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Stock Market & Financial Investment News

News Breaks
December 6, 2012
08:08 EDTQLTIQLT to reduce workforce by 42%, expects $2M restructuring charge
QLT announced a 42% reduction of its workforce to better align its resources with the company's corporate objectives following the recent sale of Visudyne to Valeant Pharmaceuticals International. QLT expects to record a restructuring charge of approximately $2M relating to this reduction in force. The company also expects the reorganization to result in approximately $3.8M in reduced annualized expenses once the reduction is fully implemented in the first half of 2013.
News For QLTI From The Last 14 Days
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September 17, 2014
16:25 EDTQLTIOn The Fly: Closing Wrap
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12:22 EDTQLTIOn The Fly: Midday Wrap
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12:15 EDTQLTIAuxilium climbs, QLT falls after Endo submits takeover bid
Shares of drug maker Auxilium (AUXL) are rallying after another company in the sector, Endo (ENDP), offered to buy Auxilium for $28.10 per share. Endo said that Auxilium's 12 FDA approved products in urology, orthopedic and other areas are "natural complements" to Endo's men's health and pain products, while Auxiium said it would consider the offer. The potential deal, however, jeopardizes Auxiium's prior agreement to acquire another drugmaker, QLT Inc. (QLTI). WHAT'S NEW: Endo announced last night that it had made a cash and stock bid of $28.10, or $2.2B, for Auxilium. The latter company announced this morning that it would "carefully review" the offer. The two companies have "significant synergy opportunities" and the deal is "expected to be immediately accretive" to Endo's EPS, the hopeful buyer added. WHAT'S NOTABLE: On June 26, Auxilium announced that it would merge with Canada's QLT Inc. According to Sterne Agee analyst Shibani Malhotra, Endo said last night that it was not interested in acquiring QLT and Auxilium would have to choose between merging with QLT and being acquired by Endo. ANALYST REACTION: Although Endo's bid represents a 30%+ premium to Auxilium's closing price yesterday, Jefferies analyst Thomas Wei believes that the synergies outlined by Endo justify a higher takeout price. Specifically, the analyst thinks that Auxilium could be acquired for $34 to $45 per share. Wei kept a $34 price target and Buy rating on Auxilium. For his part, Malhotra predicted that Auxilium would approve the Endo deal and reject the QLT merger. The bid appears to be substantially accretive for Endo, added the analyst, who kept a $75 price target and Buy rating on Endo's shares. PRICE ACTION: In early afternoon trading, Auxilium surged over 43% to $30.88 and Endo advanced 6.5% to $69.35, while QLT dropped 12% to $5.46.
09:10 EDTQLTIOn The Fly: Pre-market Movers
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07:14 EDTQLTIAuxilium to 'carefully review' proposal from Endo for $28.10 per share
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07:12 EDTQLTIQLT Inc. provides update on merger with Auxilium
QLT Inc. (QLTI) announces that it has been advised by Auxilium Pharmaceuticals (AUXL) that Auxilium has received an unsolicited offer from Endo International (ENDP) to acquire all of the issued and outstanding shares of Auxilium. Auxilium has further advised QLT that the board of Auxilium is reviewing the Endo Proposal, and has not withdrawn, modified, withheld, changed or qualified its recommendation with respect to the proposed merger with QLT pursuant to the Agreement and Plan of Merger among QLT, Auxilium, QLT Holding, and QLT Acquisition, dated June 25. The Merger Agreement continues in full force and effect. In accordance with the Merger Agreement, QLT has consented to the adoption by Auxilium of a stockholder rights plan in response to the Endo Proposal.
September 14, 2014
13:51 EDTQLTIAuxilium looks like 'overpriced tax shelter', Barron's says
Auxilium's (AUXL) acquisition of QLT (QLTI) for tax inversion purposes followed a collapse in Testim sales and the company "seems like an overpriced tax shelter," Barron's argues in a follow up article. Reference Link
September 12, 2014
07:03 EDTQLTIQLT announces positive final results from Phase 1b retreatment with QLT091001
QLT Inc. announced positive final results from its international, multi-center, Phase 1b clinical trial of repeated treatments of oral QLT091001 in subjects with Leber Congenital Amaurosis or Retinitis Pigmentosa due to inherited genetic mutations in retinal pigment epithelium or lecithin:retinol acyltransferase. The results, which confirm the top line efficacy and safety outcomes reported from the study in February, will be presented tomorrow, September 13, 2014, at the 47th Annual Scientific Meeting of The Retina Society in Philadelphia, PA, by Dr. Hendrik Scholl, the Dr. Frieda Derdeyn Bambas Professor of Ophthalmology and Director of the Visual Neurophysiology Service at the Wilmer Eye Institute at the Johns Hopkins Hospital, and an investigator in the trial. The presentation slides will be made available on QLT's web site following the Retina Society Meeting. Results of the final analysis confirmed the response rates previously reported in February 2014, with 19 of 27 subjects having a visual field response, and 19 of 27 subjects having a visual acuity response.
September 10, 2014
07:21 EDTQLTIAuxilium sees merger with QLT closing in Q4
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