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Stock Market & Financial Investment News

News Breaks
June 18, 2014
10:17 EDTBIIB, BMY, SHPG, GILD, VRX, AMGN, ABBV, AGNShire rises after analyst predicts Allergan takeover
Shares of Irish drug maker Shire (SHPG) are climbing after an analyst at SunTrust predicted that Allergan (AGN) would soon look to buy the Irish company. WHAT'S NEW: A bid for Shire by Allergan is imminent, wrote SunTrust analyst John Boris in a note to investors earlier today. An acquisition of Shire would be more advantageous for Allergan shareholders than the proposed hostile takeover of the company by Valeant (VRX), Boris contended. An acquisition of Shire would boost Allergan's stock more than a Valeant deal, and would enable Allergan's shareholders to avoid the risk of holding Valeant's stock, the analyst stated. Following an acquisition of Shire by Allergan, the combined company would have sustainable, transparent revenue growth of about 10%, a diversified sales mix, high value research and development programs and a tax inversion, the analyst believes. Additionally, the transaction would boost Allergan's profit by 50% in its first year and would enable its profit growth to accelerate significantly, according to Boris. He kept a $200 price target and Buy rating on Shire shares. ALSO TODAY: Valeant announced that it has commenced an exchange offer for Allergan, taking its buyout proposal directly to stockholders. Under the terms of the offer, Allergan stockholders would be able to elect to exchange each of their Allergan shares for $72.00 in cash and 0.83 Valeant common shares, or an amount of cash, or a number of Valeant common shares, in each case subject to proration. The offer is scheduled to expire at 5:00 p.m., New York City time, on August 15. WHAT'S NOTABLE: On June 16, Reuters reported that Shire had hired Citigroup (C) as an adviser to prepare for takeover bids. Bankers believe that Shire could be an attractive takeover target for Bristol Myers (BMY), Abbvie (ABBV), Gilead (GILD), Biogen (BIIB) or Amgen (AMGN), the news service reported. PRICE ACTION: In early trading, Shire is up 4%, or $6.61, to $193.77 while Allergan is up 1%, or $1.27, to $161.80. Valeant is little changed at $118.90.
News For SHPG;AGN;VRX;BMY;ABBV;GILD;BIIB;AMGN From The Last 14 Days
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February 23, 2015
08:06 EDTBMYBristol-Myers, Rigel enter R&D agreement for TGF beta receptor kinase inhibitors
Rigel Pharmaceuticals (RIGL) and Bristol-Myers Squibb (BMY) announced that they have entered into a collaboration agreement for the discovery, development and commercialization of cancer immunotherapies based on Rigelís extensive portfolio of small molecule TGF beta receptor kinase inhibitors. TGF beta can promote tumor growth, broadly suppress the immune system and increase the ability of tumors to spread in the body. The collaboration will focus on developing a new class of therapeutics aimed at increasing the immune systemís activity against various cancers either as monotherapy or in combination with immune checkpoint inhibitors, including Bristol-Myers Squibbís Opdivo, or nivolumab, and Yervoy, or ipilimumab. Under the terms of the agreement, Bristol-Myers Squibb will obtain exclusive, worldwide rights to develop and commercialize small molecule therapeutics derived from Rigelís TGF beta library, including, but not limited to, those approved to treat cancer. Bristol-Myers Squibb will pay $30M upfront and Rigel will be eligible to receive development and regulatory milestones that could total more than $309M for a successful compound approved in multiple indications. Rigel will also be eligible to receive tiered royalties on the net sales of any products from the collaboration.
08:01 EDTBMYBristol-Myers to acquire Flexus, potential total consideration may be $1.25B
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07:55 EDTSHPG, VRXJefferies says other bidders may emerge for Salix
Jefferies says it could envision other bidders emerging for Salix (SLXP) and points out recent media reports have suggested Shire (SHPG) and Endo (ENDP) have considered making a bid for the company. It lists AstraZeneca (AZN) and Takeda as others who could have possible interest in Salix. The firm believes Valeant (VRX) could afford to pay more for Salix should other bidders emerge.
07:41 EDTVRXValeant buyout of Salix another smart deal, says UBS
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07:16 EDTGILDMylan signs exclusive agreement with Gilead to distribute Solvaldi, Harvoni
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07:13 EDTVRXSalix downgraded to Market Perform from Outperform at Leerink
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07:03 EDTVRXValeant price target raised to $214 from $184 at Cantor
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06:37 EDTVRXSalix downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray downgraded Salix Pharmaceuticals (SLXP) to Neutral saying that while it could "easily see" another bidder emerge, it does not expect any potential competing bids to be significantly higher than the Valeant (VRX) offer. Piper lowered its price target for Salix shares to $158 from $160.
