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Stock Market & Financial Investment News

News Breaks
June 2, 2014
09:47 EDTTEVA, PG, ACTTeva announces new organizational structure, senior leadership changes
Teva Pharmaceutical Industries announced a new organizational structure and related executive positions, which will become effective July 1. These changes are another key step in Teva's strategic direction to create a less complex, integrated company that can address the evolving needs of patients in the global markets in the most efficient, innovative and differentiated manner possible, the company said. Teva will be spearheaded by two commercial business units – Global Specialty Medicines, established in April 2013, and the newly-formed Global Generic Medicines group. GGM will have full global responsibility for all existing generic markets. GGM will also be responsible for Teva's growing Over-the-Counter (OTC) business, led by Teva's joint venture with Procter and Gamble (PG). Teva announced that Sigurdur Olafsson has been appointed President and CEO of the newly formed Global Generic Medicines group and will assume this position on July 1, based in the U.S. Olafsson joins Teva from his previous role as President of Actavis Pharma (ACT). GSM, led by Dr. Rob Koremans, is responsible for Teva's global specialty medicines business and will continue to drive organic growth, with a strong pipeline of patient-centric solutions and new brands.
News For TEVA;PG;ACT From The Last 14 Days
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September 23, 2014
14:22 EDTACTActavis spikes on report Pfizer approached on takeover
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14:12 EDTACTPfizer weighing options including AstraZeneca bid, Bloomberg says
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14:12 EDTACTPfizer approached Actavis about takeover, Bloomberg reports
12:28 EDTACTSalix climbs after reports say Allergan discussing takeover
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09:13 EDTACTOn The Fly: Pre-market Movers
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09:01 EDTPGDistrict court rules in favor of P&G on patent infringement case
In a series of rulings this summer, culminating with a ruling issued on September 15th, the federal District Court for the Southern District of Ohio ruled that Clio USA’s tooth whitening strip products infringe several P&G patents related to P&G’s Crest Whitestrips products. The Court also rejected Clio’s arguments that the patents are invalid.
08:31 EDTACTSalix takeout price could be $200 per share, says Leerink
Leerink estimates a takeout valuation for Salix (SLXP) of $200 per share, but says it would start recommending investors take profits above $185. The firm believes a potential deal with Allergan (AGN) would likely include an above-average break-up fee. Leerink thinks a competitive bid could surface, and points out Actavis (ACT) has more overlapping cost structure with Salix than Allergan. Shares of Salix are up 9% to $173.48 in pre-market trading after Wall Street Journal reported the company is in merger talks with Allergan.
08:00 EDTPGSpectrum Brands to acquire P&G's European pet food business
Procter & Gamble (PG) announced that Spectrum Brands (SPB) has agreed to buy IAMS and EUKANUBA brands in Europe for an undisclosed amount. In April, P&G announced the sale to Mars of 80% of its global Pet Care business, including North America and Latin America. Europe was not included in that deal with the exception of Russia and Turkey. Mars later agreed to buy an additional 10% of the business in additional markets including Japan, Australia and South Africa. With the Spectrum transaction, P&G now has closed deals or reached agreements to sell 100% of its Pet Care business. The deal will close in 2015, subject to regulatory approvals. The geographic regions included in the acquisition, which account for approximately 10% of P&G’s former pet care global sales, include 42 markets throughout Europe. The business has approximately $200M of annual sales and will provide Spectrum Brands’ United Pet Group division access to the $21B European dog and cat food market which is growing at an estimated 3%-5% annually. The acquisition has been approved by Spectrum Brands' board.
06:40 EDTACTPiper says don't dismiss potential Pfizer bid for Actavis
Piper Jaffray says it would not be dismissive of Pfizer (PFE) as a potential acquirer of Actavis (ACT). Piper believes Pfizer's public M&A comments are supportive of Actavis' exposure to complex generics and emerging markets. The firm views Actavis shares as attractively valued, irrespective of the acquisition chatter. It reiterates an Overweight rating on the stock with a $280 price target.
