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Oct. 22, 2015, 6:09 AM
- Perrigo (NYSE:PRGO): Q3 EPS of $1.76 beats by $0.03.
- Revenue of $1.34B (+40.8% Y/Y) misses by $80M.
Oct. 14, 2015, 1:09 PM
- Mylan (MYL +1.4%) executives did their best to sell the merits of the company's hostile bid for Perrigo (PRGO +1.2%) but some analysts were not inspired.
- RBC's Randall Stanicky thinks Mylan's rationale "falls short on several points." In particular, he cites Mylan's assertion that Perrigo's "unaffected" stock price is ~$129 (currently exchanging hands at $160) implying a 13x P/E (2017).
- Jeffries' David Steinberg states that "although some of Mylan's arguments were thoughtfully presented...most failed to resonate...we continue to see lackluster financial/strategic benefits for Perrigo and Mylan's presentation ultimately failed to convince us that tendering would be the right move for fundamentally focused PRGO investors." Adding, "...we believe Mylan's analysis conspicuously overlooks the meager share price premium being offered - particularly since we're not sure we agree with Mylan's calculation of Perrigo's "unaffected" share price."
- Leerink's Jason Gerberry cites "several deal uncertainties that were not addressed" in the presentation, specifically how Mylan expects to achieve the cost synergy target of $800M and whether Mylan has the support of 80% of Perrigo shareholders considering that merger arbs own as much as 25% of PRGO per recent 13-F filings. He also cites the disagreement between the companies regarding Irish takeover law and the inability of his group to find any statutory provisions that support Mylan's view on the issue.
- Mylan's most recent bid for Perrigo was $75 per share in cash plus 2.3 shares of MYL for each PRGO share. Based on a recent price for MYL, the value of the offer is $171.60, representing a premium of only 7% for PRGO shareholders.
Oct. 13, 2015, 4:39 PM
Oct. 5, 2015, 12:10 PM
- Perrigo (PRGO +0.3%) exclusively licenses Flamel Technologies' (FLML +1.5%) LiquiTime. The platform will be used to develop a portfolio of extended release suspension products targeted to the U.S. OTC market. Specific financial terms are not disclosed.
- LiquiTime, a liquid suspension of small drug-coated microparticles, can be applied to a wider range of medicines than ion exchange resin technology.
Sep. 22, 2015, 7:06 PM
- Drugmaker Mylan (MYL -3.1%) -- in the middle of a contentious hostile pursuit of Perrigo (PRGO -1.6%) -- has countersued Perrigo over "serious misstatements" it's made about the $27B tender.
- Those statements were in the lawsuit that Perrigo filed last Thursday, which sought to block any tender offer unless Mylan corrected its misleading statements about the merger.
- Since an April 8 bid, Perrigo stock is down 10.3%; Mylan is down 29.6% over the same period. Shares of both companies are flat in after-hours action.
Sep. 22, 2015, 8:55 AM
- The FDA approves Perrigo's (NYSE:PRGO) generic version of Valeant Pharmaceuticals' (NYSE:VRX) BenzaClin Topical Gel. The commercial launch will begin immediately.
- BenzaClin Topical Gel (clindamycin phosphate 1% and benzoyl peroxide 5%) is indicated for the topical treatment of acne vulgaris. Combined U.S. sales of the branded and generic products for the 12-month period ending in July were $231M.
Sep. 17, 2015, 7:05 AM
- As expected, Perrigo's (NYSE:PRGO) Board of Directors unanimously determines that Mylan's (NASDAQ:MYL) $27.1B bid for the company is inadequate and substantially undervalues the company. In a letter to shareholders, President, CEO & Chairman Joseph Papa urges them not to tender shares.
- Perrigo will host a conference call this morning at 8:00 am ET to discuss the situation.
Sep. 9, 2015, 10:29 AM
- BioLineRx (BLRX -0.9%) announces that commercialization partner Omega Pharma, now part of Perrigo (PRGO +0.1%), has submitted an application for CE Mark clearance for BL-5010, for the non-surgical removal of skin lesions.
- BL-5010, an over-the-counter medicine, offers a novel method for removing seborrheic keratosis and other skin lesions without surgery and anesthesia. It is applied topically to the lesion which causes it to dry out and fall off within one to four weeks.
Sep. 8, 2015, 11:49 AM
- Mylan N.V. (MYL +0.5%) intends to start its $27.1B hostile takeover of Perrigo (PRGO +1.3%) on Monday, September 14 when it will ask the latter's shareholders to accept the proposal that management rejected.
- Mylan's offer is $75 in cash plus 2.3 MYL shares for each PRGO share, which values the deal at $185.52 per share or a 2.6% premium to this morning's price of $180.90.
- Mylan Chairman Robert Coury says, "We are confident that Perrigo shareholders see that our offer provides superior immediate value as well as long-term, sustainable value creation."
