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Stock Market & Financial Investment News

News Breaks
June 20, 2014
05:27 EDTSHPG, ABBVShire confirms rejection of AbbVie proposal
Shire (SHPG) notes the announcement made by AbbVie (ABBV) and confirms that on May 30, Shire received an unsolicited and highly conditional proposal from AbbVie regarding a possible cash and share offer for Shire. This Proposal has been rejected. The Proposal comprised 20.44 in cash and 0.7988 AbbVie shares per Shire share. The Proposal involved a new U.S. listed holding company with a UK tax domicile. Based on AbbVie's 30 day volume weighted average share price of $54.10, the Proposal represents a value of GBP 46.11 per Shire share. Following this meeting, the board of Shire decided unanimously to reject the Proposal on the basis that it fundamentally undervalued the company and its prospects. The board also had concerns regarding the execution risks associated with the proposed inversion structure, as AbbVie would redomicile in the UK for tax purposes.
News For SHPG;ABBV From The Last 14 Days
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September 2, 2014
07:12 EDTABBVCredit Suisse names its Top U.S. Pharmaceutical picks for 2H
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06:36 EDTABBVMedtronic, AbbVie reimburse executives for inversion-triggered taxes, WSJ says
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August 27, 2014
17:49 EDTSHPGGSK, Shire rumored to be interested in Tekmira, Daily Mail says
GlaxoSmithKline (GSK) and Shire (SHPG) are rumored to be interested in a bid for Tekmira (TKMR), reports Daily Mail. Tekmira could be a value to potential suitors, capitalized at approximately GBP 400M and the company could cost over GBP 1B in a takeover, Daily Mail adds. Reference Link
August 21, 2014
15:16 EDTABBVDEA restricts painkiller drug prescriptions to curb abuse, WSJ reports
The Drug Enforcement Agency, or DEA, will reclassify hydrocodone combination painkiller drugs and place them in the category of medical substances that have the highest potential for harm in an attempt to curb the widespread abuse of the drugs, according to The Wall Street Journal. The rescheduling of the drugs will take effect in 45 days and result in people being able to obtain the drug for only 90 days without obtaining a new prescription. Major manufacturers of these drugs include Teva Pharmaceutical (TEVA), Mallinckrodt (MNK), AbbVie (ABBV), and Actavis (ACT). Reference Link
07:57 EDTABBVGilead HCV risks overblown, says Bernstein
Bernstein believes that investors are concerned about upcoming competition to Gilead's (GILD) HCV drug from AbbVie's (ABBV) HCV treatment. But Bernstein says that insurers can only prevent 16% of the U.S. population from receiving Gilead's drug, and the firm does not expect the HCV market share dynamics to change in the near-term. It keeps an Outperform rating on Gilead.

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