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Stock Market & Financial Investment News

News Breaks
February 1, 2013
07:49 EDTPRGO, GSKPerrigo commences launch of clobetasol emulsion propionate foam, 0.05%
Perrigo (PRGO) announced that it has launched clobetasol emulsion propionate foam, 0.05%, the generic equivalent of Olux -E Foam, 0.05%. Perrigo will commence shipment of the product immediately. As Perrigo was the first generic filer against this product, it has 180 days of generic exclusivity. The launch date was agreed upon in a 2012 litigation settlement between Perrigo and GlaxoSmithKline (GSK).
News For PRGO;GSK From The Last 14 Days
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April 24, 2015
12:10 EDTPRGOPerrigo rejects Mylan takeover offer
12:02 EDTPRGOPerrigo plans to reject Mylan new offer, Bloomberg reports
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11:29 EDTPRGOPerrigo could reject Mylan bid as early as today, Bloomberg reports
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09:55 EDTPRGOMylan offer for Perrigo currently valued near $222 per share
Shares of Mylan (MYL) are little change in morning trading at $74. At 2.2 Mylan shares plus $60 cash, Mylan's formal offer to acquire Perrigo for $60 cash and 2.2 Mylan shares per Perrigo share equates to about $222 per Perrigo share, using Mylan's current share price. Perrigo shares are down about 1% to $199.15 in early trading after Mylan made its offer formal under Irish takeover law via a Rule 2.5 announcement.
09:49 EDTPRGOMylan says 'steadfast' in offer to acquire Perrigo
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09:48 EDTPRGOMylan offers $60 cash, 2.2 Mylan shares for each Perrigo share in buyout offer
Mylan (MYL) issued a Rule 2.4 announcement under the Irish Takeover Rules stating that it had made a non-binding proposal to acquire Perrigo (PRGO) for $205 in a combination of cash and Mylan stock for each Perrigo share. The Rule 2.4 announcement followed the delivery of that proposal to Perrigo's Chairman on April 6. Mylan issued a Rule 2.5 announcement setting forth its legally-binding commitment to commence an offer for the entire issued and to be issued share capital of Perrigo. Under the terms of the offer announced today, Perrigo shareholders will receive $60 in cash and 2.2 Mylan ordinary shares for each Perrigo ordinary share. Mylan expects the combination will result in at least $800M of annual pre-tax operational synergies by the end of year four following the consummation of the offer. The transaction is expected to be immediately accretive to EPS on a fully-synergized basis and it is anticipated that substantial free cash flows will drive rapid deleveraging and enhanced reinvestment into the business, with the combined company expected to maintain its investment grade credit profile. "The synergy estimate was prepared using a sound process and was independently reported on by the Irish firm of PricewaterhouseCoopers and Goldman Sachs International in accordance with the requirements of the Irish Takeover Rules," Mylan said.
09:46 EDTPRGOMylan to start formal offer to buy Perrigo for $60 cash, 2.2 Mylan shares
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07:24 EDTPRGOMylan price target raised to $82 from $65 at Deutsche Bank
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07:11 EDTGSKAgenus: GSK's RTS,S vaccine showed statistically significant results in study
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April 23, 2015
07:16 EDTPRGOMylan the safest bet in generic drug company takeover battle, says Bernstein
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April 22, 2015
12:04 EDTPRGOTeva may need to raise Mylan bid above $90 per share, analysts say
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09:56 EDTPRGOMylan planning firmer offer for Perrigo, CNBC's Faber reports
Mylan (MYL) is planning to announce a firmer takeover offer for Perrigo (PRGO) that will include financing commitments and ticking fees, CNBC's David Faber reports, citing people familiar with the matter. It is unclear if the offer will include a higher buyout price of $205 per share, Faber added.
09:44 EDTPRGOSources: Mylan planning new offer for Perrigo, CNBC's Faber says
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08:43 EDTPRGOHostile bids carry low success rates, says Leerink
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08:42 EDTPRGOMylan likely to seek higher offer from Teva, says Bernstein
after Teva (TEVA) offered to buy Mylan (MYL) for $82 per share, Bernstein expects Mylan to seek an offer closer to $90. The firm also expects Mylan to seek shared management and perhaps some protection for its employees. Bernstein expects Teva to attempt to convince Mylan shareholders of the merits of its offer and Mylan to attempt to convince Perrigo (PRGO) shareholders of the merits of its offer and its own shareholders of the risks associated with the Teva deal. Bernstein keeps Outperform ratings on Teva and Mylan.
