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January 8, 2014
07:28 EDTPATH, ENDP, TEVANuPathe says Teva proposal 'reasonably expected' to lead to 'superior proposal'
NuPathe (PATH) disclosed Teva (TEVA) offered to purchase any and all of the shares of NuPathe, at a price per Share of $3.65 per share, net to the seller in cash, plus contractual rights to receive up to an additional $3.15 per share in contingent cash consideration payments payable in the future upon achievement of certain milestones related to ZECUITY. Further, Teva indicated it is prepared to loan the company funds to cover both the company’s ongoing operations pending closing of a transaction and to pay any termination fee due under the existing merger agreement NuPathe has entered with Endo Health Solutions (ENDP). Teva further stated that the Teva proposal will not require additional due diligence, that the Teva offer was unanimously approved by the Teva board of directors, and that there are no financing contingencies with the Teva proposal. NuPathe's board determined that the Teva proposal is :reasonably expected" to lead to a "Superior Proposal," but that pursuant to the terms of the existing merger agreement, NuPathe will continue to recommend that the company’s stockholders tender their shares in the offer by Endo.
News For PATH;TEVA;ENDP From The Last 14 Days
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November 23, 2015
07:06 EDTTEVAPfizer sees Allergan deal closing in 2H16
The completion of the transaction, which is expected in the second half of 2016, is subject to certain conditions, including receipt of regulatory approval in certain jurisdictions, including the United States and European Union, the receipt of necessary approvals from both Pfizer (PFE) and Allergan shareholders, and the completion of Allergan's (AGN) pending divestiture of its generics business to Teva Pharmaceuticals Ltd (TEVA)., which Allergan expects will close in the first quarter of 2016. Pursuant to the terms of the merger agreement, the Allergan parent company will be the parent company of the combined group. A wholly owned subsidiary of Allergan will be merged with and into Pfizer, and subject to receipt of shareholder approval, the Allergan parent company will be renamed "Pfizer plc" after the closing of the transaction. Immediately prior to the merger, Allergan will effect an 11.3-for-one share split so that each Allergan shareholder will receive 11.3 shares of the combined company for each of their Allergan shares, and the Pfizer stockholders will receive one share of the combined company for each of their Pfizer shares. Pfizer's U.S. stockholders will recognize a taxable gain, but not a loss, for U.S. federal income tax purposes. The transaction is expected to be tax-free for U.S. federal income tax purposes to Allergan shareholders. Pfizer stockholders will have the opportunity to elect to receive cash instead of stock of the combined company for some or all of their Pfizer shares, provided that the aggregate amount of cash to be paid in the merger will not be less than $6 billion or greater than $12 billion. In the event that the aggregate cash to be paid in the merger would otherwise be less than $6 billion or greater than $12 billion, then the stock and cash elections will be subject to proration. Following the transaction, and assuming that all $12 billion of cash is paid in the merger, it is expected that former Pfizer stockholders will hold approximately 56% of the combined company and Allergan shareholders will own approximately 44% of the combined company on a fully diluted basis. As a result of the combination with Allergan and subsequent integration of the two companies, Pfizer now expects to make a decision about a potential separation of the combined company's innovative and established businesses by no later than the end of 2018. Pfizer plc's board is expected to have 15 directors, consisting of all of Pfizer's 11 current directors and 4 current directors of Allergan. The directors from Allergan will be Paul Bisaro, Allergan's current Executive Chairman, Brent Saunders, Allergan's current CEO, and two other directors from Allergan to be selected at a later date. Ian Read, Pfizer's Chairman and CEO, will serve as Chairman and CEO of the combined company. Brent Saunders will serve as President and Chief Operating Officer of the combined company. He will be responsible for the oversight of all Pfizer and Allergan's combined commercial businesses, manufacturing and strategy functions.
05:16 EDTTEVATeva upgraded to Buy from Neutral at Goldman
Goldman Sachs analyst Jami Rubin upgraded Teva Pharmaceuticals (TEVA) to Buy saying the setup for 2016 is attractive following the pullback in shares that began in late July. Several share overhangs will be removed in the near-term, with a likely equity offering ahead of Allergan (AGN) genetics unit purchase and recent quantification of Copaxone generic downside risk, Rubin tells investors in a research note. The analyst keeps a $75 price target for Teva. The generic pharmaceutical giant closed Friday up 68c to $61.72.
November 19, 2015
13:52 EDTTEVAMylan announces U.S. launch of generic Adderall tablets
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09:02 EDTTEVATeva, UCL start unique brain imaging study
Teva Pharmaceuticals and University College London, or UCL, announced the start of a "unique" study, combining state-of-the-art brain imaging with key biomarkers, aimed at building a better understanding of the role of inflammation in neurodegenerative disease and potentially a new approach in its early diagnosis and treatment. The Pilot Longitudinal Study in Alzheimer's Disease of Central Markers of Microglial Activation, or PADMMA, study is a two-year study in 20 patients that will assess, using PET imaging, the prevalence and pattern of activation of a specific type of cell, called microglia, in the central nervous system in people with certain symptoms of neurodegenerative disease. It is key demonstration of Teva's commitment towards dementia research made following the UK Government's Dementia Summit, spearheaded by UK Prime Minister David Cameron.
