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Stock Market & Financial Investment News

News Breaks
August 20, 2014
17:35 EDTSLXP, AGN, VRXAllergan said to explore options outside of Salix acquisition, Bloomberg says
Allergan talks to buy Salix in a defense move, said to be dormant, Bloomberg added.
News For SLXP;AGN;VRX From The Last 14 Days
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September 18, 2014
07:31 EDTSLXPSalix secures additional intellectual property relating to Rifaximin
Salix Pharmaceuticals announced that Cipla granted Salix exclusive rights under certain patent applications in the “Rifaximin Complexes” patent family controlled by Cipla. The grant is on a worldwide basis, excluding the countries of Asia and Africa. Additionally, Salix and Cipla have expanded the scope of their 2009 exclusive license agreement whereby Cipla granted Salix exclusive rights in the U.S., Canada and Mexico under certain patent rights covering amorphous rifaximin. By means of this amendment to the 2009 agreement, the rights already licensed to Salix in the U.S., Canada and Mexico are expanded to include certain patent rights in the European Union, Japan, Australia, New Zealand and South Korea. Salix is required to make an up-front payment and, upon achievement, additional regulatory milestone payments to Cipla in respect of the new license agreement regarding the “Rifaximin Complexes” patent rights. Salix also will pay royalties on net sales of products covered by the “Rifaximin Complexes” patents licensed to Salix
September 17, 2014
08:02 EDTSLXPSalix M&A chatter warranted, says Canaccord
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September 16, 2014
11:51 EDTAGN, VRXOECD looks to close tax loopholes with new proposals
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05:37 EDTVRX, AGNValeant, Pershing Square, Allergan settle pending litigation before DE Court
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September 15, 2014
17:32 EDTSLXPSalix announces tentative FDA approval of UCERIS rectal foam
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15:55 EDTSLXPSalix price target raised to $172 from $163 at Buckingham
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15:41 EDTSLXPSalix calls active on takeover chatter
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11:57 EDTAGNPershing Square submits additional meeting requests
Pershing Square Capital Management announced that on Friday it submitted to Allergan (AGN) additional special meeting requests from shareholders owning approximately 0.6% of Allergan’s shares. With these requests, Pershing Square has delivered requests from 51 institutions representing 35.68% of the outstanding common stock of Allergan. At the special meeting, Allergan shareholders will have the opportunity to voice their support for a number of matters, including the removal of six incumbent members of the Allergan board, the appointment of an independent slate of directors, amendments to Allergan’s bylaws to eliminate onerous restrictions on the calling of a special meeting, a request that Allergan engage in negotiations with Valeant Pharmaceuticals(VRX) and Pershing Square, and certain other actions to improve corporate governance of Allergan.
07:47 EDTSLXPFDA PDUFA Date for Salix Pharmaceuticals Budesonide is September 15, 2014
September 12, 2014
10:00 EDTSLXPOn The Fly: Analyst Initiation Summary
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08:06 EDTSLXPFollow-up: Salix initiated with an Underperform at Credit Suisse
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08:02 EDTVRX, AGNPershing submits special meeting requests totaling 35% of Allergan shares
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06:41 EDTSLXPSalix initiated with an Underperform at Credit Suisse
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05:09 EDTAGN, VRXAllergan 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 Allergan’s shares to call a Special Meeting of Stockholders. Allergan will review these requests in addition to the requests from stockholders owning 2.8% of Allergan’s 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 that’s what the company is focusing on delivering to stockholders. In that regard, Allergan’s 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 Allergan’s 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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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 Allergan’s shareholders have sold all or a portion of their investment including the company’s 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 executive’s need to retire from a company for family reasons, Edwards exit also calls into question the company’s 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 company’s owners."
06:42 EDTAGN, VRXLew expects to make decision on combating inversion deals soon, NY Times reports
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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.
07:21 EDTSLXP, AGNJazz looks more attractive for Allergan than Salix, says Wells Fargo
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