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February 21, 2013
08:08 EDTVRXValeant acquires U.S. rights to Targretin from Eisai for $65M
Eisai and Valeant announced that Valeant has acquired U.S. rights for Targretin capsules and Targretin gel 1% from Eisai for $65M upfront, plus potential contingent payments based on certain milestones. As part of the transaction, which takes effect immediately, Eisai has transferred the New Drug Application for Targretin to Valeant, with Valeant assuming responsibilities for all regulatory obligations associated with the product in the United States. Eisai will retain its rights to Targretin outside of the United States and continue to meet the needs of its distribution partners outside of the United States.
News For VRX From The Last 14 Days
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November 24, 2015
12:08 EDTVRXOn The Fly: Top stock stories at midday
Stocks began the session in negative territory and remained there for most of the morning. The weakness was attributed to the worldwide travel alert issued by the U.S. State Department on the eve of the Thanksgiving holiday as well as the shooting down of a Russian plane by Turkey, both of which heightened the tension of investors. The averages have shown improvement since the European markets closed and have moved to their session highs to turn mixed near noon. ECONOMIC EVENTS: In the U.S., the estimate of third quarter GDP growth was boosted to 2.1% from 1.5%, matching estimates. Personal consumption growth was estimated at 3.0% in the second look, versus expectations for an increase of 3.2%. The S&P/Case-Shiller 20-city composite home price index was up a seasonally adjusted 0.6% month over month in September, versus expectations for an increase of 0.3%. The Conference Board's consumer confidence reading for November came in at 90.4, missing the consensus forecast of 99.5. COMPANY NEWS: Bill Ackman has put more funds behind his big bet in Valeant Pharmaceuticals (VRX), as filings show that Pershing Square raised its stake in the embattled drugmaker to 9.9%. In other news from a high-profile activist investor, Carl Icahn revealed that he has taken a 7.13% stake in Xerox (XRXZ) and may seek positions on the board of the company. Research firm Piper Jaffray believes that Icahn's involvement in the company can amplify the company's review and boost the stock, but was not the case at midday, as Xerox shares slipped about 2% following last night's disclosure. MAJOR MOVERS: Among the notable gainers was Dollar Tree (DLTR), which rallied 6% after it reported upbeat quarterly earnings and backed its fiscal 2015 guidance. Also higher was Burlington Stores (BURL), which gained 8% after reporting quarterly results and approving a new $200M share repurchase program. In addition, Boulder Brands (BDBD) was up 8.5% after it agreed to be acquired by Pinnacle Foods (PF) for $11 per share. Pinnacle slipped 4% following the deal announcement. Another noteworthy losers was Brocade (BRCD), which fell 8% and was downgraded to Neutral from Overweight at JPMorgan following its Q4 earnings. Also lower was Microsemi (MSCC), which dropped 6% after it agreed to acquire PMC-Sierra (PMCS), which was also 6% lower, in a $2.5B transaction. INDEXES: Near midday, the Dow was up 15.57, or 0.09%, to 17,808.25, the Nasdaq was down 8.75, or 0.17%, to 5,093.73, and the S&P 500 was down 0.7, or 0.03%, to 2,085.89.
09:24 EDTVRXOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Baozun (BZUN), up 7.3%... Analog Devices (ADI), up 4.3%. ALSO HIGHER: Boulder Brands (BDBD), up 8.4% after Pinnacle Foods (PF) announced that it will acquire the company for $11.00 per share... Sunedison (SUNE), up 18% after the Economic Times reported that the company plans place 400MW of upcoming solar capacity on sale... Avon Products (AVP), up 7.5% after being upgraded to Buy from Neutral at Citi... Valeant (VRX), up 2.1% after Pershing Square increases stake in the company to 9.9%... Xerox (XRX), up 2.3% after Carl Icahn reported a 7.13% stake in the company. DOWN AFTER EARNINGS: Signet Jewelers (SIG), down 6.2%... Tiffany (TIF), down 2.9%... Brocade Communications (BRCD), down 7.2%. ALSO LOWER: UniPixel (UNXL), down 44.6% after the company prices a common stock and warrant offering... U.S. Steel (X), down 4% after announcing that it will idle its Granite City Works operations.
