Valeant And Allergan Are Not A Match Made In Heaven
Paul Nouri, CFP
Paul Nouri, CFP
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Graham Osborn • 48 Comments
Graham Osborn • 48 Comments
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Andrew Walker, CFA • 56 Comments
Andrew Walker, CFA • 56 Comments
Oct. 6, 2014, 10:44 AM
- Privately-held Sunnyvale-CA-based Icon Bioscience announces that the last patient has completed treatment in its pivotal Phase 3 clinical trial of IBI-10090. The firm expects to report top-line data this quarter.
- IBI-10090 is a controlled sustained-release formulation of dexamethasone based on the company's Verisome drug delivery platform. It is administered via a single injection into the anterior chamber of the eye immediately following cataract surgery.
- Some eye therapy-related tickers: (NASDAQ:EYEG)(ALIM)(OTCQX:RHHBY +0.5%)(ABT +1.3%)(OHRP -0.3%)(AKRX +1.1%)(OCUL +1.4%)(NVS +0.2%)(AERI +0.7%)(AGN -0.2%)(REGN)(AAVL +0.4%)
Oct. 6, 2014, 8:37 AM
- Actavis (NYSE:ACT) acquires Durata Therapeutics (NASDAQ:DRTX) for $675M ($23/share) in cash and contingent value rights entitling the holder to receive up to an additional $5 per share if certain Dalvance (dalbavancin)-related regulatory or commercial milestones are met. Actavis expects the acquisition to be accretive by the end of the first year.
Oct. 2, 2014, 6:16 PM
- Bloomberg reports Salix (NASDAQ:SLXP) is now in talks to sell itself to Actavis (NYSE:ACT), and that M&A talks with Allergan (NYSE:AGN) have faded.
- A tangled web: The WSJ previously reported Allergan was in "advanced talks" to buy Salix after turning down Actavis. Since then, speculation has grown Actavis will bid for Salix.
- SLXP +3.9% AH.
Oct. 1, 2014, 10:37 AM
- Zogenix (ZGNX +4.3%) submits a supplemental New Drug Application to the FDA for an abuse deterrent version of Zohydro ER (hydrocodone bitartrate). The new capsule formulation contains additional inactive ingredients that make the product more difficult to abuse by injection and nasal insufflation (snorting).
- The company anticipates a target action date sometime in Q1 2015. If approved, the transition to the new formulation will occur in Q2.
- Related tickers: (MNK -1%)(ACT -2%)(TEVA -0.5%)(ABBV -0.9%)(LCI -4%)(ALKS -2.4%)(PFE -1.4%)
Sep. 30, 2014, 10:04 AM
- Actavis (ACT -1.3%) will report Q3 results on November 5 before the open. The conference call will begin at 8:00 am ET.
- Consensus view is EPS of $3.09 on revenues of $3.61B.
Sep. 29, 2014, 10:14 AM
- The FDA approves a label expansion for Allergan's (AGN +0.8%) Ozurdex (dexamethasone intravitreal implant) for the treatment of diabetic macular edema (DME). It was originally approved as a treatment for DME in adult patients who have an artificial lens implant or who are scheduled for cataract surgery. The product is now cleared for the general DME population.
Sep. 28, 2014, 6:44 AM
- Another Allergan (NYSE:AGN) investor has spoken out against the company's pursuit of a costly purchase to fend off Valeant's (NYSE:VRX) $54B takeover bid.
- Jackson Square, the eighth largest investor in Allergan, now joins T. Rowe Price (NASDAQ:TROW), announcing its dissatisfaction with the newly proposed acquisition.
- This past week, Allergan was reported to be "in advanced talks" to buy Salix (NASDAQ:SLXP) in an all-cash deal after turning down an offer from Actavis (NYSE:ACT).
- “We appreciate the perspectives of our stockholders,” Allergan says in an e-mailed statement. “Allergan’s Board remains confident in the company’s ability to deliver significantly more value than Valeant’s grossly inadequate offer.”
Sep. 24, 2014, 12:16 PM| Sep. 24, 2014, 12:16 PM
Sep. 24, 2014, 12:02 PM
- Valeant Pharmaceuticals (VRX +7%) says overall same store organic growth for Q3 will exceed 15%, B + L organic growth will be greater than 10%, revenue will beat consensus and cash EPS, organic growth, restructuring charges and non-GAAP CF Ops will exceed guidance. Same store organic growth will be double-digit in Q4.
- The company will report Q3 results on October 20. Consensus EPS view is $1.97.