Aug. 28, 2015, 8:36 AM
- Perrigo (NYSE:PRGO) is confident its shareholders will reject Mylan's (NASDAQ:MYL) planned unsolicited offer to acquire the company.
- "We are confident that most of them [shareholders] believe that Mylan's offer substantially undervalues Perrigo and would dilute our growth profile and superior valuation," Perrigo CEO Joseph Papa said.
- Mylan intends to launch a formal offer to Perrigo shareholders in the coming weeks.
- Previously: Mylan shareholders support acquisition of Perrigo (Aug. 28 2015)
Aug. 28, 2015, 8:03 AM
- Mylan (NASDAQ:MYL) shareholders have overwhelmingly approved the proposed acquisition of Perrigo (NYSE:PRGO) and the related issuance of common stock to the latter's shareholders.
- Mylan now intends to launch a formal offer to Perrigo shareholders in the coming weeks.
- Previously: Mylan's vote on Perrigo approaches (Aug. 28 2015)
Aug. 28, 2015, 2:47 AM
- Mylan (NASDAQ:MYL) shareholders are scheduled to vote today on a matter related to its $36B hostile takeover bid for pharmaceutical company Perrigo (NYSE:PRGO).
- The vote - on whether Mylan can issue new stock for the offer - will be a critical step in moving forward with that bid.
- Although proxy advisory firm ISS has recommended that investors vote no, two of Mylan's biggest shareholders have already publicly supported the deal.
Aug. 25, 2015, 5:35 PM
- investors should stick with "market darlings" - the 25 stocks that had performed the best during the six months before a market pullback - according to the analyst team at RBC.
- The firm notes that although many recent winners are leading the market lower, the extent of the underperformance is just 1%; it also says investing in the group following sharp market pullbacks is a winning strategy over the ensuing week, month and six months.
- RBC's 25 market darlings are AET, ALTR, AMZN, AIZ, CVC, CI, CAG, EA, EQIX, EXPE, GME, GOOGL, HAS, HCA, MNST, NFLX, NKE, PRGO, REGN, SBUX, TSO, TWC, TSS, UA, UHS
Aug. 25, 2015, 3:57 PM
- Generic drugmaker Mylan's (NASDAQ:MYL) $35.1B hostile offer for Perrigo (NYSE:PRGO) is staying fairly hostile, as Perrigo chief Joseph Papa wrote shareholders today charging Mylan with threatening to delist Dublin-based Perrigo, from “every stock exchange, even if 49 percent of our holders say no to its offer."
- He's still highly negative about Mylan's change to acceptance conditions for the deal, to a 50% threshold from the previous 80%.
- Parts of Papa's statement may have misled shareholders or the market, in violation of rules, the Irish Takeover Panel says. Mylan responded with a statement calling Perrigo's comments "misleading."
- Separately, Mylan has launched a generic form of Pfizer's anti-infection injection Zosyn in the U.S., and noted that the Patent and Trademark Office has opened a review of the validity of two Copaxone patents licensed to Teva. Mylan sees its generic version of the multiple sclerosis treatment as "an exciting first-to-file opportunity."
- Previously: Shareholder vote advisor recommends Mylan investors nix Perrigo deal (Aug. 14 2015)
- Previously: Perrigo less than thrilled with Mylan's threshold-lowering maneuver (Aug. 13 2015)
Aug. 17, 2015, 3:34 PM
- With a rack of 13F filings on the weekend disclosing Q2 holdings, it turns out that Time Warner Cable (TWC +2.1%) was among the top adds by hedge funds and influential investors.
- The company -- in the long process of being acquired by Charter Communications (CHTR +3.6%) -- got new stakes from 7.7% of filers, according to WhaleWisdom.com, which tracks 196 funds. Among those, Soros Fund Management took a 1.45M-share position.
- Only Perrigo (PRGO +0.6%) was added by more filers, at 10.2%. Investors filing that they had opened new buys of TWC came to 16.7M shares added in aggregate.
- On the other hand: TWC was also eliminated by the highest percentage of filers -- 6.6%, getting rid of 8.89M shares. On a net basis, acquisitions of shares still outnumbered dispositions. The second-biggest stock eliminated was Applied Materials (AMAT +2.3%), cut by 6.1% of filers who shed 28.36M shares in aggregate.
- Previously: Buffett 13-F and media: Bought Charter, cut stake in Viacom (Aug. 14 2015)
- More 13F coverage
Aug. 14, 2015, 9:08 AM
- Saying the deal faces too many hurdles, influential shareholder vote advisor Institutional Shareholder Services (ISS) recommends that Mylan (NASDAQ:MYL) stockholders vote against the company's bid for Perrigo (NYSE:PRGO).
- In a report issued today, ISS cites "unreasonable uncertainties" that PRGO shareholders will reject the offer (not surprising), not least because the current value of Mylan's stock-and-cash bid is now worth only $200 compared to $232 when it was announced.
- Mylan shareholders are scheduled to vote on the deal on August 28.
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