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News Breaks
January 21, 2014
07:06 EDTPATH, ENDP, TEVANuPathe terminates agreement with Endo, to be acquired by Teva
NuPathe (PATH) announced that it has terminated its agreement and plan of merger with Endo Health Solutions (ENDP) and its board has withdrawn its recommendation that stockholders accept Endo's offer to acquire all outstanding shares of NuPathe common stock. NuPathe has also entered into an agreement and plan of merger with Teva Pharmaceutical (TEVA) under which Teva will acquire NuPathe for $3.65 per share in cash. In addition to the upfront cash payment, NuPathe stockholders will receive rights to receive additional cash payments of up to $3.15 per share if specified net sales of NuPathe's migraine treatment, Zecuity, are achieved over time. Under the terms of the agreement, an affiliate of Teva will promptly commence a tender offer to acquire all outstanding shares of NuPathe's common stock for $3.65 per share in cash and the right to receive contingent cash consideration payments of up to $3.15 per share if specified net sales thresholds for NuPathe's Zecuity are achieved. The contingent cash consideration payments, which will not be publicly traded, are as follows: $2.15 per share in cash payable upon net sales of Zecuity of at least $100M in any four consecutive calendar quarters, on or prior to the 60th day following the ninth anniversary of the date of the first commercial sale of Zecuity; and $1.00 per share in cash payable upon net sales of ZECUITY of at least $300 million in any four consecutive calendar quarters, on or prior to the 60th day following the ninth anniversary of the date of the first commercial sale of Zecuity. The transaction is expected to be completed in February.
News For PATH;ENDP;TEVA From The Last 14 Days
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October 14, 2014
11:23 EDTTEVA, ENDPBIND Therapeutics and The Conference Forum hold a conference
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11:19 EDTTEVATeva upgraded to Buy from Hold at Standpoint Research
October 13, 2014
10:08 EDTENDPOn The Fly: Analyst Upgrade Summary
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06:41 EDTENDPEndo upgraded to Hold from Sell at Cantor
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October 10, 2014
10:01 EDTENDPOn The Fly: Analyst Upgrade Summary
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05:50 EDTENDPEndo upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray upgraded Endo (ENDP) to Overweight with an $84 price target citing an improved asset base following the takeover of Auxilium (AUXL).
05:47 EDTENDPAuxilium downgraded to Neutral from Buy at Mizuho
Mizuho downgraded Auxilium (AUXL) to Neutral following the company's agreement to be acquired by Endo (ENDP). The firm expects shareholders to approve the deal and does not expect a competing bid.
October 9, 2014
16:11 EDTTEVAAlexza reports 32,278 Adasuve units shipped to Teva in Q3
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09:20 EDTENDPOn The Fly: Pre-market Movers
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09:00 EDTENDPEndo says its not in position to give FY15
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08:49 EDTENDPEndo sees low-double digit revenue growth with Auxilium portfolio
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08:37 EDTENDPEndo expects Auxilium acquisition immediately accretive post close
Endo (ENDP) says the deal will provided expected annual run rate synergies of up to $175M by the first year after closing versus Auxilium's (AUXL trailing 12-month actuals as of June 30. Says synergies include Auxilium's $75M reduction in annual operating expenses previously announced. Says the deal is expected to "significantly'" enhance Endo's branded pharmaceutical business with the addition of Auxilium's men's health products and development portfolio. Says the agreement is designed to "accelerate growth" and maximize value of Auxilium's products by leveraging strengths of combined company. Says combined company will be "well positioned" to drive organic growth for branded pharmaceutical business. Says deal creates a "strong" margin profile and an enhanced near-and long-term revenue growth profile. Comments taken from the company's slide presentation regarding its combination with Auxilium.
07:49 EDTENDPEndo and Auxilium host a joint conference call
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06:32 EDTENDPEndo to acquire Auxilium in cash, stock transaction for approximately $2.6B
Endo (ENDP) and Auxilium Pharmaceuticals (AUXL) announced that they have entered into a definitive agreement under which Endo will acquire all of the outstanding shares of common stock of Auxilium for a per share consideration of $33.25 in a cash and stock transaction. The boards of both companies have unanimously approved the transaction, which is valued at $2.6B, including the repayment and assumption of debt. The transaction will include an election mechanism for Auxilium stockholders to elect cash and stock, all-stock or all-cash consideration, subject to proration in accordance with the terms of the definitive agreement. The per share consideration represents a premium of 55% to Auxilium's closing price on September 16, the day Endo made public its proposal for Auxilium. Subject to aggregate cash and equity consideration limits, Auxilium stockholders may elect one of three options with respect to transaction consideration: 100% equity which equates to 0.488 Endo shares per Auxilium share, 100% cash which equates to $33.25 per Auxilium share or a standard election of an equal mix of $16.625 in cash and 0.244 Endo shares per Auxilium share. The total cash consideration will not exceed 50% of the total equity value and the equity consideration will not exceed 75% of the total equity value. The transaction is expected to close in 1H15 and is subject to the approval of Auxilium's stockholders, regulatory approval in the U.S. and certain other jurisdictions, and other customary closing conditions.
06:31 EDTENDPEndo to acquire Auxilium in cash, stock transaction for approximately $2.6B
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October 8, 2014
08:05 EDTTEVATeva initiates NDA submission to FDA for CEP-33237
Teva Pharmaceutical announced the initiation of a rolling New Drug Application submission to the U.S. Food and Drug Administration for hydrocodone bitartrate extended-release tablets designed with Teva’s proprietary technology providing potential abuse-deterrent properties CEP-33237 as allowed for fast track designated products. Teva expects to complete the NDA submission by the end of 2014. Teva also announced positive results from a nasal Human Abuse Liability study which supports the NDA. The nasal HAL study found that in nondependent, recreational opioid users, abuse potential for crushed intranasal CEP-33237 was significantly lower than intranasal immediate-release hydrocodone. Teva has now completed positive HAL studies in the two most common routes of hydrocodone abuse, oral and intranasal. CEP-33237 demonstrated a safety profile in the Phase III study that is consistent with the known safety profile of hydrocodone and other opioid analgesic therapies. Adverse events reported in 5% or more of hydrocodone-treated patients during either the titration or double-blind treatment periods included nausea, constipation, vomiting, headache, somnolence and dizziness.
06:47 EDTTEVALawmakers may push for new regulations on generic drug makers, NY Times says
After the prices of some generic drugs soared more than 1,000% over the last year, two influential members of Congress are probing the sector and threatening to look to impose new regulations on it, according to The New York Times. Generic drug makers include Teva (TEVA), Mylan (MYL), Actavis (ACT), and Lannett (LCI).Reference Link
October 6, 2014
11:58 EDTTEVATeva simplifaction plans expected but positive, says BMO Capital
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08:32 EDTTEVATeva identifies 14 pipeline projects for discontinuation or divestment
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08:32 EDTTEVATeva announces results of strategic review of core specialty therapeutic areas
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