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Yesterday, 9:13 AM
- Gainers: DDD +15%. AG +14%. FSM +13%. TRIP +12%. MUX +11%. AUY +11%. SBGL +11%. GFI +10%. AGI +10%. LC +10%. GG +10%. CDE +9%. EGO +9%. KGC +9%. HMY +9%. IAG +9%. EXPE +8%. ABX +8%. NEM +8%. SLW +8%. SSRI 8%. AU 7%. AEM 7%. HL 7%. NG 7%. CSCO 6%. SKX 5%.
- Losers: FLO -18%. INCY -15%. SFL -13%. MYL -13%. BTU -13%. ZNGA -13%. SNOW -11%. IFF -10%. ELMD -9%. AVP -8%. CS -7%. BCS -7%. SUNE -6%. CIG -5%. TWTR -6%.
Wed, Feb. 10, 5:40 PM
Wed, Feb. 10, 4:23 PM
Wed, Feb. 10, 4:22 PM
- Mylan N.V. (NASDAQ:MYL) acquires Solna, Sweden-based Meda Aktiebolag for $9.9B, including the assumption Meda debt. The cash-and-stock transaction values the Meda equity at $7.2B, with the cash portion at $5.7B.
- The deal will be immediately accretive to Mylan's earnings, adding $0.35 - 0.40 in 2017 and enabling the achievement of non-GAAP EPS of $6.00 a year earlier also in 2017.
- The combined company's 2015 sales were $11.8B with non-GAAP EBITDA of ~$3.8B generated by over 2,000 products sold in more than 165 markets worldwide. Meda's 2015 results were sales of $2.3B and non-GAAP EBITDA of $768M.
Tue, Feb. 9, 5:35 PM
- AEL, AEM, AFFX, ANDE, APDN, BGC, BRKR, CDE, CGNX, CLW, CNO, CSCO, CSOD, CTL, CUZ, CXW, CYS, EFX, ENSG, EXPE, FLO, FMC, FNF, FORR, GHDX, GPRE, HDP, HNI, HUBS, IFF, IO, IRBT, JCOM, KGC, LGND, LOCK, LPSN, MOSY, MYL, NSIT, O, OHI, OII, ORLY, PPC, PRI, PRU, PXD, QUIK, REG, RYN, SB, SCI, SKX, TCO, TSLA, TTGT, TWTR, VNDA, WFM, ZNGA
Tue, Jan. 12, 6:58 AM
- Mylan N.V. (NASDAQ:MYL) submits its Abbreviated New Drug Application (ANDA) to the FDA seeking clearance for a generic version of GlaxoSmithKline's (NYSE:GSK) COPD product Advair Diskus (fluticasone propionate 100, 250, 500 mcg and salmeterol 50 mcg inhalation powder).
- The respiratory space is Glaxo's most important, accounting for 40% of its pharmaceutical sales through Q3 2015.
Fri, Jan. 8, 12:44 PM
- Momenta Pharmaceuticals (MNTA +3.3%) and Mylan (MYL -2.6%) subsidiary Mylan Ireland Ltd. enter into an exclusive global collaboration agreement to develop, manufacture and commercialize six of Momenta's biosimilar candidates, including M834, a biosimilar to Bristol-Myers Squibb's (BMY -1.6%) ORENCIA (abatacept).
- Under the terms of the deal, Momenta will receive an upfront payment of $45M. The companies will equally share costs and profits with Mylan funding part of its share of costs through six contingent early development milestone payments totaling up to $200M across all six candidates.
- Mylan will have an exclusive license to the products for all indications. In general, Momenta will be responsible for pre-clinical and early-stage clinical development, additional clinical development (Phase 3) of M834 and regulatory activities in the U.S. through approval. Mylan will be primarily responsible for late-stage development of the candidates, other than M834, regulatory activities ex-U.S. and post-approval regulatory activities in the U.S.
- Mylan will commercialize all products, but Momenta has the option to co-commercialize, in a supporting role, any U.S.-approved product.
Tue, Jan. 5, 11:31 AM
- Joining (TEVA -0.3%), Mylan (MYL +1.4%) launches its generic equivalent to Janssen's (JNJ +0.6%) contraceptive Ortho Tri-Cyclen Lo (norgestimate/ethinyl estradiol) Tablets in the U.S. The branded product generates ~$490M in annual sales.
- Previously: Teva launches generic Ortho Tri-Cyclen Lo in U.S. (Jan. 5)
Dec. 29, 2015, 7:43 AM| Dec. 29, 2015, 7:43 AM
Dec. 22, 2015, 7:54 AM
- Noting significant short interest and recent selloffs, analyst Randall Stanicky makes INSY and SGNT his top "out of consensus" picks for 2016. INSY's short interest is 46% of the float and SGNT's is 4.4%.
- Though M&A will continue next year, there will be greater deal scrutiny and fewer targets, and Stanicky favors the targets vs. the accretive acquirers.
- Mylan (NASDAQ:MYL) and Impax Labs (NASDAQ:IPXL) are seen as most likely to pursue "transformative" deals, while Teva (NYSE:TEVA), Perrigo (NYSE:PRGO), Sagent, Eagle (NASDAQ:EGRX), Depomed (NASDAQ:DEPO), and Endo (NASDAQ:ENDP) are likely to pursue bolt-on purchases.
- Most likely targets: Akorn (NASDAQ:AKRX) and Flexion (NASDAQ:FLXN).
