruvica is jointly developed and commercialized by Pharmacyclics (PCYC) and Johnson & Johnson (JNJ) subsidiary Janssen Biotech. AbbVie (ABBV) is in the process of acquiring Pharmacyclics.
07:21 EDTABBVUBS to hold a conference
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May 19, 2015
10:14 EDTOSURHigh option volume stocks
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09:38 EDTOSURCLDF teams with Walgreens to offer OraSure HCV test for free
The Chronic Liver Disease Foundation announced earlier that it's collaborating with Walgreens (WBA) to offer free hepatitis C testing with the OraQuick HCV Rapid Test at more than 60 Walgreens retail pharmacies in 12 cities throughout the country. The program, which is slated to launch this August and run through January 2016, will offer free rapid HCV testing on specific days and times each week to patients at risk for HCV. The test is made by OraSure (OSUR).
08:57 EDTABBVLeerink biotech analyst holds an analyst/industry conference call
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May 18, 2015
07:22 EDTOSURUBS to hold a conference
Global Healthcare Conference is being held in New York on May 18-20 with webcasted company presentations to begin on May 18 at 8 am; not all company presentations may be webcasted. Webcast Link
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