- Separately, CEO Michael Pearson sent a letter to Allergan (AGN +3.7%) chief David Pyott on September 22 proposing that both sides "take the temperature down" and meet face-to-face to discuss Valent's business and the virtues of a combination. Mr. Pyott responded the same day basically saying that his organization's lack of enthusiasm for anything Valeant remains undiminished and that he looks forward to the special meeting of shareholders on December 18.
Sep. 23, 2014, 5:35 PM
Sep. 23, 2014, 2:27 PM
- Pfizer (PFE -0.6%) approached Actavis (ACT +3.3%) to "express its interest in an acquisition," sources tell Bloomberg. However, the news service adds the companies "aren’t currently in formal talks and Pfizer hasn’t made an offer."
- Actavis has spiked on the report. Pfizer, interested in doing a tax inversion deal, made a rejected bid to acquire AstraZeneca earlier this year. Actavis was reported yesterday to have made a rejected offer for Allergan (AGN +1.4%), which is reportedly in advanced talks to buy Salix.
- Yesterday, the Treasury Department announced it's close to finalizing rules meant to discourage U.S. companies from doing inversion deals.
Sep. 23, 2014, 10:23 AM
- In a letter to Allergan's (AGN +2.1%) board, Pershing Square's Bill Ackman says he'll sue the company for breaching its fiduciary duties if it follows through on its rumored acquisition of Salix Pharmaceuticals (SLXP +5.5%) without a shareholder vote. He claims that its attempts at acquisitions are desperate actions to thwart Valeant's (VRX +0.7%) takeover bid.
Sep. 22, 2014, 6:27 PM
- The WSJ reports Allergan (NYSE:AGN) is "in advanced talks" to buy Salix (NASDAQ:SLXP) in an all-cash deal after turning down an offer from Actavis (NYSE:ACT). The paper adds an Allerga/Salix deal, meant to thwart Valeant's (NYSE:VRX) hostile bid for Allergan, could be announced "late this week or next."
- A source says Actavis is still interested in buying Allergan, but only through a "friendly" deal. Whereas Valeant has suggested it would pare back Allergan's R&D spend should its hostile bid succeed, Actavis has reportedly promised to keep Allergan's R&D spend intact.
- The WSJ originally reported of Allergan's interest in Salix in August. Soon after that, Bloomberg reported talks were "dormant" for the time being.
- SLXP +15.8% AH. AGN +1.4%. ACT +0.6%.
Sep. 17, 2014, 7:25 AM
- Some large Salix Pharmaceuticals (NASDAQ:SLXP) shareholders would rather the company back out of its proposed acquisition of Cosmo Pharmaceuticals and try to sell itself to a larger pharma company like Actavis (NYSE:ACT) or Allergan (NYSE:AGN). Investors controlling at least 25% of SLXP shares are threatening to vote down the deal. A majority must approve it for it to proceed.
- They believe that an inversion deal with Cosmo will make it more difficult to find a buyer for Salix, whose market cap is just shy of $10B.
- Under the terms of the merger, Salix shareholders would own 80% of a jointly-held Irish unit and Cosmo the rest. If Salix backs out, it would have to pay a relatively-modest $25M break-up fee.
- Salix has had a good year in 2014. Shares are up 73% year-to-date.
Sep. 16, 2014, 2:08 AM
- Allergan (NYSE:AGN) has reached an agreement with Bill Ackman's Pershing Square and Valeant (NYSE:VRX) to hold a special shareholder meeting on the originally planned date, Dec. 18.
- After lining up investors who own a combined 35% of Allergan to support the meeting, Ackman is hoping to replace most of the company's board members with his own nominees, and win support for the takeover offer.
- Subsequently, Pershing Square and Valeant have dismissed their lawsuit against Allergan over the timing of the meeting.
Sep. 15, 2014, 12:05 PM
- Barron's Ben Levisohn believes that AstraZeneca (AZN +0.7%) remains a solid target for Pfizer (PFE +0.9%) citing the tax inversion appeal, the ability to free up its ex-U.S. cash and AZN's robust pipeline.
- He also believes Actavis (ACT -0.2%) is an equally compelling target due to its lower risk and good fit with Pfizer's Global Established Product unit while offering the tax inversion pathway and access to ex-U.S. cash as well.
Allergan Plc operates as an investment holding company. It is a global, integrated specialty pharmaceutical company focused on developing, manufacturing and distributing generic, brand, brand generic, over-the-counter and biosimilar products. The company operates through the following segments:... More
Industry: Drug Manufacturers - Other
Country: United States
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