Valeant And Allergan Are Not A Match Made In Heaven
Paul Nouri, CFP
Paul Nouri, CFP
Actavis Generics: A 2-Year Ticket To Insolvency?
Graham Osborn • 48 Comments
Graham Osborn • 48 Comments
The Preferred Way To Play The Allergan-Pfizer Break Up
Andrew Walker, CFA • 56 Comments
Andrew Walker, CFA • 56 Comments
Tue, Apr. 5, 9:17 PM
- Pfizer (PFE +2.2%) and Allergan (AGN -15%) are set to mutually terminate their merger in the morning, David Faber reports in news that's not entirely unexpected.
- The change to tax inversion regulations gave the deal a "death blow," he says.
- Updated 9:46 p.m.: Pfizer will pay Allergan a $400M breakup fee in keeping with the companies' agreement.
- Previously: Pfizer mulling backing out of Allergan deal (Apr. 05 2016)
- Previously: Allergan -19% following Secretary Lew’s remarks on corporate tax inversions (Apr. 05 2016)
- Now read Pfizer Is A Winner With Or Without Allergan »
Tue, Apr. 5, 1:46 PM
- According to sources, Reuters reports that Pfizer (PFE +3.2%) is leaning toward abandoning the Allergan (AGN -16.4%) deal if the tax benefits are not there.
- Previously: Allergan -19% following Secretary Lew’s remarks on corporate tax inversions (April 5)
Tue, Apr. 5, 12:45 PM
Tue, Apr. 5, 9:16 AM
Mon, Apr. 4, 5:42 PM
Thu, Mar. 31, 10:10 AM
- The U.S. Federal Trade Commission (FTC) has filed a complaint in federal court accusing Endo International (ENDP -4.3%) unit Endo Pharmaceuticals and several other drug firms of using pay-for-delay deals to block the market launch of lower-cost generic versions of pain med Opana ER (oxymorphone HCl) and shingles pain patch Lidoderm (lidocaine patch 5%).
- The FTC's suit alleges Endo paid the first filers, Impax Laboratories (IPXL -1%) and Watson Laboratories (AGN -0.2%), to delay the launches of their versions of the two products. The complaint seeks a court judgement declaring that the defendants' conduct violated antitrust laws, the disgorgement of their ill-gotten gains and a permanent injunction barring them from future anti-competitive behavior.
- In 2010, Endo alleged paid Impax more than $112M to delay the launch of its generic version of Opana ER until January 2013. Opana ER sales in 2012 were more than $250M. In May 2012, Endo and its partners Teikoku Seiyaku Co. Ltd. and Teikoku Pharma USA allegedly paid Watson hundreds of millions of dollars, including $96M of free Lidoderm product, to delay the launch of its generic version of Lidoderm, a $1B business at that time, until September 2013. For the first 7 1/2 months after September 2013, Endo made a deal with Watson not to market its own generic version which enabled Watson to be the only generic supplier on the market.
- The charges against the Japanese firms has been settled via a stipulated order for permanent injunction that prohibits the Teikoku entities from engaging in certain types of reverse-payment agreements for 20 years.
Wed, Mar. 30, 1:19 PM
- The U.S. Federal Trade Commission (FTC) has requested additional information (called a second request) from Pfizer (PFE) and Allergan (AGN +0.4%) concerning their pending combination. It is a routine and entirely expected event. The companies will, of course, respond promptly.
- Previously: Pfizer and Allergan agree to merge (Nov. 23, 2015)
Wed, Mar. 16, 8:23 AM
- Allergan (NYSE:AGN) announces that its once-daily oral atypical antipsychotic medication, VRAYLAR (cariprazine) is now available in pharmacies throughout the U.S. The FDA cleared it in September for the treatment of acute manic or mixed episodes of bipolar I disorder and schizophrenia in adults.
- Bipolar I disorder, also known as manic-depressive illness, and schizophrenia affect ~8.5M Americans.
- Previously: FDA clears Allergan's VRAYLAR antipsychotic for mental health disorders (Sept. 17, 2015)
Thu, Mar. 10, 2:20 AM
- Teva Pharmaceutical (NYSE:TEVA) is expected to win EU antitrust approval today for its $40.5B bid for Allergan's (NYSE:AGN) generics unit after agreeing to sell off some of its products to appease regulators, Reuters reports.
