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Stock Market & Financial Investment News

News Breaks
May 27, 2014
09:01 EDTPCYCPharmacyclics downgraded to Sector Perform from Outperform at RBC Capital
RBC Capital downgraded Pharmacyclics to Sector Perform and reduced its price target to $95 from $110 to reflect upcoming headwinds from ABBVIE and Gilead upcoming filings, slowing new scripts data, Phase III RESONATE data at ASCO might not have the buzz expected and lack of near-term catalysts.
News For PCYC From The Last 14 Days
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May 1, 2015
17:04 EDTPCYCAbbVie extends exchange offer to acquire Pharmacyclics
AbbVie (ABBV) announced that it has extended the expiration of its exchange offer to acquire all of the outstanding shares of common stock of Pharmacyclics (PCYC) to 5:00 pm ET on May 15. The depositary of the exchange offer has advised that, as of 4:00 pm ET, on May 1, a total of approximately 51.47M shares of Pharmacyclics common stock were validly tendered and not properly withdrawn in the exchange offer. All other terms and conditions of the exchange offer remain unchanged.
12:26 EDTPCYCBiogen patent challenged by Kyle Bass
The Coalition For Affordable Drugs, a group linked to Hayman Capital's Kyle Bass, has requested an Inter Partes Review of Claims 1-20 of US patent 8,399,514 held by Biogen (BIIB), according to a USPTO filing. The patent is related to the company's multiple sclerosis drug. BACKGROUND: Previously, the same coalition requested an Inter Partes Review of patents held by Celgene (CELG), Pharmacyclics (PCYC), Acorda Therapeutics (ACOR), Shire (SHPG) and Jazz Pharmaceuticals (JAZZ). PRICE ACTION: Shares of Biogen are up 3% to $385.29 in afternoon trading.
09:21 EDTPCYCPharmacyclics reports Q1 worldwide Imbruvica revenue $247M
09:20 EDTPCYCPharmacyclics reports Q1 non-GAAP EPS 43c, consensus 11c
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April 23, 2015
10:02 EDTPCYCAbbVie says communication with Johnson & Johnson has been 'very positive'
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09:20 EDTPCYCCelgene patent latest to be challenged by Hayman Capital's Bass
The Coalition For Affordable Drugs, a group linked to Hayman Capital's Kyle Bass, has requested an Inter Partes Review of Claims 110 of U.S. Patent No. 6,045,501 held by Celgene (CELG), according to a USPTO filing. The 501 patent claims methods for delivering a drug, including a teratogenic drug, to a patient while preventing the exposure of a fetus or other contraindicated individuals to the drug. The patent is related to the company's Revlimid drug. BACKGROUND: Previously, the same coalition requested an Inter Partes Review of patents held by Pharmacyclics (PCYC), Acorda Therapeutics (ACOR), Shire (SHPG) and Jazz Pharmaceuticals (JAZZ). On January 7, Reuters reported that Bass planned to take "around 15 pharmaceutical companies with a combined market capitalization of $450B" into an Inter Partes Review for extending patents in questionable ways, citing a presentation made by Bass in Oslo. PRICE ACTION: Shares of Celgene are down 0.5% to $114.92 in pre-market trading.
09:07 EDTPCYCAbbVie says remains on track to complete Pharmacyclics acquisition in Q2

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