- Top large-cap picks: Endo and Teva.
- Related: 45% Upside For 2016's Top Takeover Target (Dec. 1)
Dec. 7, 2015, 3:07 PM
- The European Patent Office upholds the validity of Teva Pharmaceutical Industries' (TEVA +0.3%) European Patent No. 2405749 covering COPAXONE (glatiramer acetate) 40 mg/mL administered 3x per week. Generics firms Synthon, Actavis and Mylan (MYL -1%) had challenged the patent on various grounds. The ruling is subject to appeal. Teva's patent expires in 2030.
Dec. 4, 2015, 5:48 PM
- Mylan (MYL +0.7%) hit the bond market today, selling $1B in notes in order to fund share repurchases.
- The company will also repay debt with proceeds. Analysts believe, though, that the company risks its rating if it tries an aggressive acquisition.
- Its hostile attempt to buy Perrigo this year was turned away. Standard & Poor's said Mylan is likely to pursue debt-funded buyouts, which could cause credit deterioration.
- "You're starting at a place where you're at the lowest run of high-grade, so there's not a lot of room to fall," says Bloomberg analyst Joel Levington.
- The longest-dated part of the bond sale was $500M in five-year notes at 3.75%, yielding 2.05 percentage points more than similar maturity Treasurys.
- Previously: Mylan OKs $1B in share buybacks (Nov. 16 2015)
Dec. 4, 2015, 8:44 AM
- In a regulatory filing, Mylan N.V. (NASDAQ:MYL) discloses that it received a subpoena from the Antitrust Division of the U.S. Department of Justice (DOJ) seeking information related to the marketing, pricing and sale of its generic Doxycycline products and any communications with competitors concerning such products. The company intends to cooperate fully with the DOJ's inquiry.
Nov. 23, 2015, 2:47 PM
- Goldman Sachs' Hedge Fund VIP list of the 50 most-heavily-owned stocks have trailed the S&P 500 by about 500 basis points (down 2% vs. the S&P's 3% gain) year-to-date, including 720 basis points of underperformance since the start of October (down about 8% vs. down about 1%).
- Call it the Valeant effect: Health-care stocks have accounted for about 70% of the year-to-date 2% decline.
- Based on the most recent filing, hedge funds are bailing on some of their poorer performers, including Valeant (NYSE:VRX), HCA Holdings (NYSE:HCA), Endo (NASDAQ:ENDP), Ally Financial (NYSE:ALLY), and NorthStar Realty (NYSE:NRF), and have instead placed bets on Baidu (NASDAQ:BIDU), Mylan (NASDAQ:MYL), MGM Resorts (NYSE:MGM), and GE.
- After the shakeup, the top five hedge fund hotels: Allergan (NYSE:AGN), Facebook (NASDAQ:FB), Alphabet (GOOG, GOOGL), Time Warner Cable (NYSE:TWC), and Amazon (NASDAQ:AMZN).
Nov. 20, 2015, 1:22 PM
- Sucampo Pharmaceuticals (SCMP -0.3%) initiated with Hold rating and $19 (10% upside) price target by Jefferies.
- BioMarin Pharmaceutical (BMRN -4.8%) initiated with Buy rating and $158 (61% upside) price target; bluebird bio (BLUE +1.2%) with a Buy rating and $165 (104% upside) price target; Incyte (INCY -3.2%) with a Buy rating and $135 (20% upside) price target; Kite Pharma (KITE -0.2%) with a Buy rating and $111 (32% upside) price target and Seattle Genetics (SGEN +0.1%) with a Sell rating and $33 (25% downside risk) price target by Goldman Sachs.
- Mylan (MYL +0.4%) initiated with Overweight rating and $62 (21% upside) price target by Morgan Stanley.
- Athenahealth (ATHN +0.4%) initiated with Overweight rating and $170 (7% upside) price target and Allscripts Healthcare Solutions (MDRX +0.5%) with an Overweight rating and $17 (14% upside) price target by J.P. Morgan.
- Genomic Health (GHDX -0.7%) upgraded to Outperform from Market Perform by Cowen & Co. Price target raised to $35 (21% upside) from $27.
- Shire plc (SHPG -0.9%) upgraded to Outperform from Market Perform by Leerink. Price target raised to $239 (12% upside) from $220.
- Cempra (CEMP -0.5%) upgraded to Overweight from Equal Weight by Morgan Stanley. Price target raised to $38 (30% upside) from $25.
- Athenahealth (ATHN +0.4%) downgraded to Underweight from Equal Weight by Barclays. Price target lowered to $110 (31% downside risk) from $140.
- Osiris Therapeutics (OSIR +1.9%) downgraded to Sell from Hold by Brean Capital. Price target is $8 (25% downside risk).
- Endo International (ENDP -0.3%) downgraded to Neutral from Buy by Mizuho. Price target lowered to $55 from $82 (7% downside risk).
- Kite Pharma (KITE -0.2%) downgraded to Hold from Buy by Standpoint Research. Price target maintained at $100 (19% upside).
Nov. 20, 2015, 9:40 AM
- Mylan (MYL -1.4%) finalizes its acquisition of certain women's healthcare businesses from Mumbai, India-based Famy Care Limited, which will operate as Jai Pharma. The deal includes dedicated hormone manufacturing in addition to a broad portfolio of products. The company will also take on 1,000 employees.
- The transaction will be immediately accretive to Mylan's non-GAAP EPS.
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