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Stock Market & Financial Investment News

News Breaks
February 21, 2014
09:18 EDTPATH, TEVATeva completes tender offer for NuPathe shares
Teva (TEVA) announced the completion of the tender offer by Train Merger Sub, a wholly-owned subsidiary of Teva, for all of the outstanding shares of common stock of NuPathe (PATH) at a price of $3.65 per share in cash and the right to receive contingent cash consideration payments of up to $3.15 per share, net to the seller in cash without interest. The offer expired on February 20 and was not extended. The depositary for the offer has advised Teva that a total of 28,178,652 shares were validly tendered into and not validly withdrawn from the Offer representing approximately 80.01255%% of NuPathe’s outstanding shares. Upon completion of the merger, NuPathe will become a wholly-owned subsidiary of Teva. In the merger, each share of NuPathe that was not validly tendered in the offer will be canceled and converted into the right to receive the same $3.65 per share in cash and the right to receive contingent cash consideration payments of up to $3.15 per share, without interest, that was paid in the offer. It is expected that the common stock of NuPathe will cease to be traded on NASDAQ at the close of market on February 20 following completion of the merger.
News For TEVA;PATH From The Last 14 Days
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July 27, 2015
05:44 EDTTEVAAllergan confirms divestiture of global generic pharma business for $40.5.B
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05:43 EDTTEVATeva says Allergan Generics transaction to bolster pipeline, commercial reach
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05:43 EDTTEVATeva says Allergan Generics transaction to provide 'substantial' benefits
The transaction is expected to provide substantial financial benefits for Teva including highly diversified revenues and profits, and substantial cost synergies and tax savings. Teva expects Allergan Generics to contribute approximately $2.7B in EBITDA in 2016, excluding synergies. Following the completion of the acquisition, Teva is expected to have pro forma sales of approximately $26B and EBITDA of approximately $9.5B in 2016, including an estimated $11B in sales outside of the United States. Teva also believes the acquisition will be significantly accretive to non-GAAP EPS, including expected double digit non-GAAP EPS accretion in 2016 and more than 20% accretion in year two and year three following the close of the transaction. Teva expects to achieve cost synergies and tax savings of approximately $1.4 billion annually, largely achievable by the third anniversary of the closing of the transaction. Teva expects the savings to come from efficiencies in operations, G&A, manufacturing, and sales and marketing. Teva expects the acquisition to generate strong free cash flow of approximately $6.5B in 2016 and expects increasing free cash flow in subsequent years. Teva’s free cash flow will allow for rapid deleveraging and the ability to continue to pursue future acquisitions to expand Teva’s portfolio in both specialty pharmaceuticals and generics, in line with Teva’s stated strategy to grow through value-enhancing and complementary acquisitions. Teva will continue to evaluate opportunities to deliver attractive total stockholder returns on an ongoing basis.
05:40 EDTTEVATeva to acquire Allergan Generics for transaction valued at $40.5B
05:31 EDTTEVATeva reports Q2 non-GAAP operating income $1.6B
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05:31 EDTTEVATeva raises FY15 EPS to $5.15-$5.40 from $5.05-$5.35, consensus $5.23
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05:30 EDTTEVATeva reports Q2 non-GAAP EPS $1.43, consensus $1.31
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05:28 EDTTEVATeva withdraws proposal to acquire Mylan
Teva (TEVA) announced that it has withdrawn its cash and stock proposal to acquire all of the outstanding ordinary shares of Mylan (MYL) and Teva does not intend to continue to pursue a transaction with Mylan at this time. Teva’s decision to terminate the proposal to acquire Mylan follows announcement that Teva has entered into a definitive agreement with Allergan (AGN) to acquire Allergan Generics. Teva CEO Erez Vigodman commented, “We continue to believe that a combination of Teva and Mylan would have made sense for our companies, our respective stockholders and the healthcare industry as a whole. However, despite our clear commitment to consummating a transaction, and our conviction that we ultimately would have succeeded in acquiring Mylan, we believe we have an even greater opportunity to create compelling, sustainable value for Teva’s stockholders through our transaction with Allergan – and we acted quickly to seize the opportunity. Our agreement with Allergan will reinforce Teva’s strategy to create an even stronger business model in the industry and will position us well to grow the business and better serve our customers and patients.” Teva intends to review its options with respect to its ownership of approximately 4.6% of the outstanding ordinary shares of common stock of Mylan.
