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Stock Market & Financial Investment News

News Breaks
May 27, 2013
10:59 EDTVRXValeant to acquire Bausch & Lomb for $8.7B
Valeant Pharmaceuticals International and Bausch + Lomb Holdings Incorporated announced that they have entered into a definitive agreement under which Valeant will acquire Bausch + Lomb for $8.7B in cash. Under terms of the agreement Valeant will pay aggregate consideration of $8.7B in cash, of which approximately $4.5B will go to an investor group led by Warburg Pincus and approximately $4.2B will be used to repay Bausch + Lomb's outstanding debt. Valeant expects to achieve at least $800M in annual cost savings by end of 2014. Bausch + Lomb expects to have revenues of approximately $3.3B and adjusted EBITDA in 2013 of approximately $720M.The transaction is expected to be immediately accretive to Valeant's cash earnings per share. Assuming the transaction occurred on January 1 and assuming the full realization of synergies, the acquisition would have been approximately 40% accretive to Valeant's expected 2013 Cash EPS. The transaction will be financed with debt and approximately $1.5B - $2B of new equity. Bausch + Lomb will retain its name and become a division of Valeant. Valeant's existing ophthalmology businesses will be integrated into the Bausch + Lomb division, creating a global eye health platform with estimated pro forma 2013 net revenue of more than $3.5B.
News For VRX From The Last 14 Days
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October 20, 2014
08:37 EDTVRXValeant says 'completely focused' on Allergan acquisition
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07:34 EDTVRXValeant says remains focused on completing Allergan transaction
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07:32 EDTVRXValeant narrows FY14 revenue view to $8.1B-$8.3B from $8B-$8.3B
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07:30 EDTVRXValeant CEO says 'can bid more than anyone' in financially sound Allergan deal
Pearson says "we cannot stop" another company from making a bid that does not make economic sense, but he believes Valeant (VRX) can "bid more than anyone" for Allergan (AGN) in a deal that makes financial sense. Pearson says he has met with doctor groups and that 95% of those he's spoken with support Valeant's bid for Allergan. Valeant CEO J. Michael Pearson spoke on CNBC.
07:28 EDTVRXValeant raises FY14 cash EPS to $8.22-8.32 from $7.90-$8.10
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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%
October 17, 2014
09:47 EDTVRXValeant 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.
09:43 EDTVRXValeant not going to raise Allergan bid ahead of meeting, CNBC reports
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October 16, 2014
12:42 EDTVRXAckman believes Allergan, Valeant merger likely, CNBC reports
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12:38 EDTVRXAckman says Allergan CEO manipulated Valeant shares, CNBC reports
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October 15, 2014
13:07 EDTVRXAllergan seeing arb-related selling pressure, says BMO Capital
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October 10, 2014
07:37 EDTVRXActavis more likely partner than Valeant if Allergan merges, says UBS
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07:16 EDTVRXAmerican Society of Plastic Surgeons to hold annual meeting
Annual Meeting of ASPS is being held in Chicago on October 10-14.
October 9, 2014
14:21 EDTVRXAllergan in good position to be patient given raised outlook, says BMO Capital
After speaking with Allergan's (AGN) CEO and CFO, BMO Capital believes the company is increasing its intrinsic value with its raised earnings guidance and that it is in a good position to be patient given that Valeant (VRX) most recent bid represents an 8% discount to Allergan's current share price. BMO said it is reviewing its forecasts for Allergan after the guidance increase, noting that it previously valued Allergan at $230 per share on a standalone basis. The firm maintains its Outperform rating on the stock.
12:28 EDTVRXAllergan price target raised to $230 from $210 at BTIG
BTIG said it expected Allergan to beat the consensus forecast for Q3 EPS, but not by as much as it did, and the firm did not expect the company to raise its future EPS outlook yet again. BTIG feels the stock's move higher indicates Valeant (VRX) or Actavis (ACT) would need to bid above $200 if they hope to buy the company. BTIG maintains its Buy rating on Allergan and raised its price target on the stock to $230 from $210.
11:14 EDTVRXAllergan raises outlook again as Valeant pursuit continues
Drug maker Allergan (AGN) this morning preannounced stronger than expected results and again raised its fiscal year profit guidance. The beat and raise results come after The Wall Street Journal reported on Tuesday that drug maker Valeant (VRX) and hedge fund Pershing Square intend to raise their previous bid for Allergan by $15 per share to about $191. Meanwhile, also on Tuesday, Reuters said that drug maker Actavis (ACT) plans to make a new merger offer to Allergan, and sources indicated to the news service that Allergan may be willing to consider an offer from Actavis if the bid is for more than $200 per share. WHAT'S NEW: Allergan estimated that its third quarter earnings per share would come in at $1.76-$1.78, versus analysts' consensus estimate of $1.48. The drug maker had previously provided Q3 EPS guidance of $1.44-$1.47. Allergan raised its fiscal 2014 EPS guidance to $6.20-$6.25 from $5.74-$5.80. Analysts' consensus estimate was $5.81. This is the fourth time that Allergan has raised its guidance this year. Allergan said that its markets have been strong around the world, while it is gaining market share in most categories. ANALYST REACTION: In a note to investors today, Wells Fargo analyst Larry Biegelsen wrote that, in the wake of Allergan's guidance increase, the company's price to earnings multiple could expand to 22x its estimated 2016 earnings, up from its current multiple of 19x. In addition to the raised guidance, a potential accretive acquisition by Allergan and the possibility that it will be acquired make such an increase in the multiple "quite possible," Biegelsen contended. He kept an Outperform rating on the stock. WHAT'S NOTABLE: Allergan has reportedly held advanced talks about acquiring another company in the sector, Salix (SLXP), although CNBC's David Faber on October 2 reported that the talks between the two companies about a merger had "cooled considerably." PRICE ACTION: In late morning trading, Allergan rose fractionally to $191.06 while Valeant slid 1.5% to $124.08.
08:50 EDTVRXAllergan shares have further upside, says Wells Fargo
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October 8, 2014
06:23 EDTVRXActavis more inclined to pursue Allergan over Salix, says Citigroup
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