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Stock Market & Financial Investment News

News Breaks
August 1, 2014
15:04 EDTVRX, AGNValeant, Pershing say Allergan makes 'baseless claims' in 'frivolous' lawsuit
Valeant Pharmaceuticals (VRX) and Pershing Square Capital Management responded to the filing of a federal lawsuit by Allergan (AGN) in California, stating that the complaint "makes baseless claims about Valeant and Pershing Square regarding the tender offer rules." Valeant and Pershing said: "Allergan's true purpose in bringing the litigation is an attempt to interfere with shareholders' efforts to call a special meeting. That purpose is made clear in a separate letter Allergan sent today to the Delaware Court of Chancery. In that letter, Allergan noted that its bylaws 'provide that the Corporate Secretary 'shall consider ineffective' any Special Meeting Requests that are 'made in a manner that involved a violation of Regulation 14A under the Exchange Act, or other applicable law.' Pershing Square is targeting the middle of August for delivering shareholder requests to call a special meeting. Pershing Square and Valeant are confident that this desperate attempt to delay or avoid the special meeting will not succeed. The independent proxy advisory firms are expected to issue their recommendations on this matter in the near future, and this lawsuit also seeks to distract from those forthcoming recommendations."
News For VRX;AGN From The Last 14 Days
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July 6, 2015
07:10 EDTAGNHorizon Pharma files patent infringement lawsuits against five companies
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07:04 EDTAGNAllergan to acquire Oculeve dry eye disease development programs
Allergan and Oculeve announced that they have entered into an agreement under which Allergan will acquire Oculeve in an all-cash transaction. Under the terms of the agreement, Allergan will acquire Oculeve for a $125M upfront payment and commercialization milestone payments related to Oculeve's lead development program OD-01. The agreement also includes the acquisition of an additional earlier-stage dry eye device development program. Allergan's 2015 earnings-per-share forecast provided on May 11, 2015 is unchanged as a result of the acquisition. The company remains committed to de-levering to below 3.5x debt to Adjusted EBITDA by the end of the first quarter of 2016. The acquisition of Oculeve adds novel, complementary dry eye development programs to Allergan's current eye care research and development programs, including OD-01, a non-invasive nasal neurostimulation device that increases tear production in patients with dry eye disease. Oculeve has completed four clinical studies of OD-01 to date in more than 200 patients, showing positive safety and efficacy of the device. Allergan plans to conduct two additional pivotal trials prior to FDA submission, which is expected in 2016 with potential commercial launch in 2017. The transaction is subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Pending approvals, Allergan anticipates closing the transaction in the third quarter of 2015.
June 29, 2015
17:22 EDTAGNAllergan reports 6.7% stake in KYTHERA
June 26, 2015
16:16 EDTVRXOn The Fly: Top stock stories for Friday
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09:37 EDTVRXValeant unlikely to pursue Zoetis acquisition, CNBC's Faber says
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09:33 EDTVRXValeant made Zoetis approach as courtesy to Ackman, CNBC reports
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09:33 EDTVRXValeant not going to pursue Zoetis acquisition, CNBC's Faber reports
06:06 EDTVRXZoetis downgraded to Market Perform from Outperform at BMO Capital
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06:02 EDTVRXJPMorgan assumes Valeant pays $60/share for Zoetis
JPMorgan analyst Chris Schott believes Zoetis (ZTS) would bring "an attractive, durable, cash-pay business" to Valeant's portfolio should a merger occur. The Wall Street Journal last night reported that Valeant has approached Zoetis regarding a potential takeover. Schott sees the deal being minimally accretive to near-term earnings, and assumes Valeant pays $60 per share for Zoetis, or a 20% premium to Wednesday's closing price. The analyst thinks any offer would include a substantial equity component given Valeant's levered balance sheet following the Salix acquisition. Schott keeps an Overweight rating on Valeant and a Neutral rating on Zoetis.
June 25, 2015
16:13 EDTVRXValeant made preliminary takeover approach to Zoetis, WSJ reports
Valeant Pharmaceuticals (VRX) made a preliminary approach regarding a potential deal to buy Zoetis (ZTS), said The Wall Street Journal, citing people familiar with the matter. The report said it was not clear if Zoetis is open to a sale or what was the company’s reaction to the approach. Zoetis share spiked more than 11% into the close following the report and are up another 1% to $55.95 in after hours trading. Reference Link
15:58 EDTVRXZoetis jumps 11%, halted for circuit breaker after report of Valeant approach
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15:57 EDTVRXValeant made preliminary takeover approach to Zoetis, DJ reports
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08:13 EDTAGNAllergan CEO: Irvine campus ‘crucial’ to company, L.A. Times reports
New Allergan CEO Brent Saunders said that the company’s Irvine, California campus is “crucial” to the recently purchased organization, the L.A. Times reports, citing comments from Saunders in an interview. Allergan was purchased in March by Actavis, a move which led to the layoff of roughly 600 employees from the Irvine offices, the report says. Saunders said that the “bleeding has stopped” after a round of layoffs, the L.A. Times says. Reference Link
June 23, 2015
09:20 EDTVRXValeant and Progenics announces submission of NDA to FDA for RELISTOR
Valeant Pharmaceuticals International (VRX) and Progenics Pharmaceuticals (PGNX) announced that Valeant submitted a New Drug Application, or NDA, to the FDA for RELISTOR, or methylnaltrexone bromide, Tablets for the treatment of opioid-induced constipation in adult patients with chronic non-cancer pain.
07:25 EDTVRXPiper Jaffray to hold a summit
2015 Piper Jaffray Heartland Summit is being held in Minneapolis on June 23-24.

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