November 23, 2015
20:08 EDTVRXOn The Fly: After Hours Movers
UP AFTER EARNINGS: Copart (CPRT), up 4.9%... Dycom (DY), up 4.6%... Palo Alto Networks (PANW), up 3.9%... Baozun (BZUN), up 6.7%. ALSO HIGHER: Xerox (XRX), up 6.7% after Carl Icahn reported a 7.13% stake in the company... Valeant (VRX), up 3.7% after Pershing Square increases stake in Valeant Pharmaceuticals to 9.9%. DOWN AFTER EARNINGS: Brocade (BRCD), down 5.5%... Ceres (CERE), down 10.3%... YY Inc. (YY), down 3.6%. ALSO LOWER: J.M. Smucker (SJM), down marginally after filing to sell 3.86M shares of common stock for holders.
18:31 EDTVRXValeant loss erases ValueAct gains for the year, Reuters reports
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17:21 EDTVRXPershing Square increases stake in Valeant Pharmaceuticals to 9.9%
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17:18 EDTVRXPershing Square reports 9.9% stake in Valeant Pharmaceuticals
16:02 EDTVRXOptions Update; November 23, 2015
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06:12 EDTVRXValeant questions spread to similar drug companies, WSJ says
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November 22, 2015
13:11 EDTVRXExpress Scripts' link to specialty drug makers presents new risk, Barron's says
Express Scripts' (ESRX) United BioSource unit -- often hired by specialty drug makers to help patients find money for costly treatments -- appears at odds with the company's role in negotiating lower drug prices, Barron's contends in a feature article. Though Express Scripts will continue to earn the "vast majority" of its profits as a pharmacy-benefit manager, Barron's argues that investors should view its work on behalf of specialty drug companies as a risk factor for the stock, particularly in light of recent Valeant (VRX) and Horizon (HZNP) headlines. Reference Link
November 20, 2015
09:17 EDTVRXValeant volatility elevated into investor day on December 16
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09:06 EDTVRXValeant to hold investor day on December 16
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November 19, 2015
14:43 EDTVRXValeant provides 'rebuttal' document on website
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09:08 EDTVRXValeant seeing no downward trend in key products, says Canaccord
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November 18, 2015
15:22 EDTVRXIcahn says not shorting Valeant stock, Reuters reports
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11:43 EDTVRXValeant sees FY15 Salix net sales approximately $1.35B
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10:26 EDTVRXValeant offering cash, stock to maintain staff amid scrutiny, Reuters says
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06:09 EDTVRXValeant's Addyi sees hardly any sales, Bloomberg says
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November 17, 2015
16:01 EDTVRXOptions Update; November 17, 2015
iPath S&P 500 VIX Short-Term Futures up 1.32 to 21.07. Option volume leaders: GE BAC AAPL FB NFLX SYF WMT CSCO MU SUNE VRX BABA AMZN HD FCX
07:40 EDTVRXValeant price target cut to $98 from $200 at Morgan Stanley
Morgan Stanley analyst David Risinger cut Valeant estimates and lowered his price target to $98 from $200 to account for the negative impact of Philidor and uncertainty in U.S. growth. Risinger believes Valeant is a "real" company selling "real" drugs despite Philidor and other controversies, but cannot ignore the investigation risks or quantify the costs at this time. The analyst continues to rate shares Equal Weight, despite low valuation, until visibility increases.
06:43 EDTVRXPhilidor effects may be longer-lasting for Valeant, says Deutsche Bank
After surveying 25 dermatologists that prescribe Valeant's products and are familiar with the specialty pharmacy Philidor, Deutsche Bank analyst Gregg Gilbert believes the Philidor controversy could have longer-lasting effects relative to the short-term disruption that Valeant management has suggested. The analyst awaits Valeant's guidance changes for Q4 and 2016 that are coming in December. The stock could have "significant upside" over the next year if Valeant delivers on its targets, Gilbert tells investors in a research note. Nonetheless, he keeps a Hold rating on the stock with a $136 price target. Shares of Valeant closed yesterday down $2.12 to $73.29.
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