Thu, Apr. 21, 5:11 PM
- Baxter International (NYSE:BAX) commences an offer to exchange up to 12.8M shares of Baxalta (NYSE:BXLT), representing a 1.9% stake, that are currently owned by Baxter for common Baxter shares. Following the offer, Baxalta will be wholly independent.
- Baxter shareholders should receive ~$107.52 of Baxalta common stock for every $100 of Baxter stock tendered. The offer will expire at 11:59 pm ET on May 18, unless extended or terminated.
- Baxter currently holds a total of 30,506,097 shares of Baxalta (4.5% stake). It intends to make a contribution to its pension fund or distribute the shares as a special dividend to stockholders for all the shares not tendered, thereby reducing its stake in Baxalta to zero.
- If Shire's (NASDAQ:SHPG) takeover of Baxalta is finalized, each BXLT share will be converted to the right to receive both $18.00 in cash and 0.1482 of an American Depositary Share (ADS) of Shire. BXLT shareholders also have the option to convert each share into 0.4446 of a Shire ADS. The merger should be consummated in early June.
- BXLT closed today at $41.08, BAX at $43.01.
- Update: In a May 4 press release, Baxter announced that it increased the size of the exchange to 13,360,527 shares. All other terms and conditions remained unchanged.
- Update: The final exchange ratio was 1.1591, announced on May 17.
Fri, Apr. 15, 11:46 AM
- Celator Pharmaceuticals (CPXX +4.6%) initiated with Buy rating and $24 (63% upside) price target by Needham.
- Retrophin (RTRX -1.7%) initiated with Outperform rating and $25 (67%upside) price target by BMO Capital.
- Fate Therapeutics (FATE -3.2%) initiated with Outperform rating and $4 (85% upside) price target by BMO Capital.
- Tobira Therapeutics (TBRA +4.4%) initiated with Buy rating and $22 price target by H.C. Wainwright.
- Wright Medical Group (WMGI +2.4%) initiated with Buy rating and $23 (21% upside) price target by Bank of America.
- Cleveland Research rates UnitedHealth Group (UNH -0.9%) a Buy with a $155 (22% upside) price target; Anthem (ANTM -0.5%) a Buy with a $170 (20% upside) price target and Aetna (AET -0.4%) Neutral with a $120 (10% upside) price target.
- Glaukos (GKOS +0.3%) initiated with Hold rating by Stifel.
- Baxter International (BAX -0.3%) upgraded to Overweight from Neutral by Piper Jaffray. Price target raised to $58 (36% upside) from $39.
- Baird upgrades Exactech (EXAC +0.7%) to Outperform from Neutral and raises the price target to $26 (18% upside) from $21. Stryker (SYK -0.9%) downgraded to Neutral from Outperform and raises the price target to $116 (6% upside) from $111.
- Tenet Healthcare (THC -2.5%) upgraded to Positive from Neutral by Susquehanna.
- Clovis Oncology (CLVS -1.5%) downgraded to Neutral from Overweight by JP Morgan. Price target lowered to $15 (7% upside) from $42.
- AstraZeneca (AZN +0.3%) downgraded to Sell from Neutral by Goldman Sachs. Price target lowered to 3,700p (11% downside risk) from 4,400p.
- Intercept Pharmaceuticals (ICPT +0.2%) downgraded to Underweight from Equal Weight by Morgan Stanley. Price target lowered to $80 (48% downside risk) from $100.
Thu, Mar. 17, 6:27 AM
- The FDA approves Bayer's (OTCPK:BAYRY) KOVALTRY Antihemophilic Factor (Recombinant), an unmodified full-length factor VIII compound for the treatment of children and adults with hemophilia A. KOVALTRY can be used two to three times per week in adolescents and adults and up to every other day in children.
- Hemophilia A, or factor VIII deficiency, affects 16,000 Americans.
- KOVALTRY was cleared in the EU and Canada in February.
- Related tickers: (NYSE:BXLT)(NYSE:BAX)(OTCQX:RHHBY)(NASDAQ:DMTX)(NYSE:SNY)(NASDAQ:ALNY)(NASDAQ:BIIB)(NYSE:OPK)(NASDAQ:SGMO)
Wed, Mar. 16, 6:54 PM
- Baxalta (NYSE:BXLT) prices the secondary offering of 63,823,582 common shares currently held by Baxter (NYSE:BAX) at $37.75. As previously announced, the equity will be exchanged for debt currently held by institutional investors, reducing Baxter's stake in Baxalta to 4.5% from 13.8%.
- Today's close was $38.05.
- Previously: Baxalta files to sell $2.3B worth of shares owned by Baxter (March 11)
Fri, Mar. 11, 6:32 PM
- Baxalta (NYSE:BXLT) has filed to offer $2.34B worth of shares owned by former parent Baxter (NYSE:BAX). As part of the offering, Baxter will exchange some of the 94.3M Baxalta shares it still owns (13.8% stake) for debt owned by the offering underwriters.
- In September, Baxalta filed to sell $1.45B worth of shares owned by Baxter. Baxter has said it plans to fully unload its Baxalta stake via debt-for-equity exchanges.
- Update: Baxalta commences a $2.34B debt-for-equity exchange for shares owned by Baxter that will reduce Baxter's stake in Baxalta to 5.1% from 13.8%. Baxalta will take ownership of Baxter debt currently held by institutional investors.
