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Jun. 23, 2014, 8:23 AM
- As expected, Allergan's (AGN) BOD unanimously rejects Valeant Pharmaceuticals' (VRX) latest offer of $72 in cash plus 0.83 shares of VRX for each share of AGN. It says that the offer is grossly inadequate, substantially undervalues the company, creates significant risks and uncertainties for AGN shareholders and is not in the best interests of the firm and its shareholders. It strongly recommends that Allergan stockholders not tender any shares to Valeant.
- Schedule 14D-9
Jun. 19, 2014, 8:46 AM
- The U.S. District Court for the District of Delaware finds that Actavis' (ACT) generic version of Novartis' (NVS) Exelon Patch (rivastigmine transdermal system) infringes on certain claims of NVS patents '031 and '023. ACT's ANDA for its generic offering is currently under FDA review. Actavis says that it is reviewing the court's decision and evaluating its options, including an appeal.
- The Exelon Patch is a treatment for mild-to-moderate dementia associated with Alzheimer's or Parkinson's disease.
Jun. 18, 2014, 11:48 AM
- Allergan's (AGN +1.1%) Board of Directors will promptly review the exchange offer from Valeant Pharmaceuticals (VRX) that was announced earlier today. The company will disclose the BOD's position regarding the offer in a Schedule 14D-9 submission to the SEC. It will also be published on AGN's website.
Jun. 18, 2014, 10:15 AM
- Valeant Pharmaceuticals (VRX) begins an exchange offer whereby Allergan (AGN +0.8%) shareholders can trade each of their shares for $72 in cash plus 0.83 shares of VRX stock or an amount of cash or a number of VRX shares, subject to proration. The all-stock and all-cash alternatives will have the same value as the cash-and-stock offer. Their specific values will be determined prior to the August 15 expiration date (unless extended).
Jun. 17, 2014, 9:33 AM
- Teva Pharmaceutical Industries (TEVA) settles its patent infringement suit regarding patent no. 7,132,570 for Nuvigil (armodafinil) tablets. It grants licenses to sell generic versions to Sandoz, Actavis (ACT), Lupin, and Apotex 180 days after first filer Mylan (MYL).
- Actavis will be able to launch generic 100 mg and 200 mg dosages in June 2016. The others may launch the same dosages 180 days later. Mylan may launch generic versions of 50 mg, 150 mg and 250 mg dosages beginning in June 2016.
Jun. 16, 2014, 7:40 AM
Jun. 13, 2014, 12:20 PM
Jun. 13, 2014, 7:04 AM
- Bill Ackman's Pershing Square Capital Management L.P., files a lawsuit in the Delaware Court of Chancery seeking a declaratory statement that its actions to call a special meeting of shareholders will not trigger Allergan's (AGN) poison pill provision. Mr. Ackman filed the suit after AGN failed to confirm his June 6 written request that it would not invoke its poison pill.
- Related ticker: (VRX)
Jun. 12, 2014, 5:59 PM
- Vivus (VVUS +0.6%) files a lawsuit in the U.S. District Court for the District of New Jersey against Actavis' (ACT -1.1%) ANDA to market and sell a generic version of Qsymia.
- Since Vivus filed its suit within 45 days of the certification notice, the court will automatically issue a 30-month stay of the FDA's approval decision (the stay could be shorter if the court finds that the Qsymia patents are invalid, unenforceable or not infringed).
Jun. 11, 2014, 6:46 AM
- The U.S. Court of Appeals in Washington finds that two of Allergan''s (AGN) patents covering its eyelash drug Latisse are invalid. The patents cover ways to apply the drug to promote eyelash growth.
- Latisse is a variation of the company's glaucoma drug Lumigan. The company developed it after researchers noted that eyelash growth was a side effect of glaucoma treatments.
- The court threw out an order preventing Novartis' (NVS) Sandoz, Actavis (ACT) and Apotex from selling generic versions.
- Allergan expects Latisse to generate ~$110M is sales this year.
Jun. 10, 2014, 6:09 PM
- Actavis (ACT -0.4%) prices its $3.7B senior unsecured notes: $500M 1.3% senior unsecured notes due 2017, $500M 2.45% senior unsecured notes due 2019, $1.2B 3.85% senior unsecured notes due 2024 and $1.5B 4.85% senior unsecured notes due 2044.
- Shareholders did not have to wait for a regulatory filing after all.
Jun. 10, 2014, 12:20 PM
- Through its indirect subsidiary Actavis Funding SCS, Actavis (ACT -1.2%) privately offers three, five, ten and thirty-year senior unsecured notes. Net proceeds will be used to consummate the Forest Labs acquisition, to refinance Warner Chilcott's 7.75% senior notes due 2018, to pay related fees and expenses and for general corporate purposes.
- Shareholders will most assuredly have a keen interest in the prices and terms of the debt, but they will have to wait for the regulatory filings to find out.
Jun. 10, 2014, 11:19 AM
- In a closely watched case, two ophthalmologists file a whistleblower suit against Allergan (AGN +0.2%) claiming the company induces physicians to prescribe its products in exchange for practice-improving information. The company has raised the Feds' hackles with the way it is defending its actions.
- In a superb circular argument, AGN says if not for its status as a pharmaceutical company and if not for the value of the information to clinicians, it could permissibly provide said information. It further argues that if the advice was bad it would have no value and would not be considered remuneration under the Anti-Kickback Statute. If it was good advice and helped doctors improve their practices then it would violate federal law. DOJ lawyers disagree with AGN over its interpretation of the Statute.
- The company also maintains that the information is protected under the First Amendment. In 2009, for example, it filed a lawsuit against the FDA about the messages it delivered about Botox. The suit was settled in 2010 with the company paying a $600M fine for off-label promotion.
- It's going to take a while to resolve this one.
Jun. 10, 2014, 9:00 AM
- Unsurprisingly, Allergan's (AGN) BOD rejects Valeant Pharmaceuticals' (VRX) latest offer of 0.83 shares of Valeant common stock plus $72 in cash for each share of AGN common stating that its offer substantially undervalues Allergan. It also cites the large component of VRX stock in the proposal. The Board believes its value is uncertain due to its perception of the lack of sustainability of VRX's business model.
- Pershing Square believes it has the shareholder votes to override the Board's decision and accept the proposal.
Jun. 5, 2014, 9:19 AM
- Analysts say that Shire's (SHPG) attractive pipeline and tax inversion-stoking location make it a prime acquisition target. For example, Allergan (AGN) approached the company in April about a potential deal. Its best defense against an unwanted takeover may be to go on the offensive and make an acquisition itself. This would seem to be a good strategy since CEO Flemming Ornskov likes to acquire. He has presided over at least six acquisitions since taking the helm.
- Cenkos Securities' Navid Malik perceives that Sarepta Therapeutics (SRPT), Prosensa (RNA) and ThromboGenics are attractive targets. So is NPS Pharmaceuticals (NPSP), but its CEO says the two firms aren't talking.
Jun. 5, 2014, 8:21 AM
- In a letter to the SEC, Pershing Square's Bill Ackman requests the immediate withdrawal of Allergan's (AGN) Preliminary Proxy Statement filed on May 13. He states that Pershing's intent to call a special meeting of the shareholders makes it undesirable to pursue the matters in the proxy.
- Related ticker: (VRX)
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