08:02 EDTTEVATeva reports 'positive' results from Phase III Asthma treatment trials
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November 18, 2015
13:07 EDTENDPFTC approves final order settling charges over Endo, Par merger
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07:43 EDTTEVAJefferies to hold a conference
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November 17, 2015
16:59 EDTENDPDepomed acquires U.S. rights to pain product from Grunenthal
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08:04 EDTENDPStifel to hold a conference
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07:47 EDTTEVALeerink sees M&A accelerating for central nervous system assets
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November 16, 2015
16:53 EDTTEVAPaulson reduced stake in Valeant
Paulson & Co. gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Perrigo (PRGO), CIT Group (CIT), Precision Castparts (PCP), Cameron (CAM), and Altera (ALTR). INCREASED STAKES: Teva (TEVA), Post Holdings (POST), Starwood Hotels (HOT), LivaNova (LIVN), and Synergy Pharmaceuticals (SGYP). DECREASED STAKES: Valeant (VRX), Shire (SHPG), Whiting Petroleum (WLL), Computer Sciences (CSC), and Oasis Petroleum (OAS). LIQUIDATED STAKES: Houghton Mifflin Harcourt (HMHC), Broadcom (BRCM), and Sprint (S).
09:06 EDTENDPDiplomat seen as compelling amid specialty pharmacy fallout
Shares of specialty pharmacy operator Diplomat Pharmacy (DPLO) and pharmacy benefit manager Express Scripts (ESRX) have each been knocked down by the negative news surrounding the sector amid the troubles faced by Valeant (VRX) and others, but an analyst at Leerink contends in a note to investors that the pullbacks in both stocks provide buying opportunities. BACKGROUND: Drugmaker Valeant and its prior specialty pharmacy partner, Philidor Rx Services, have been at the center of the firestorm engulfing the sector. Following claims that Philidor urged its employees to modify prescriptions to ensure more orders of Valeant-branded drugs rather than generics, as well as other allegations of wrongdoing, Express Scripts (ESRX) and peer CVS Health (CVS) terminated Philidor from their networks. The day after those termination announcements, Valeant said that it was severing all ties with Philidor and that the pharmacy planned to shut down operations as soon as possible, consistent with applicable laws. Valeant has subsequently said that Philidor has committed to cease operations by January 30, 2016, at the latest. More recently, Express Scripts, the nation's largest pharmacy benefit manager, announced that it stopped doing business with Linden Care, accusing it of being a "captive" pharmacy that dispenses mostly products made by Horizon Pharma (HZNP). In turn, Horizon called the idea that Linden Care is a captive pharmacy "entirely false," stating that "at best Express Scripts is being reckless in its allegations and at worse it is intentionally attempting to mislead investors." Express Scripts' move also impacted shares of Insys Therapeutics (INSY), which reportedly also used Linden Care to fulfill prescription for its drugs. DIPLOMAT LIKELY TO STAY IN-NETWORK: Leerink analyst David Larsen acknowledged that recent events indicate that Express Scripts appears to be evaluating certain retail pharmacies and their relationships with manufacturers, but he believes Diplomat's mix of drugs for diseases like multiple sclerosis, HIV, hepatitis C and cancer differentiate it as a "true" specialty pharmacy. Larsen does not think Diplomat is at risk of being excluded from the pharmacy networks of Express Scripts, CVS or UnitedHealth's (UNH) Optum, he tells investors. Larsen expects limited distribution agreements to stay an important channel strategy for drugmakers and believes these agreements are appropriate for high cost specialty drugs that require special handling and additional services to manage patient adherence. The analyst, who thinks Diplomat remains well positioned to deliver annual growth of over 30% in the next several years, keeps an Outperform rating on its shares. EXPRESS BUYING OPPORTUNITY: Larsen also thinks concerns around manufacturer and pharmacy relationships have put unwarranted pressure on shares of Express Scripts. He does not expect Express Scripts to disclose new lawsuits around rebate dollars owed over other manufacturer disputes and keeps an Outperform rating on the stock, which he views as having an "attractive" valuation. WHAT'S NOTABLE: Larsen also thinks that the specialty channel remains an opportunity for Walgreens Boots Alliance (WBA) and believes its proposed acquisition of Rite Aid (RAD) can strengthen its specialty offering. The analyst keeps an Outperform rating on Walgreens shares as well. PRICE ACTION: Over the last three months, Diplomat Pharmacy shares have declined 28%, Express Scripts has fallen 6% and Walgreens has dropped 14%.
07:16 EDTENDPHayman Capital gives quarterly update on stakes
NEW STAKES: Impax (IPXL), CF Industries (CF), GW Pharmaceuticals (GWPH), ProNAi Therapeutics (DNAI). INCREASED STAKES: BioMarin (BMRN), NMI Holdings (NMIH), Vertex (VRTX), Endo (ENDP). DECREASED STAKES: Mylan (MYL). LIQUIDATED STAKES: Perrigo (PRGO), Oasis Petroleum (OAS), Whiting Petroleum (WLL), Newfield Exploration (NFX), SM Energy (SM).
