Monday, October 5, 2015
- Alkermes (NASDAQ:ALKS) is up 6.5% after hours on news that the FDA has approved its Aristada treatment for application with schizophrenia patients.
- The drug, an extended-release injectable suspension, is the first atypical antipsychotic with monthly and six-week dosing options, to maintain therapeutic levels in the body.
- Following the approval, Alkermes plans to launch the treatment immediately.
- The company will host a conference call to discuss the news tomorrow at 7:30 a.m. ET.
- Apollo Education (APOL +3.4%) has promoted Gregory Iverson to be its permanent chief financial officer, effective Oct. 26.
- Iverson replaces interim CFO Joseph D'Amico, who's been in the role since May, after longtime CFO Brian Swartz resigned. D'Amico had previously served as the company's CFO and its COO.
- Iverson is currently chief accounting officer, VP of finance and treasurer. He joined Apollo in April 2007.
- Tanger Factory Outlet Centers (SKT +1.7%) says it's closed on the sale of five non-core centers, for a total of $150.7M.
- The properties -- in California, Maine, Illinois and Michigan -- are on the older side, with an average age of 24 years compared to the company's remaining portfolio's average 16 years.
- Barstow, Calif., was a high performer, CEO Steven Tanger says, but an outlier in the portfolio.
- Yesterday, the company reported Q2 results where FFO gained Y/Y to $0.54/share.
- Previously: Tanger Factory gains after Q2 results (Aug. 05 2015)
- Starz (NASDAQ:STRZA) and Lions Gate Entertainment (NYSE:LGF) are in advanced talks about a merger, the Los Angeles Times is reporting -- a move that's been much discussed as investors divined John Malone's intentions.
- Starz is up 1.6% after hours; LGF is up 7.5% in late trading.
- According to the sources, Lions Gate management would run a combined company but find a key role for Starz CEO Chris Albrecht.
- Earlier this year, Malone hinted at a bigger tie-up after taking a minority stake in Lions Gate via a stock swap
- An outright deal isn't the only possible outcome, the Times said; a variety of closer partnerships are part of the discussions as well.
- Previously: Report: Lions Gate was close to Starz buyout (Apr. 29 2015)
- Previously: Maffei: More might come from Malone-Lions Gate relationship (Mar. 09 2015)
- Previously: Starz, Lions Gate deal may presage closer relationship (Feb. 11 2015)
- Biopharma Mallinckrodt (NYSE:MNK), down 1.8% after hours, is planning a business and financial guidance update for tomorrow morning.
- The company will give recast historical info showing its reclassification of its contrast media and delivery systems (CMDS) business as discontinued operations after agreeing to sell it to Guerbet for $270M in July. That deal is set to close in fiscal Q1 2016.
- A conference call to discuss the guidance, featuring a Q&A session, is set for 7:30 a.m. ET tomorrow.
- Shares fell 6.8% during market hours today.
- Du Pont (NYSE:DD) is up 4.3% after hours as it says CEO Ellen Kullman is retiring from the company, effective Oct. 16, and it updated guidance with better cost savings than expected.
- Current director Edward Breen will take on the role of interim chairman and CEO while the company seeks a full-time replacement.
- The company says it now sees operating EPS for the full-year of $2.75, down from a prior $3.10, chiefly due to foreign exchange and the continuing strength of the dollar. Brazil's weaker agricultural market (and sinking currency) also play a part in the new outlook.
- It's accelerating an operational redesign by a year and is expecting to save $1.3B on a run rate basis by the end of 2016. Du Pont is also targeting about $1.6B in savings on a run rate basis by the end of 2017.
- The company will discuss the moves in a conference call at 5 p.m. ET.
- Shares had moved up 4.1% during market hours.
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