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Stock Market & Financial Investment News

News Breaks
June 24, 2014
06:21 EDTSHPG, GS, ABBV, AGN, VRXShire hires Goldman as it confronts takeover offer, NY Times reports
Shire (SHPG) has hired Goldman Sachs (GS) as an adviser as it looks to fend off a takeover offer, the New York Times reports, citing sources. Shire recently rejected a $46B bid from AbbVie (ABBV), and Allergan (AGN), which is fending off takeover offers from Valeant (VRX), has been rumored as a potential bidder for Shire. Reference Link
News For SHPG;GS;ABBV;AGN;VRX From The Last 14 Days
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September 12, 2014
05:09 EDTVRX, AGNAllergan comments on Pershing Square delivery of additional requests
Allergan (AGN) commented on Pershing Square Capital Management delivery of additional requests from stockholders owning 1.5% of Allerganís shares to call a Special Meeting of Stockholders. Allergan will review these requests in addition to the requests from stockholders owning 2.8% of Allerganís shares that were delivered on September 3. The company issued the following statement: Notwithstanding Pershing Square and Valeant Pharmaceuticals (VRX) efforts to change the subject, Allergan recognizes that what actually matters is value, and thatís what the company is focusing on delivering to stockholders. In that regard, Allerganís current strategic plan is expected to deliver a compounded annual growth rate of greater than 20% EPS growth, including estimated 2016 EPS at approximately $10.00. Allergan has already scheduled the Special Meeting for December 18. As such, the delivery of additional requests for the Special Meeting by Pershing Square is not a meaningful development. The lawsuit in California is seeking an order barring Valeant, Pershing Square, Ackman, and entities affiliated with them from voting shares that Allergan believes were acquired in violation of the federal securities laws, including insider trading. If Allerganís motion for a preliminary injunction is granted, it would prevent Valeant, Pershing Square, and Ackman from voting their shares at any meeting of stockholders.
September 11, 2014
11:08 EDTAGNAllergan shareholders owning 35% to ask for meeting, Reuters says
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09:52 EDTAGN, VRXValeant to submit consent from 35% of Allergan holders, CNBC reports
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07:21 EDTGSBankruptcy bill focused on big bank failure moves past committee, WSJ says
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06:43 EDTGSGoldman Sachs to manage $2B of NY pension fund, NY Post reports
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05:34 EDTABBVAbbVie reports Humira Phase 3 trial meets primary endpoint
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September 10, 2014
14:30 EDTGSPension fund gives Goldman Sachs $2B to invest, Reuters reports
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10:31 EDTGSFortress hires Goldman's Adam Rosenberg
Fortress Investment Group LLC (FIG) announced that Adam Rosenberg has joined its Credit Funds business as a Managing Director leading its Gaming & Leisure investment platform. Rosenberg joins Fortress from Goldman, Sachs & Co., (GS) where he was Global Head of Gaming Investment Banking.
10:24 EDTABBVEnanta announces AbbVie initiated Phase 2b trial with ABT-493
Enanta (ENTA) announced that AbbVie (ABBV) initiated a phase 2b clinical study with ABT-493, Enantaís next-generation protease inhibitor. ABT-493 is the second clinical-stage protease inhibitor candidate developed within the Enanta-AbbVie collaboration. The phase 2b study being conducted by AbbVie will evaluate the safety and efficacy of ABT-493 co-administered with ABT-530 in HCV patients. AbbVie has informed Enanta that results from this trial are expected in 2015 and AbbVie plans to start phase 3 development of the combination next year.
08:37 EDTSHPGMedgenics appoints Scott Applebaum as Chief Legal Officer
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07:16 EDTGSRepublicans, Democrats both push for harder 'too big to fail' rules, WSJ says
Lawmakers from both the Republican and Democrat sides of the aisle urged U.S. regulators to push forward additional regulations to ensure the biggest banks aren't "too big to fail," said The Wall Street Journal. Publicly traded large U.S. banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
07:06 EDTSHPGSangamo plans to submit IND application for hemophilia B in 2Q15
Sangamo BioSciences (SGMO) plans to submit an Investigational New Drug application for the treatment of hemophilia B in Q2 2015. This program, partnered with Shire (SHPG), is the first therapeutic application of Sangamo's zinc finger nuclease-mediated In Vivo Protein Replacement Platform. Sangamo is developing the IVPRP as a generally applicable strategy to provide a one-time, permanent genetic cure for monogenic diseases that are currently managed by protein replacement therapy, which involves costly repeat infusions over the lifetime of the patient.
06:35 EDTGSFed may raise capital requirement for some banks to 11.5%, NY Times reports
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September 9, 2014
16:04 EDTAGNPershing Square reports 9.7% stake in Allergan, sends letter to board
Pershing Square Capital Management sent a letter to the board of Allergan that highlights several reasons why Allergan is extremely shareholder unfriendly and why now is the time for Allergan's management team to wake up. In the letter, Pershing Square said: "Since the bid was announced in April, 75% of Allerganís shareholders have sold all or a portion of their investment including the companyís largest shareholder, which has sold its entire position. These shareholders are sending the board a message. They would not have sold if they believed that Allergan stock was worth more than current values... We note CFO Jeff Edwards recent decision to retire from the company at age 53 for family reasons, and his replacement by an investor relations executive rather than an experienced public company CFO. The notion that Allergan should execute the largest acquisition in its history led by an investor relations executive is a frightening proposition. While we respect an executiveís need to retire from a company for family reasons, Edwards exit also calls into question the companyís forward earnings guidance which shareholders expected him to execute on when the Company presented these projections on July 21st. I had expected that at some point one or more directors would have woken up and smelled the coffee. There is still time for a subset of directors to rescue their reputations by taking over leadership of this process from David Pyott and his handpicked advisors and doing what you are paid $400,000 per year to do on behalf of the companyís owners."
06:42 EDTAGN, VRXLew expects to make decision on combating inversion deals soon, NY Times reports
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06:33 EDTGSFed looks set to pressure large banks to shrink, NY Times says
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September 8, 2014
17:01 EDTVRXValeant to expand Bausch + Lomb facility, will add 120 new jobs
Valeant Pharmaceuticals announced that the company hosted a ribbon cutting ceremony for the new Bausch + Lomb ULTRA contact lens manufacturing lines and solar array assembly at the company's Optics Center in Rochester, NY. The ceremony recognized the expansion and installation of the new manufacturing lines, which will produce the company's silicone hydrogel contact lens, Bausch + Lomb ULTRA. The solar array, which is currently under construction, will generate and supply electricity through the installation of 3,667 solar panels, helping to reduce the Rochester facility's carbon footprint by 800 tons of carbon dioxide emissions annually.
12:40 EDTABBVFTC sues AbbVie over blocking of AndroGel generics
The Federal Trade Commission has filed a complaint in federal district court charging several pharmaceutical companies with "illegally blocking American consumersí access to lower-cost versions of the blockbuster drug AndroGel." The FTC's complaint alleges that AbbVie (ABBV) and its partner Besins Healthcare filed baseless patent infringement lawsuits against potential generic competitors to delay the introduction of lower-priced versions of the testosterone replacement drug AndroGel. While the lawsuits were pending, AbbVie then entered into an anticompetitive pay-for-delay settlement agreement with Teva Pharmaceuticals (TEVA) to further delay generic drug competition, the FTC claims. Reference Link
07:21 EDTAGNJazz looks more attractive for Allergan than Salix, says Wells Fargo
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07:15 EDTABBVIBC Life Sciences to hold a conference
10th Annual Cell Line Development & Engineering Conference to be held in Berkeley, California on September 8-10.
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