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News Breaks
August 8, 2014
14:54 EDTDEPO, PDLIPDL BioPharma says concluding talks with SEC on Depomed deal accounting
PDL BioPharma (PDLI) disclosed in a regulatory filing that the company is currently concluding discussions with the SEC staff after receiving a comment letter to the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013, that requested additional information about the company’s accounting for the royalty purchase and sale agreement with Depomed (DEPO). "The Company’s responses to those comments may affect the narrative disclosures and financial statements included in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2014. All of the comments cannot be resolved by the prescribed due date for the Current Quarterly Report without unreasonable effort or expense," PDL stated. The company intends to file its current quarterly report by not later than Monday, August 18, PDL added.
News For PDLI;DEPO From The Last 14 Days
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July 29, 2015
16:18 EDTDEPODepomed raises FY15 product sales view to $320M-$340M
Prior product sales guidance $310M-$335M. FY15 revenue consensus $327.33M. Raises FY15 adjusted earnings view to $40M-$50M from $16M-$28M. CEO Jim Schoeneck said, "Growth in the second quarter was led by our flagship product NUCYNTA, which had a strong performance in the first quarter of the company distributing the product. We believe that NUCYNTA has blockbuster potential – an even bigger opportunity than we originally anticipated – and we've just relaunched NUCYNTA with our new product positioning and expanded commercial efforts that we initiated in mid-June. We also see future growth opportunity for Gralise, Cambia and Lazanda including increases in unit demand and market share plus product line extensions. Depomed is now in a period of accelerated growth, one that we see extending well into the future."
16:16 EDTDEPODepomed reports Q2 adjusted EPS 27c, consensus 0c
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16:07 EDTDEPODepomed board rejects acquisition proposal from Horizon Pharma
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16:05 EDTDEPODepomed board rejects takeover proposal from Horizon Pharma
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07:47 EDTPDLIARIAD to receive $200M through syntehtic-royalty financing with PDL BioPharma
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07:43 EDTPDLIARIAD to receive up to $200M through Iclusig synthetic-royalty financing with PDL BioPharma
ARIAD Pharmaceuticals (ARIA) announced that it will receive $100 million in cash – $50 million upon deal execution late yesterday and an additional $50 million in one year – through a synthetic-royalty financing from PDL BioPharma (PDLI) in exchange for paying PDL a mid-single-digit royalty on future sales of Iclusig until PDL receives a fixed internal rate of return. ARIAD also has an option, in its discretion, to receive up to an additional $100 million at any time between 6 and 12 months from the date of the agreement, in one or two tranches on comparable terms. ARIAD intends to use the base funds to conduct a front-line trial of brigatinib, its investigational ALK inhibitor, in patients with non-small cell lung cancer and to support brigatinib commercial readiness, as well as to continue its ongoing Iclusig initiatives. ARIAD is on track to complete enrollment in the pivotal ALTA trial of brigatinib in third quarter 2015, to file for approval in the U.S. next year, and subject to regulatory approval, to launch brigatinib by early 2017. Brigatinib has Breakthrough Designation from the U.S. Food and Drug Administration. “This financing allows us to accelerate initiation of the front-line trial of brigatinib and to ensure launch readiness as early as possible, while retaining strategic flexibility with respect to partnering and long-term commercialization of brigatinib,” said Harvey J. Berger, M.D., chairman and CEO of ARIAD. “We are confident based on the latest clinical data on brigatinib and other ALK‐inhibitors, that brigatinib may be an important new cancer medicine for patients with ALK+ lung cancer. With the funding provided by this royalty transaction, we expect to start the front-line trial by early next year, ahead of our expected filing for initial marketing approval of brigatinib in patients with refractory ALK+ NSCLC.”
July 24, 2015
11:09 EDTDEPOWallachBeth does not see Horizon facing competing suitor for Depomed
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July 21, 2015
11:28 EDTDEPODepomed says revised Horizon proposal includes no change to amount of stock
Depomed (DEPO) confirmed that it has received a "purported revised, highly conditional, unsolicited and non-binding" proposal from Horizon Pharma (HZNP) to acquire all of the outstanding shares of Depomed in an all-stock transaction currently valued at $33.00 per share. Depomed said its board, in consultation with its independent financial and legal advisors, will carefully review and evaluate the revised proposal to determine the course of action that it believes is in the best interests of the company and its shareholders. Depomed added: "Today's purported increase does not reflect any increase in the amount of Horizon stock that the Depomed shareholders would receive, nor any increase in the pro-forma ownership for the Depomed shareholders, and is the result of the trading value of Horizon's stock having increased since it made its initial offer." Depomed previously rejected the prior proposal, made May 27, to acquire all outstanding common shares of Depomed in an all-stock transaction then valued at $29.25 per share.
10:14 EDTDEPOHigh option volume stocks:
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07:02 EDTDEPOHorizon Pharma increases offer for Depomed to $33.00 per share
Horizon Pharma (HZNP) announced that it has increased the value of its all-stock acquisition proposal to $33.00 per share from $29.25 per share, contingent on Depomed entering into good faith discussions regarding a transaction. The increased offer represents a 60% premium to the closing price of Depomed on July 6, the day prior to when Horizon's initial proposal was made public.
07:01 EDTDEPOHorizon Pharma increases offer for Depomed to $33.00 per share
July 20, 2015
10:33 EDTDEPODepomed suitor Horizon Pharma advances after raising outlook
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09:50 EDTDEPOHorizon Pharma CEO says 'here to stick it out' regarding Depomed deal
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09:50 EDTDEPOHorizon Pharma CEO says Depomed proposal 'shareholder friendly'
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