By Jon "DRJ" Najarian
$1.9 Billion Cash Deal
The French pharmaceutical company announced the acquisition of consumer health care firm Chattem (CHTT) for a cash deal valued at $1.9 billion, or $93.50 per share. The price represents a 34 percent premium over Chattem's close Friday. The deal will create the world's fifth-largest health care company ranked by revenue. CHTT trades higher by $23, and SNY is unchanged on our Heat Seeker this morning.
Bucyrus Buys Terex Unit
TEX announced that it has signed a definitive agreement to sell its mining business to Bucyrus (NASDAQ:BUCY) for $1.3 billion in cash. The products to be divested by Terex include mining excavators and drilling equipment, as well as related parts and after-market service businesses. TEX is trading higher by $1.80 in the pre-market our Heat Seeker, while BUCY trades up $4.20.
Walgreen Beats Estimates
The drugstore chain reported fiscal first-quarter non-GAAP earnings of $0.52 per share, $0.04 better than the analyst estimate of $0.48 EPS. Revenue for the quarter was $16.4 billion, which compares to the estimate of $16.3 billion. Same-store sales rose 4.9 percent. WAG is higher by 3 percent in the pre-market on this news.
Athersys Spikes on Pfizer Pact
The biopharmaceutical company announced that it has agreed to enter into a deal with Pfizer to develop and commercialize its MultiStem product, which is used for the treatment of inflammatory bowel disease. ATHX is trading north of $2.50 after closing at $1 on Friday.
(Chart courtesy of tradeMONSTER)