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Stock Market & Financial Investment News

News Breaks
May 28, 2014
06:07 EDTVRX, AGNValeant raises proposal for Allergan by $10.00 per share to $58.30 per share
Valeant Pharmaceuticals (VRX) announced that it has submitted an increase to its April 22 proposal to merge with Allergan (AGN) to Allergan's board. In a letter to Allergan's board, Valeant stated, "Our revised offer is based on specific feedback we received in our discussions and offers Allergan shareholders, for each Allergan share $58.30 in cash, representing an increase of $10, or approximately 21%, in the cash portion of the consideration, 0.83 of a Valeant share and a new CVR related to DARPin sales which would provide up to approximately $25.00 per share of additional value based on the approximately $20B in potential cumulative 10-year DARPin sales referred to in your May 12th presentation. We are prepared to fund up to $400M to develop DARPin and will pay 40% of the net sales of DARPin referred to in your May 12 presentation after recovery of our shareholders' investment in DARPin development expenses. Shareholders will continue to be able to elect their mix of cash and shares, subject to proration, as well as receiving the CVR. We would propose to retain Allergan employees to continue development of DARPin and will ask Allergan to provide us a list of eight independent scientific and business leaders. From these eight, we will select five to oversee DARPin development and decide on all go / no-go decisions as the compound progresses."
News For VRX;AGN From The Last 14 Days
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October 20, 2014
07:06 EDTVRXValeant raises FY15 outlook cash EPS $10.00 from $9.90
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07:05 EDTVRXValeant raises Q4 cash EPS $2.45-$2.55 from $2.35-$2.45
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07:03 EDTVRXValeant reports Q3 cash EPS $2.11, Q3 GAAP EPS 81c
Reports Q3 revenue revenue $2.1B; Reports Q3 total same store sales organic growth 19%. Bausch + Lomb organic growth was 12%. Q3 GAAP Operating Cash Flow $619 million, an increase of 207%; Adjusted Operating Cash Flow $771 million, an increase of 89%
06:28 EDTAGNAllergan price target raised to $210 from $190 at Citigroup
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October 17, 2014
09:47 EDTVRX, AGNValeant will not raise Allergan bid ahead of record date, CNBC reports
Valeant (VRX) will not raise its hostile takeover bid for Allergan (AGN) ahead of the record date for the vote, CNBC's David Faber reports. Allergan (AGN) is not currently in takeover talks with Actavis (ACT), Faber added.
09:45 EDTAGNAllergan not in deal talks with Actavis, CNBC reports
09:43 EDTAGN, VRXValeant not going to raise Allergan bid ahead of meeting, CNBC reports
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October 16, 2014
12:42 EDTAGN, VRXAckman believes Allergan, Valeant merger likely, CNBC reports
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12:38 EDTAGN, VRXAckman says Allergan CEO manipulated Valeant shares, CNBC reports
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08:58 EDTAGNAllergan was pressured by AbbVie news, says BMO Capital
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07:23 EDTAGNIBF Conferences to hold a summit
Ophthalmology Innovation Summit is being held in Chicago on October 16.
October 15, 2014
15:00 EDTAGNShire-Allergan, AbbVie-Pfizer deals possible if merger scrapped, Bloomberg says
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13:07 EDTVRX, AGNAllergan seeing arb-related selling pressure, says BMO Capital
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October 14, 2014
06:03 EDTAGNMarket overreacted to new Irish tax rules, says BMO Capital
BMO Capital believes the market may have overreacted yesterday to the report that Ireland is eliminating the "Double Irish" tax loophole. The firm says Allergan (AGN) confirmed that it incorporated potential changes to Irish tax law in its recently raised earnings guidance while Mallinckrodt (MNK) said it does expect the new tax structure to have an immediate impact. BMO views yesterday's pullback in shares of Allergan, Mallinckrodt and Actavis (ACT) as an overreaction.
October 13, 2014
06:39 EDTAGNAllergan takeout value at or above $210 per share, says Leerink
Leerink believes Allergan's takeover value is now at or above $210 per share given the company's recent execution. After speaking with management, the firm says Allergan's upside in Q3 was driving by fundamentals, not cost cuts. It continues to view the "most likely and straightforward outcome" for Allergan as being an outright sale of the company. Leerink raised its price target for shares to $215 from $184 and keeps an Outperform rating on Allergan.
October 10, 2014
17:14 EDTAGNMarket ends week lower amid global growth worries
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10:20 EDTAGNFidelity supports potential merger between Actavis and Allergan, Reuters reports
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07:37 EDTVRX, AGNActavis more likely partner than Valeant if Allergan merges, says UBS
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07:35 EDTAGNAllergan price target raised to $224-$225, from $198-$199 at Wells Fargo
Wells Fargo increased its price target on Allergan after the company pre-released better-than-expected revenue and EPS, and raised its 2014-2016 EPS guidance. The firm keeps an Outperform rating on the shares.
07:16 EDTVRX, AGNAmerican Society of Plastic Surgeons to hold annual meeting
Annual Meeting of ASPS is being held in Chicago on October 10-14.
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