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Stock Market & Financial Investment News

News Breaks
February 7, 2014
06:38 EDTSHPGShire likely to trade down 2%-3% on trial failure, says Leerink
Leerink expects shares of Shire to trade down 2%-3% today after Vyvanse failed to show efficacy in its Phase 3 depression) trial. Leerink thinks concerns surrounding Shire's pipeline success could heighten following the news but keeps an Outperform rating on the stock.
News For SHPG From The Last 14 Days
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October 21, 2014
09:52 EDTSHPGCovidien rises after Medtronic maintains merger date language
Shares of Covidien (COV) are rising in early trading after Medtronic (MDT), in its latest regulatory filing answering questions for shareholders regarding its proposed takeover of the Irish drugmaker, left its language regarding the expected closing date unchanged. WHAT'S NEW: In its most recent filing, Medtronic again stated, "As of the date of this joint proxy statement/prospectus, the transaction is expected to be completed late in the fourth calendar quarter of 2014 or early 2015. However, no assurance can be provided as to when or if the transaction will be completed. The required vote of Medtronic and Covidien shareholders to adopt the required shareholder proposals at their respective special meetings, as well as the necessary regulatory consents and approvals, must first be obtained and other conditions specified in the conditions appendix must be satisfied or, to the extent applicable, waived." ANALYST REACTION: Research firm BTIG says Medtronic's amended regulatory filing on the Covidien transaction increases the firm's confidence of the deal closing by early 2015. The firm adds it would be "stunned" to see Medtronic walk away from the merger after the company again showed commitment to the acquisition. WHAT'S NOTABLE: AbbVie (ABBV) last night confirmed that the company and Shire (SHPG), another Irish domiciled drugmaker, agreed to terminate their proposed merger. AbbVie said its decision was based upon its assessment of the September 22 notice issued by the U.S. Department of Treasury, which re-interpreted longstanding tax principles in a "uniquely selective manner designed specifically to destroy the financial benefits of these types of transactions." AbbVie continued that the Treasury notice "introduced an unacceptable level of risk and uncertainty given the magnitude of the proposed changes" and the stated intention of the department to continue to revise tax principles to further impact such "tax inversion" transactions. AbbVie noted that it has agreed to pay Shire a break fee of approximately $1.64B due to the deal falling through. PRICE ACTION: In early trading, shares of Covidien trading in New York rose 4% to $88.86, Medtronic advanced 1% to $64.57, Shires gained 0.7% to $185.82 and AbbVie added 1.4% to $55.16.
09:48 EDTSHPGShire could target BioMarin, TheStreet's Feuerstein says
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October 20, 2014
18:51 EDTSHPGOn The Fly: After Hours Movers
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17:26 EDTSHPGShire down 1% following termination of merger with AbbVie
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17:17 EDTSHPGAbbVie to pay Shire $1.64B break fee
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17:16 EDTSHPGAbbVie, Shire announce termination of proposed merger
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17:14 EDTSHPGAbbVie, Shire announce termination of proposed merger
12:23 EDTSHPGAllergan holder Paulson encourages deal with Shire, Reuters says
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12:21 EDTSHPGCooperman says bought Shire as 'small position'
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09:22 EDTSHPGOn The Fly: Pre-market Movers
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07:47 EDTSHPGPfizer less likely to renew Astra pursuit after Shire deal breakdown, FT says
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07:33 EDTSHPGShire upgraded to Buy from Neutral at SunTrust
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07:19 EDTSHPGIBC Life Sciences to hold a conference
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07:16 EDTSHPGAmerican Academy of Ophthalmology to hold annual meeting
AAO Annual Meeting 2014 is being held in Chicago on October 18-21.
07:15 EDTSHPGAmerican Academy of Child & Adolescent Psychiatry to hold annual meeting
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07:10 EDTSHPGAmerican Society of Human Genetics to hold annual meeting
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06:56 EDTSHPGShire reopens acquistion talks with NPS Pharmaceuticals, Cubist, Telegraph says
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05:29 EDTSHPGShire Interim CFO James Bowling to step down
Shire plc announces that James Bowling, Interim CFO, has notified the board of his decision to step down from his current role to pursue a new career opportunity as CFO of Severn Trent plc. James will leave Shire at the end of 1Q15 and the company will commence a search for a new CFO immediately.
October 17, 2014
16:55 EDTSHPGStocks end volatile week lower amid oil price plunge
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07:07 EDTSHPGShire may be buyer instead of target if AbbVie deal breaks, WSJ says
Assuming AbbVie's (ABBV) deal to buy Shire (SHPG) gets cancelled, which appears likely at this point, many analysts and investors believe Shire will become a buyer and Leerink Partners estimates the company could have $10B to use for a takeover deal, reported The Wall Street Journal. AbbVie will also be likely to look for other deals and could be forced to pay up for them, as its top seller, Humira, moves closer to losing patent exclusivity, the Journal said, citing analysts. Reference Link
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