Friday, August 28, 2015
- In the latest episode of the hostile takeover drama between Horizon Pharma (HZNP -0.6%) and its target, Depomed (DEPO -1.5%), Horizon has made a new SEC filing asking Depomed shareholders to call special meetings to dump the board.
- The two companies have engaged in repeated sniping about tactics as Depomed's board has rejected several offers to buy the company, and taken other measures including adopting a poison pill.
- Horizon's now appealing directly to shareholders to call for a prompt vote, hoping to elect its own slate, including Stanford law professor Robert Daines.
- Horizon holds about 2.25M shares of Depomed (about a 3.7% stake).
- Previous coverage of Horizon Pharma/Depomed
- Stereotaxis (NASDAQ:STXS) surged 14% in today's trade after more than doubling yesterday, as the robotic surgical tools company said research by Westmead Hospital in Australia provided significant data supporting the efficacy of its Niobe magnetic navigation system during ablation procedures.
- The hospital research team performed 60 myocardial ablations using the Niobe system, with the STXS device maintaining much more stable focal contact with no lateral movement compared with manually maneuvered catheter surgical devices.
- STXS +2.7% AH.
- Ariad Pharmaceuticals (ARIA +39.7%) extend earlier sharp gains as Bloomberg confirms Baxalta (BXLT -3.5%) is in talks to acquire the company in an effort to boost its oncology business, as the market had speculated earlier this afternoon.
- It is unclear how any deal by BXLT would affect Shire’s (SHPG +1.6%) $30B takeover offer for the company.
- Also, CNBC reports ARIA rejected an initial bid from BXLT a month ago, and that ARIA is close to naming a CEO.
- Baxalta (BXLT -4.8%), which is attempting to fend off a $30B takeover offer from Shire (SHPG +0.2%), is in talks to make an acquisition of its own to bolster its status as an independent company, according to a Bloomberg report.
- BXLT is said to be working with bankers on the acquisition of a U.S.-based hematology-oncology specialist valued at ~$2B; the report does not identify the target, but Ariad Pharmaceuticals (ARIA +16.9%) is shooting higher on speculation that it is the unnamed company.
- Since SHPG went public with its takeover proposal, BXLT management has sought to paint the suitor as trying to buy it cheaply.
- Perrigo (NYSE:PRGO) is confident its shareholders will reject Mylan's (NASDAQ:MYL) planned unsolicited offer to acquire the company.
- "We are confident that most of them [shareholders] believe that Mylan's offer substantially undervalues Perrigo and would dilute our growth profile and superior valuation," Perrigo CEO Joseph Papa said.
- Mylan intends to launch a formal offer to Perrigo shareholders in the coming weeks.
- Previously: Mylan shareholders support acquisition of Perrigo (Aug. 28 2015)
- Mylan (NASDAQ:MYL) shareholders have overwhelmingly approved the proposed acquisition of Perrigo (NYSE:PRGO) and the related issuance of common stock to the latter's shareholders.
- Mylan now intends to launch a formal offer to Perrigo shareholders in the coming weeks.
- Previously: Mylan's vote on Perrigo approaches (Aug. 28 2015)
- Sweden's Meda (OTCPK:MDABY) is exploring options including a sale of its U.S. operations amid a boom in healthcare deals, Bloomberg reports.
- A potential sale, which could may could be announced as early as September, may be worth about $1B.
- Meda may use the proceeds of a sale to reduce debt and seek other acquisitions.
- Mylan (NASDAQ:MYL) shareholders are scheduled to vote today on a matter related to its $36B hostile takeover bid for pharmaceutical company Perrigo (NYSE:PRGO).
- The vote - on whether Mylan can issue new stock for the offer - will be a critical step in moving forward with that bid.
- Although proxy advisory firm ISS has recommended that investors vote no, two of Mylan's biggest shareholders have already publicly supported the deal.
Thursday, August 27, 2015
- The FDA approves Amgen's (NASDAQ:AMGN) Repatha drug for patients with hereditary forms of high cholesterol and those at high risk of cardiovascular disease.
- The scope of the approval was similar to the recent approval given to Regeneron's (NASDAQ:REGN) Praluent, which was approved for patients with cardiovascular disease and those with heterozygous familial hypercholesterolemia.
- Each of the drugs are expected to generate more than $2B/year in sales by 2020.
- Exelixis (NASDAQ:EXEL) is up 4.3% after news that cobimetinib, its MEK inhibitor, received its first approval worldwide, in Switzerland.
- Government authority Swissmedic approved the drug for combination with vemurafenib to treat patients with advanced melanoma.
- The drug is a collaboration with Genentech, with whom Exilixis partnered in 2006 and which has filed an NDA for cobimetinib with the FDA.
- The companies expect more regulatory approvals later this year.
- Eli Lilly (LLY +1.9%) says the FDA's approved Synjardy (empagliflozin and metformin hydrochloride) for treating adults with type 2 diabetes -- the fifth approval to come from a diabetes drug alliance with Boehringer Ingelheim Pharmaceuticals.
- It's the third product with empagliflozin, which removes excess glucose through the urine by blocking re-absorption in the kidney. Metformin works in a complementary way, lowering glucose production by the liver.
- The treatment also got approval from the European Medicines Agency in May.
- Previously: Large scale CVOT shows superiority of Jardiance in reducing CV risk in type 2 diabetics (Aug. 20 2015)
- Abbott Laboratories (NYSE:ABT) has denied a report that it's preparing an offer for St. Jude Medical (NYSE:STJ) that would value the medical device maker at about $25B.
- St. Jude shares have now pared back their gains in early trading after surging 17% on the rumor.
- STJ +4.9% premarket
- Previously: FT: Abbott prepping $25B takeover offer for St. Jude (Aug. 27 2015)
- Hospira (NYSE:HSP) has received clearance from the FTC regarding its pending merger with Perkins Holding Company, a wholly-owned subsidiary of Pfizer (NYSE:PFE).
- All required regulatory approvals have now been secured, though the merger remains conditioned upon the expiration of a post-clearance waiting period in one foreign jurisdiction.
- Hospira expects the merger to close on or about September 3, 2015.
- SEC Form 8-K
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