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Stock Market & Financial Investment News

News Breaks
June 18, 2014
08:29 EDTTEVATeva Chairman Frost to step down by end of the year
In a letter to shareholders, Teva Chairman Phillip Frost announced that "With the progress we have made, and continue to make, at Teva, I have advised the Board that I believe it will be appropriate for me to step down as Chairman approximately by the end of this year. Our Corporate Governance and Nominating Committee is working on a succession plan."
News For TEVA From The Last 14 Days
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April 27, 2015
06:34 EDTTEVACiti says Teva, Mylan deal 'more likely than not'
Citigroup views a Teva (TEVA), Mylan (MYL) combination as "more likely than not" after Perrigo (PRGO) rejected Mylan's (MYL) second proposal to acquire the company. Citi believes investors are likely under appreciating how quickly a potential deal can be reached. It anticipates that the stichting set up by the Mylan board could trigger the call option to issue preference shares. Teva could appeal to the Dutch Enterprise Chamber, which Citi believes would likely constitute a "relatively speedy process." It has a Buy rating on Teva with a $70 price target.
06:33 EDTTEVAOncoGenex regains rights to custirsen executes termination agreement with Teva
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April 24, 2015
16:31 EDTTEVAStocks finish week higher following strong tech earnings
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12:02 EDTTEVAPerrigo plans to reject Mylan new offer, Bloomberg reports
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07:24 EDTTEVAMylan price target raised to $82 from $65 at Deutsche Bank
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April 23, 2015
14:03 EDTTEVAActive Biotech AB, Teva enroll first patient in Phase 2 study of Laquinimod
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12:32 EDTTEVATeva working with FTC on path toward Mylan deal approval, CT Financial News says
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09:01 EDTTEVATeva presents data comparing early treatment with Copaxone to delayed start
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07:16 EDTTEVAMylan the safest bet in generic drug company takeover battle, says Bernstein
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April 22, 2015
12:04 EDTTEVATeva may need to raise Mylan bid above $90 per share, analysts say
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09:56 EDTTEVAMylan planning firmer offer for Perrigo, CNBC's Faber reports
Mylan (MYL) is planning to announce a firmer takeover offer for Perrigo (PRGO) that will include financing commitments and ticking fees, CNBC's David Faber reports, citing people familiar with the matter. It is unclear if the offer will include a higher buyout price of $205 per share, Faber added.
09:44 EDTTEVASources: Mylan planning new offer for Perrigo, CNBC's Faber says
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09:08 EDTTEVATeva price target raised to $75 from $64 at Argus
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08:43 EDTTEVAHostile bids carry low success rates, says Leerink
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08:42 EDTTEVAMylan likely to seek higher offer from Teva, says Bernstein
after Teva (TEVA) offered to buy Mylan (MYL) for $82 per share, Bernstein expects Mylan to seek an offer closer to $90. The firm also expects Mylan to seek shared management and perhaps some protection for its employees. Bernstein expects Teva to attempt to convince Mylan shareholders of the merits of its offer and Mylan to attempt to convince Perrigo (PRGO) shareholders of the merits of its offer and its own shareholders of the risks associated with the Teva deal. Bernstein keeps Outperform ratings on Teva and Mylan.
08:31 EDTTEVATeva files for Hart Scott Rodino notification regarding proposed Mylan purchase
Teva Pharmaceutical Industries (TEVA) announced that it has filed for premerger notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with the U.S. Department of Justice Antitrust Division and the Federal Trade Commission regarding its proposed acquisition of Mylan N.V. (MYL). As announced on April 21, 2015, Teva proposed to acquire Mylan for $82.00 per Mylan share, with the consideration to be comprised of approximately 50% cash and 50% stock. Teva’s proposal for Mylan implies a total equity value of approximately $43 billion and an enterprise value of approximately $50 billion. The Teva Board and management team are committed to consummating a transaction as soon as possible. The acquisition proposal would provide Teva stockholders with very attractive strategic and financial benefits and Mylan stockholders with a substantial premium and immediate value for their shares, as well as the opportunity to participate in the significant upside potential of the combined company – one that would transform the global generics space and leverage it to hold a unique leadership position in the pharmaceutical industry. Teva has carefully studied the regulatory aspects of a combination of Teva and Mylan, in conjunction with its advisors. Teva is confident that it would be able to structure a transaction that would not contain material impediments to closing and that it can determine and promptly implement divestitures, as necessary, to gain regulatory clearances. Teva intends to work cooperatively with antitrust authorities and expects that the proposed transaction can be completed by year-end 2015. Teva’s proposal provides Mylan stockholders with a more attractive alternative to Mylan’s proposed acquisition of Perrigo Company plc (PRGO), as announced on April 8, 2015, as well as to Mylan on a standalone basis. Teva’s proposal would provide Mylan stockholders with consideration representing a 37.7% premium to the stock price of Mylan on April 7, 2015, which is the last day of trading prior to Mylan’s press release regarding its unsolicited proposal for Perrigo, and a 48.3% premium to the unaffected stock price of Mylan on March 10, 2015, which is the last day of trading prior to widespread speculation of a transaction between Teva and Mylan. Barclays and Greenhill & Co. are serving as financial advisors to Teva. Kirkland & Ellis LLP and Tulchinsky Stern Marciano Cohen Levitski & Co are serving as legal counsel to Teva, with De Brauw Blackstone Westbroek N.V. and Loyens & Loeff N.V. acting as legal advisors in the Netherlands.
07:27 EDTTEVAPiper sees more sense in Teva buying Perrigo than Mylan
Piper Jaffray says that while a potential acquisition of Mylan (MYL) by Teva (TEVA) would bring major cost synergies and meaningful earnings accretion, it would not significantly improve the limited visibility on long-term top-line and earnings growth for Teva. Piper sees more strategic sense in Teva acquiring Perrigo (PRGO). Such a deal would drive multiple expansion for Teva since Perrigo's Consumer Health and Nutritionals businesses can offer a "much higher level of visibility on robust long-term earnings growth" than what Mylan can offer Teva, Piper tells investors today. The firm reiterates a Neutral rating on shares of Teva.
07:14 EDTTEVATeva Mylan deal more likely to get done than Mylan Perrigo deal,says Wells Fargo
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06:31 EDTTEVAMylan likely to improve offer for Perrigo, says Citigroup
Citigroup believes Mylan's (MYL) board will likely reject Teva's (TEVA) initial takeover offer of $82 per share and present an improved proposal to acquire Perrigo (PRGO). Citi continues see a potential Teva-Mylan combination as more value accretive for Mylan shareholders than a potential Mylan-Perrigo combination. It keeps a Neutral rating on Mylan.
06:30 EDTTEVAMylan shareholders urge board to consider Teva offer, Reuters reports
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