06:05 EDTVRXValeant to host conference call
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February 22, 2015
18:04 EDTSHPGShire completes acquisition of NPS Pharma
Shire (SHPG) announces the successful completion of the tender offer for all of the outstanding shares of NPS Pharmaceuticals (NPSP) and the subsequent acquisition of NPS Pharma.The tender offer expired at 12:00 midnight, New York City time, at the end of Friday, February 20, and was not extended. As of the expiration of the tender offer, a total of approximately 88,869,118 common shares of NPS Pharma had been validly tendered and not withdrawn pursuant to the tender offer, representing approximately 81.7% of the outstanding common shares of NPS Pharma. All shares that were validly tendered and not withdrawn pursuant to the tender offer were accepted for payment. After the acceptance of shares that were validly tendered and not withdrawn pursuant to the tender offer, Shire completed the acquisition of NPS Pharma today through a merger of one of Shire's subsidiaries with and into NPS Pharma. In connection with the merger, all common shares of NPS Pharma that were not accepted for payment in the tender offer (excluding any shares held by NPS Pharma as treasury stock (other than any shares held in an NPS Pharma benefit plan) and any shares with respect to which the holders have properly demanded appraisal rights in accordance with Delaware law) were converted into the right to receive $46.00 per share in cash, without interest and less any applicable withholding taxes, the same price that will be paid for shares accepted for payment in the tender offer. Following completion of the merger, NPS Pharma became a wholly owned subsidiary of Shire and NPS Pharma's shares ceased to be traded on NASDAQ.
16:25 EDTVRXValeant says Dendreon acquisition expected to close Feb. 23, 2015
16:21 EDTVRXValeant expect Q1 cash EPS of at least $2.30 per share
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16:18 EDTVRXValeant reports Q4 EPS $2.58 vs. $2.15 in Q413
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16:07 EDTVRXValeant confirms acquiring Salix for $158 per share
Valeant Pharmaceuticals International (VRX) and Salix Pharmaceuticals (SLXP) announced that they have entered into a definitive agreement under which Valeant will acquire all of the outstanding common stock of Salix for $158 per share in cash, or a total enterprise value of approximately $14.5B. The transaction was approved by the Boards of Directors of both companies. Salix Pharmaceuticals is a widely recognized gastrointestinal market leader with a portfolio of 22 total products, including well-known prescription brands Xifaxan, Uceris, Relistor, and Apriso, as well as a strong near- term pipeline of innovative, new assets. "Salix's market-leading gastrointestinal franchise is an ideal strategic fit for Valeant's diversified portfolio of specialty products," said J. Michael Pearson, Valeant's chairman and CEO. "The growing GI market has attractive fundamentals, and Salix has a portfolio of terrific products that are outpacing the market in terms of volume growth and a promising near-term pipeline of innovative products. With strong brand recognition among specialist GI prescribers, a highly rated specialty sales force, and a significant product and commercial presence across the undertreated and underserved gastrointestinal market, this acquisition offers a compelling opportunity for Valeant to create a strong platform for growth and business development." The combination is expected to yield greater than $500M in annual cost savings from the cost base of the combined company. Synergies are expected to be achieved within six months of close, primarily from reductions in corporate overhead and R&D rationalization, with the cost to achieve these synergies to be approximately 65%. Valeant and Salix will determine how best to integrate the two companies to leverage the combined strengths of both while ensuring a smooth and orderly transition. Consistent with Valeant's approach to integrating Bausch + Lomb, there are no planned reductions to Salix's highly rated specialty sales forces or hospital, key account and field reimbursement teams and we will determine the optimal size of Primary Care Sales Force through the integration process.The acquisition is structured as an all-cash tender offer for all of the outstanding shares of Salix common stock at a price of $158 per share followed by a merger in which each remaining untendered share of Salix common stock would be converted into the right to receive the same $158 cash per share consideration as in the tender offer. The all-cash offer will be financed through a combination of bank debt and bonds. As a result of the need to draw down inventories, EBITDA will be artificially low in 2014 and 2015, resulting in the initial net leverage ratio of approximately 5.6. Valeant is committed to reducing its net leverage ratio to be below 4.0 by the second half of 2016. As a result of the plan to reduce wholesaler inventory levels in 2015, the transaction is expected to be modestly accretive to 2015 cash EPS, but over 20% accretive to 2016 cash EPS. Valeant does not expect any change to its credit ratings as a result of the transaction. The transaction, which is expected to close in the second quarter of 2015, is subject to customary closing conditions and regulatory approval.
15:59 EDTSHPG, VRXValeant to buy Salix for $10.1B, FT says
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February 20, 2015
10:33 EDTABBVBattleground update: AbbVie named top global pick at Jefferies
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09:45 EDTVRXValeant near deal to acquire Salix, CNBC's Faber reports
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09:43 EDTVRXValeant nearing deal to acquire Salix, CNBC's Faber reports
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07:23 EDTBMY, ABBVAbbVie replaces Pfizer as top global pharma pick at Jefferies
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07:08 EDTSHPG, AGNAmerican Academy of Allergy, Asthma and Immunology to hold annual meeting
2015 Annual Meeting of AAAAI is being held in Houston, Texas on February 20-24.
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