September 22, 2014
19:03 EDTACTAllergan rejected buyout bid from Actavis, in advanced talks for Salix, WSJ says
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10:15 EDTACTOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Actavis (ACT) downgraded to Equal Weight from Overweight at Barclays... Aetna (AET) downgraded to Neutral from Buy at BofA/Merrill... Auxilium (AUXL) downgraded to Hold from Buy at Stifel... CARBO Ceramics (CRR) downgraded to Neutral from Buy at Sterne Agee... Commerzbank (CRZBY) downgraded to Underperform from Neutral at Exane BNP Paribas... Concur (CNQR) downgraded to Neutral from Buy at Nomura... Dresser-Rand (DRC) downgraded to Neutral from Accumulate at Global Hunter... Finish Line (FINL) downgraded to Equal Weight from Overweight at Morgan Stanley... General Communications (GNCMA) downgraded to Hold from Buy at Drexel Hamilton... InvenSense (INVN) downgraded to Neutral from Outperform at RW Baird... Las Vegas Sands (LVS) downgraded to Market Perform from Outperform at Wells Fargo... Lindsay Corp. (LNN) downgraded at Sterne Agee... Melco Crown (MPEL) downgraded to Market Perform from Outperform at Wells Fargo... Outerwall (OUTR) downgraded to Sell from Neutral at B. Riley... PSEG (PEG) downgraded to Hold from Buy at Jefferies... Realogy (RLGY) downgraded to Underperform from Neutral at Credit Suisse... Regal-Beloit (RBC) downgraded to Accumulate from Buy at Global Hunter... SABMiller (SBMRY) downgraded to Market Perform from Outperform at Bernstein... Saba Software (SABA) downgraded to Neutral from Buy at B. Riley... Suburban Propane (SPH) downgraded to Market Perform from Outperform at Wells Fargo... Swiss Re (SSREY) downgraded to Underperform from Neutral at Exane BNP Paribas... Towers Watson (TW) downgraded to Buy from Conviction Buy at Goldman... Valmont (VMI) downgraded at Sterne Agee... Walgreen (WAG) downgraded to Equal Weight from Overweight at Barclays... Watts Water (WTS) downgraded to Neutral from Buy at Janney Capital... Wynn Resorts (WYNN) downgraded to Market Perform from Outperform at Wells Fargo... Yahoo (YHOO) downgraded to Neutral from Buy at BofA/Merrill.
08:10 EDTACTActavis multiple expansion case 'compelling,' says JPMorgan
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05:52 EDTACTActavis downgraded to Equal Weight from Overweight at Barclays
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September 20, 2014
22:05 EDTPGClorox turned down offer to sell or merge with rival, NY Post says
In the last three to six months consumer packaged-goods company Clorox (CLX) turned down an offer from a rival interested in a sale or merger, says the NY Post, citing sources. The NY Post added that logical suitors for Clorox include Church & Dwight (CHD), Procter & Gamble (PG), Jarden (JAH) and Unilever (UN,UL). Reference Link
September 19, 2014
14:18 EDTACTAkorn competition settlement over VersaPharm deal approved by FTC
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September 17, 2014
16:18 EDTACTDepomed says FDA recognizing 7 years orphan-drug exclusivity for Gralise in PHN
Depomed (DEPO) disclosed in a filing that on September 16 the company received a letter from the FDA informing the company that pursuant to the order issued on September 5 by a judge of the U.S. District Court for the District of Columbia, the FDA is recognizing seven years of orphan-drug exclusive approval for the company’s Gralise for the management of postherpetic neuralgia. The letter also confirms the FDA will not approve any abbreviated New Drug Application referencing Gralise during the period of orphan-drug exclusive approval, which began on January 28, 2011. The FDA has 60 days after issuance of the order in Depomed, Inc. v. HHS to file a notice appealing the order to the United States Court of Appeals for the Federal Circuit. The period of orphan drug exclusivity applicable to Gralise for PHN is separate from marketing exclusivity arising from the previously disclosed decision issued on August 19 in the company’s patent litigation lawsuit against Actavis (ACT) related to an ANDA filed by Actavis seeking to market generic versions of Gralise. The decision found that Actavis infringed all seven of the company’s patents asserted in the litigation, upheld the validity of the patents and enjoined FDA approval of the Actavis ANDA until February 26, 2024, the latest expiration date of the infringed patents. On September 15, Actavis filed a notice appealing the decision to the United States Court of Appeals for the Federal Circuit, Depomed stated. Previously disclosed settlement agreements between the Company and two other Gralise ANDA filers permit the sale of generic Gralise beginning on January 1, 2024.
11:01 EDTACT, TEVAActavis drops after NY AG seeks to block Alzheimer drug switch
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09:16 EDTACTActavis Namenda sales of $990M could be at risk, says BMO Capital
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09:06 EDTACTNew York AG files antitrust lawsuit against Actavis
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08:05 EDTTEVAEagle Pharm says Teva requests motion to dismiss Bendamustine lawsuit
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