Mon, Mar. 7, 7:05 AM
- The FDA approves CSL Behring's IDELVION [Coagulation Factor IX (Recombinant), Albumin Fusion Protein] for the routine prophylaxis of hemophilia B in children and adults to prevent or reduce the frequency of bleeding episodes, on-demand control and prevention of bleeding episodes and the perioperative (around the time of surgery) management of bleeding.
- IDELVION's principal value proposition is 14-day dosing. This is achieved via the maintaining of high levels of factor activity, above 5% over 14 days at 75 IU/kg.
- IDELVION will be available later this month.
- Related tickers: (NASDAQ:BIIB)(NYSE:NVO)(NASDAQ:DMTX)(NASDAQ:QURE)(NASDAQ:SGMO)(NYSE:BAX)
Mon, Feb. 22, 7:59 AM
- As expected, the European Commission approves Bayer's (OTCPK:BAYRY) unmodified full-length recombinant factor VIII product, Kovaltry, for patients of all ages with hemophilia A. Clinical studies showed patients receiving Kovaltry two - three times per week were able to control bleeds and experienced protection from bleeds. The European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion in January recommending approval.
- The company is pursuing regulatory clearance in major markets worldwide.
- Previously: European Ad Comm back Bayer's BAY 81-8973 for hemophilia A (Jan. 4)
- Related tickers: (NYSE:BXLT)(OTCQX:RHHBY)(NASDAQ:DMTX)(NYSE:SNY)(NASDAQ:ALNY)(NASDAQ:BIIB)(NYSE:OPK)(NASDAQ:SGMO)(NYSE:BAX)
Tue, Feb. 16, 6:24 PM
- In its Q4 13-F, David Einhorn's Greenlight Capital has disclosed a 380K-share stake in YELP, a 5.2M-share stake in AvanGrid (NYSE:AGR), and a 500K-share stake in Baxter (NYSE:BAX).
- As previously disclosed, Greenlight opened positions in Macy's and Mylan; the respectively firm owned 6.7M and 2.9M shares at the end of Q4. A 4M-share position in BNY Mellon (NYSE:BK) was unloaded.
- AGR +2.2% after hours. Yelp is up modestly.
Tue, Feb. 16, 8:27 AM
Tue, Feb. 2, 8:37 AM
- Baxter International (BAX) Q4 results: Revenues: $2,603M (-6.7%); R&D Expense: $161M (+3.2%); SG&A: $733M (-14.8%); Operating Income: $178M (-6.8%); Net Income: $190M (+49.6%); EPS: $0.34 (+47.8%); Non-GAAP EPS: $0.43 (+53.6%).
- FY2015 results: Revenues: $9,968M (-7.0%); R&D Expense: $603M (-1.1%); SG&A: $3,094M (-6.7%); Operating Income: $449M (-31.6%); Net Income: $400M (-12.5%); EPS: $0.73 (-12.0%); Non-GAAP EPS: $1.38 (+7.8%).
- Q1 Guidance: EPS before special items: $0.28 - 0.30.
- 2016 Guidance: EPS before special items: $1.46 - 1.54.
Tue, Feb. 2, 7:03 AM
- Baxter (NYSE:BAX): Q4 EPS of $0.43 beats by $0.11.
- Revenue of $2.6B (-6.8% Y/Y) beats by $50M.
Mon, Feb. 1, 5:30 PM
Nov. 23, 2015, 8:19 AM
- The European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) adopts a positive opinion recommending approval of Baxalta's (NYSE:BXLT) ONCASPAR (pegaspargase) as a component of combination chemotherapy in pediatric and adult patients with acute lymphoblastic leukemia.
- Oncaspar is a first-line biologic used as a component of a multi-agent chemotherapy regimen to treat acute ALL. It is an asparagine-specific enzyme that kills certain leukemic cells by depleting plasma asparagine. Some leukemic cells need exogenous asparagine to survive because they lack the essential enzyme to synthesize it themselves.
- Baxter International (NYSE:BAX) acquired it in May 2015 from Italy's Sigma-Tau Finanziaria S.p.A. for $900M.
- ALL accounts for more than 80% of all cases of childhood leukemia. There are as many a 5K new cases of ALL in Europe each year.
Nov. 10, 2015, 9:04 AM
- Baxter (NYSE:BAX) declares $0.115/share quarterly dividend, in line with previous.
- Forward yield 1.22%
- Payable Jan. 4; for shareholders of record Dec. 4; ex-div Dec. 2.
Oct. 28, 2015, 4:53 PM
Oct. 27, 2015, 9:19 AM
- Baxter International (BAX) Q3 results: Revenues: $2,487M (-8.2%); COGS: $1,453M (-4.2%); R&D Expense: $148M (-0.7%); SG&A: $794M (-4.0%); Operating Income: $92M (-57.6%); Net Income: $2M (-98.9%); EPS: $0.00.
- Q4 Guidance: GAAP EPS: $0.23 - 0.25; EPS before special items: $0.30 - 0.32.
- H2 Guidance: GAAP EPS: $0.58 - 0.60; EPS before special items: $0.71 - 0.73 from $0.58 - 0.62.
Baxter International, Inc. produces and supplies specialized medical products including biopharmaceuticals and medical equipment. It operates business through two segments: Hospital Products and Renal. The Hospital Products business manufactures products used in the delivery of fluids and drugs... More
Industry: Medical Instruments & Supplies
Country: United States
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