06:06 EDTENDPEndo downgraded to Neutral from Buy at Mizuho
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November 13, 2015
11:23 EDTENDPEndo management to meet with RBC Capital
Meeting to be held in Malvern, PA on November 16 hosted by RBC Capital.
10:49 EDTTEVA, ENDPMylan jumps, Perrigo plunges after hostile takeover bid fails
Shares of Mylan (MYL) jumped after the company's offer to acquire Perrigo (PRGO) failed. Perrigo shares fell after the news. WHAT'S NEW: Mylan's approximately $26B hostile takeover offer for Perrigo officially fell through Friday morning, ending a seven-month ordeal between the two companies. Mylan said that only about 40% of Perrigo's shares were tendered by the company's stockholders, falling short of the 50% required for an acquisition, forcing the offer to lapse after failing to meet its goal by the established deadline. In response to the news, Perrigo Chief Executive Officer Joseph Papa said he was "delighted" that his company's shareholders rejected the offer. "We have said all along that this offer from Mylan was a bad deal for our shareholders, as it significantly undervalued our durable business model and industry-leading future growth prospects," Papa said. Perrigo added that it will immediately commence its previously announced $2B share buyback and that it intends to complete $500M of the planned repurchase by the end of the year. WHAT'S NOTABLE: On July 27, Teva (TEVA) withdrew a takeover offer for Mylan amid Mylan's talks with Perrigo. The Israeli pharmaceutical company opted instead to purchase Allergan's (AGN) generics business. Commenting on its failure to buy Perrigo, Mylan Executive Chairman Robert Coury said in a statement that while the company viewed Perrigo as a "unique and exciting company," it was not required for the future success of the company. Coury said, "We are well-positioned to quickly execute on the next strategic, value-enhancing opportunities for our business, some of which we have already identified." STREET RESEARCH: Citi analyst Liav Abraham upgraded Mylan to Buy and raised her price target for shares to $59 from $52, saying that an overhang has been removed since the company's hostile attempt to buy Perrigo has fallen through. Abraham argued that a combination of the two companies would have been both destructive to both earnings and value for Mylan and that the failed bid will increase management's optionality to pursue other value-enhancing opportunities and enable investors to focus on the company's base business. In addition, RBC Capital Markets analyst Randall Stanicky confirmed a Sector Perform rating for both Mylan and Perrigo with price targets of $60 and $176, respectively. Stanicky said he expects Mylan's stock to gain 10%-15% towards $50 as a result of the news, while Perrigo will probably see a pull-back into the low $140s. The analyst added that the removal of the Mylan bid will drive initial weakness for Perrigo's shares but that the stock can settle close to its current levels. PRICE ACTION: In morning trading, Mylan rallied 12.5% to $48.60 and Perrigo fell 6.92% to $145.72. OTHERS TO WATCH: Teva shares trading in New York increased 0.26%, Allergan was up 0.66%, and Endo (ENDP), with which Reuters reported Perrigo held unsuccessful takeover talks, gained 5.56%.
10:00 EDTENDPEndo upgraded to Buy from Hold at Standpoint Research
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November 12, 2015
12:42 EDTENDPPerrigo held unsuccessful talks to acquire Endo, Reuters reports
Perrigo (PRGO) has held unsuccessful talks to acquire Endo (ENDP) in all-stock deal, reports Reuters. According to people familiar with the matter, the talks were advanced enough for major issues such as the role of the Endo's CEO and how the companies could be integrated to have been addressed. Perrigo ended the talks when Endo asked for too much stock for its shareholders. Reference Link
08:48 EDTENDPEndo sued over birth control packaging error, CBS News reports
More than 100 women filed a class action lawsuit against Qualitest Pharmaceuticals, a subsidiary of Endo, over a birth control packaging error in 2011 that they claim led to unplanned pregnancies, reported CBS News. The suit seeks millions of dollars in damages, the report noted. Reference Link
November 11, 2015
07:02 EDTTEVAEagle expects to report RYANODEX study results over next few weeks
"We are preparing for three important events at Eagle over the next several weeks, including reporting the results of our clinical study for RYANODEX in Exertional Heat Stroke shortly," said Scott Tarriff, president and CEO of Eagle Pharmaceuticals (EGRX). "Thereafter, we are awaiting approval of two products with December PDUFA dates: our rapidly infused bendamustine product, and our recently licensed Docetaxel Injection Concentrate, Non-Alcohol Formula, which has the potential to be the first alcohol-free docetaxel formulation approved in the US. Looking further ahead, we may receive approval of RTU bivalirudin in March 2016 and our tentatively approved liquid bendamustine in the 500ml bag on May 1st, 2016. Regarding rapidly infused bendamustine, we believe our commercial partner, Teva (TEVA), will convert most or all of the market quickly in what we expect will be a promising launch in 2016. Regarding our other products, with a highly-talented commercial team now in place, we are able to capitalize on the exciting opportunities that lie ahead in order to deliver long term value to shareholders."
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