08:31 EDTPRGOTeva files for Hart Scott Rodino notification regarding proposed Mylan purchase
Teva Pharmaceutical Industries (TEVA) announced that it has filed for premerger notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with the U.S. Department of Justice Antitrust Division and the Federal Trade Commission regarding its proposed acquisition of Mylan N.V. (MYL). As announced on April 21, 2015, Teva proposed to acquire Mylan for $82.00 per Mylan share, with the consideration to be comprised of approximately 50% cash and 50% stock. Teva’s proposal for Mylan implies a total equity value of approximately $43 billion and an enterprise value of approximately $50 billion. The Teva Board and management team are committed to consummating a transaction as soon as possible. The acquisition proposal would provide Teva stockholders with very attractive strategic and financial benefits and Mylan stockholders with a substantial premium and immediate value for their shares, as well as the opportunity to participate in the significant upside potential of the combined company – one that would transform the global generics space and leverage it to hold a unique leadership position in the pharmaceutical industry. Teva has carefully studied the regulatory aspects of a combination of Teva and Mylan, in conjunction with its advisors. Teva is confident that it would be able to structure a transaction that would not contain material impediments to closing and that it can determine and promptly implement divestitures, as necessary, to gain regulatory clearances. Teva intends to work cooperatively with antitrust authorities and expects that the proposed transaction can be completed by year-end 2015. Teva’s proposal provides Mylan stockholders with a more attractive alternative to Mylan’s proposed acquisition of Perrigo Company plc (PRGO), as announced on April 8, 2015, as well as to Mylan on a standalone basis. Teva’s proposal would provide Mylan stockholders with consideration representing a 37.7% premium to the stock price of Mylan on April 7, 2015, which is the last day of trading prior to Mylan’s press release regarding its unsolicited proposal for Perrigo, and a 48.3% premium to the unaffected stock price of Mylan on March 10, 2015, which is the last day of trading prior to widespread speculation of a transaction between Teva and Mylan. Barclays and Greenhill & Co. are serving as financial advisors to Teva. Kirkland & Ellis LLP and Tulchinsky Stern Marciano Cohen Levitski & Co are serving as legal counsel to Teva, with De Brauw Blackstone Westbroek N.V. and Loyens & Loeff N.V. acting as legal advisors in the Netherlands.
07:27 EDTPRGOPiper sees more sense in Teva buying Perrigo than Mylan
Piper Jaffray says that while a potential acquisition of Mylan (MYL) by Teva (TEVA) would bring major cost synergies and meaningful earnings accretion, it would not significantly improve the limited visibility on long-term top-line and earnings growth for Teva. Piper sees more strategic sense in Teva acquiring Perrigo (PRGO). Such a deal would drive multiple expansion for Teva since Perrigo's Consumer Health and Nutritionals businesses can offer a "much higher level of visibility on robust long-term earnings growth" than what Mylan can offer Teva, Piper tells investors today. The firm reiterates a Neutral rating on shares of Teva.
07:14 EDTPRGOTeva Mylan deal more likely to get done than Mylan Perrigo deal,says Wells Fargo
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07:00 EDTPRGOPerrigo price target raised to $203 from $187 at Jefferies
Jefferies raised its price target for Perrigo (PRGO) to $203 after the company rejected Mylan's (MYL) takeover bid of $205 per share. The firm believes Perrigo "left the door wide open" for a higher, more definitive bid. It sees a 40% chance of either Mylan or another suitor acquiring Perrigo. The firm keeps a Buy rating on the stock.
06:31 EDTPRGOMylan likely to improve offer for Perrigo, says Citigroup
Citigroup believes Mylan's (MYL) board will likely reject Teva's (TEVA) initial takeover offer of $82 per share and present an improved proposal to acquire Perrigo (PRGO). Citi continues see a potential Teva-Mylan combination as more value accretive for Mylan shareholders than a potential Mylan-Perrigo combination. It keeps a Neutral rating on Mylan.
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