- How much is being sold? Sources previously told the news agency that global assets worth about $1B would be unloaded to secure the green light.
- The deal, the largest in Israel's corporate history, would see Teva gain bigger economies of scale, a crucial element in the low-margin generic drugs business.
Wed, Feb. 24, 8:13 AM
- The FDA accepts under Priority Review Allergan's (NYSE:AGN) supplemental New Drug Application (sNDA) seeking expanded use for its combination antibiotic AVYCAZ (ceftazidime and avibactam). The new labeling, if approved, will include data from two Phase 3 studies that assessed the safety and efficacy of AVYCAZ, in combination with metronidazole, for the treatment of complicated intra-abdominal infections (cIAI), including patients with infections due to ceftazidime-nonsusceptible pathogens.
- The company expects the agency to act on its filing in Q2. AVYCAZ is designated a Qualified Infectious Disease Product (QIDP) for the indication which makes it eligible for an additional five years of market exclusivity if approved.
- The FDA approved AVYCAZ in February 2015 for the treatment of adults with cIAI or complicated urinary tract infections (cUTI) who have limited or no alternative treatment options. The narrow indication was necessary because only Phase 2 data supported the NDA.
Mon, Feb. 22, 9:31 AM
- Allergan (AGN +1.9%) Q4 results: Revenues: $4,197.5M (+73.8%); R&D Expense: $430.6M (+81.6%); SG&A: $1,326.5M (+46.0%); Operating Loss: ($540.3M) (+44.9%); Net Loss: ($769.1M) (+22.0%); Loss Per Share: ($2.13) (+52.5%); Non-GAAP EPS: $3.41 (+32.7%).
- FY2015 results: Revenues: $15,071M (+123.6%); R&D Expense: $2,358.5M (+289.4%); SG&A: $4,679.6M (+91.2%); Operating Loss: ($3,014.5M) (-23.3%); Net Loss: ($2,868.3M) (-19.2%); Loss Per Share: ($8.44) (+23.0%); Non-GAAP EPS: $13.43 (+78.1%); Quick Assets: $1,105.3M (+340.4%).
- No guidance given.
Mon, Feb. 22, 7:32 AM
Sun, Feb. 21, 5:30 PM
Fri, Feb. 19, 6:20 AM
- According to EU regulators, Teva Pharmaceutical (NYSE:TEVA) has offered concessions to allay antitrust concerns over its $40.5B bid for Allergan's (NYSE:AGN) generics unit.
- "Commitments have been submitted and the new legal deadline is set on 10 March," European Commission spokesman Ricardo Cardoso said in an email.
- Acquiring the Actavis generic business would strengthen Teva's position as the world's largest generics drugmaker.
Tue, Feb. 16, 12:35 PM
- The FDA accepts for review Allergan's (AGN +0.8%) supplemental New Drug Application (sNDA) seeking clearance of TEFLARO ( ceftaroline fosamil) for the treatment of acute bacterial skin and skin structure infections (ABSSSI) in children at least two months old. It was originally cleared in the U.S. in October 2010 for use in adults at least 18 years of age.
- Allergan acquired the rights to TEFLARO via the Actavis takeover consummated in March 2015. Actavis acquired the rights via its takeover of Forest Labs finalized in July 2014. Forest acquired the rights via its takeover of developer Cerexa finalized in January 2007.
Fri, Feb. 12, 6:58 PM
- In today's 13F filing, Daniel Loeb and his Third Point hedge fund indicated they took a new Q4 position of 3M shares in Morgan Stanley (NYSE:MS) -- stock that rose 6.4% today, but is down 27.4% YTD.
- Third Point raised its stake in Allergan (AGN +1.9%) by 47%, to 5.4M shares, and in Dow Chemical (DOW +2%) by 7%, to 25.2M shares.
- Another new position is in Axalta Coating Systems (AXTA -0.3%): 2.4M shares.
- Reuters notes that it saw a Loeb letter where he acknowledged that along with cutting stakes in companies exposed to China and commodity prices, Third Point raised its short positions to defend itself against tumbling markets.
- "A renewed focus on generating alpha on both sides of the portfolio has led us to increase single-name equity shorts by four-fold over the past year," Loeb wrote. "Our total equity short exposure is nearly $4.5 billion today."
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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