July 26, 2015
18:22 EDTTEVAMedia reports say Teva to buy Allergan unit as it looks beyond Mylan
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12:30 EDTTEVATeva nears deal to buy Allergan generics unit for $40.5B, Bloomberg says
Teva (TEVA) is nearing a deal to buy Allergan's (AGN) generic drug unit for roughly $40.5B and an agreement could be announced as early as Monday, reports Bloomberg, citing people familiar with the matter. Sources said Teva also plans to withdraw its bid for Mylan (MYL) as soon as Monday. Reference Link
12:17 EDTTEVATeva to cancel Mylan bid, plans offer for Allergan generics unit, Bloomberg says
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July 24, 2015
11:59 EDTTEVALeerink's specialty pharma/generics analyst has analyst/industry conference call
Specialty Pharmaceuticals/Generics Analyst Gerberry discusses the strengths and weaknesses of TEVA’s preliminary responses to the IPR challenge on Copaxone 40mg, the likely outcomes for the Copaxone 40mg patent challenge and the perspectives on recent updates in the Jazz Pharmaceuticals' Xyrem patent case on an Analyst/Industry conference call to be held on July 27 at 11 am.
06:56 EDTTEVAPaulson may play key role in Teva-Mylan-Perrigo drama, CTFN says
John Paulson's hedge fund, Paulson & Co., has upped its stake in Mylan (MYL) to 4.65%, which is below the threshold that would compel it to disclose its plans to the U.S. SEC but high enough for it to obtain standing before the Dutch Enterprise Chamber, which would hear any legal challenge to the "stichting" maneuver the company is employing to avoid a takeover by Teva (TEVA), said CTFN. The takeover fight is most likely headed for court in Amsterdam after Mylan's shareholder foundation exercised an option to acquire shares and Paulson's involvement is noteworthy since he teamed with Centaurus Capital in 2007 to thwart a stichting ploy used by Stork, the report noted. Reference Link
July 23, 2015
09:04 EDTTEVATeva says 'strongly disagrees' with Stichting stated analysis
Teva Pharmaceutical Industries (TEVA) issued the following statement regarding Stichting Preferred Shares Mylan’s (MYL) decision to exercise its call option: "We strongly disagree with the stated analysis of Stichting Preferred Shares Mylan and its decision to exercise its call option, which is unwarranted, relies on false assumptions, and risks depriving Mylan stockholders and other stakeholders of the value inherent in a combination of Teva and Mylan. We continue to believe that our proposed transaction offers a compelling opportunity for value-creation and many other benefits for the stockholders, customers, patients, and employees of both companies. We are well advised on Dutch law, including the ability of Mylan stockholders to challenge this action in court, and are prepared to take the necessary actions at the appropriate time."
08:48 EDTTEVAMylan, Teva lower after Stitching looks to thwart hostile deal
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08:34 EDTTEVAMylan foundation exercises call option to 'level playing field'
08:33 EDTTEVAMylan foundation says shareholders at risk of Teva takeover
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July 22, 2015
10:06 EDTTEVAAbbott CEO says supportive of Mylan pursuit of Perrigo
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09:30 EDTTEVAAbbott CEO says 'pretty alligned' with Mylan so far
July 20, 2015
10:26 EDTTEVALeerink's specialty pharma/generics analyst has analyst/industry conference call
Specialty Pharmaceuticals / Generics Analyst Gerberry, along with MEDACorp Specialists Michael Belliveau, PhD and Shashank Upadhye, JD, discuss the strengths and weaknesses of TEVA's preliminary responses to the IPR challenge on Copaxone 40mg, the likely outcomes for the Copaxone 40mg patent challenge and perspectives on recent updates in the JAZZ Xyrem patent case on an Analyst/Industry conference call to be held on July 22 at 2 pm.
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