Nov. 13, 2015, 9:14 AM
Nov. 13, 2015, 7:54 AM
- To no one's surprise, it appears that Mylan (NASDAQ:MYL) will come up short in its effort to get Perrigo (NYSE:PRGO) stockholders to tender at least 50% of the company's outstanding shares by this morning. The deal was $75 in cash plus 2.3 MYL shares for each PRGO share. Based on yesterday's closing prices, Mylan's bid is valued at $174.36, a modest 11.4% premium over Perrigo's closing price of $156.55.
- PRGO shareholders appear to agree that Mylan's bid was too low.
- In premarket trading, MYL is up 11% and PRGO is down 11%, both on robust volume.
Oct. 30, 2015, 5:19 PM
- Mylan (MYL -3.7%), down 0.2% after hours, says in its 10-Q filing that on Sept. 10, it got a subpoena from the SEC "seeking documents with regard to certain related party matters."
- "Mylan is cooperating with the SEC in its investigation, and we are unable to predict the outcome of this matter at this time," the company says of the subpoena.
- Mylan issued a Friday night document dump related to its hostile Perrigo (PRGO -4.9%) bid.
- Perrigo reacted predictably to Mylan's latest earnings presentation, again calling the offer "grossly inadequate" and saying the presentation appeared "PRGO)+Comments+on+Mylan+(NASDAQ:MYL)+Presentation%3B+Says+it+Appeared+Unconvincing/11020465.html" target="_blank">unconvincing." Perrigo still strongly recommends its shareholders avoid tendering into Mylan's deal.
- "Mylan is avoiding the real measures that shareholders look to, such as actual takeover premiums and Perrigo's durable high trading multiple, and instead invents new concepts – such as 'hypothetical' share prices and 'accretion' to target shareholders," Perrigo's statement read.
- Previously: Perrigo strikes out with NY court in attempt to block Mylan bid (Oct. 30 2015)
- Previously: Mylan fails to impress analysts on the merits of its bid for Perrigo (Oct. 14 2015)
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.
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
Apr. 21, 2015, 8:48 AM
- 50% stock and 50% cash
- Expected to be significantly accretive to Teva non-GAAP EPS, starting in the mid-teens in year 1 and approaching 30% by year 3.
- Teva/Mylan product offerings would create a combined pipeline of over 400 pending ANDAs and over 80 first-to-files in the U.S.
- MYL +9.3% premarket to $74.40. TEVA +2.8% premarket.
- Previously: Bloomberg: Teva offer for Mylan could come today (Apr. 21)
- Previously: Mylan says rumored Teva marriage would not makes sense (Apr. 20)
- Related: Why Does Mylan Want To Buy Perrigo? (Apr. 9)
Apr. 17, 2015, 2:30 PM
- The WSJ and Bloomberg report Teva (TEVA +3.4%) is weighing a bid to acquire fellow generic drug giant Mylan (MYL +5.5%), while adding no decision has been made yet. Shaes of both companies have spiked higher.
- Bloomberg's sources state Teva "hasn't made a formal approach yet," though Mylan is aware of Teva's interest. Many analysts have long expected Teva to go after Mylan, given many perceived top and bottom-line synergies. Teva is currently worth $66.2B, and Mylan $34.3B.
- Perrigo (PRGO -2.8%), which Mylan announced a $28.9B ($205/share) bid for last week, has moved lower on the news.
Apr. 8, 2015, 12:46 PM
Feb. 5, 2015, 7:33 AM
- Perrigo (NYSE:PRGO): FQ2 EPS of $1.82 beats by $0.03.
- Revenue of $1.07B (+9.3% Y/Y) misses by $20M.
- Shares +2.10% PM.
Apr. 21, 2014, 5:45 PM
Jan. 7, 2014, 9:58 AM
- BofA upgrades Perrigo (PRGO +1.2%) to Buy from Neutral. RBC starts the shares as a Top Pick, with a $187 price target.
- BofA upgrades Becton Dickinson (BDX +0.8%) to Neutral from Underperform.
- RBC upgrades Johnson & Johnson (JNJ +1.6%) to Outperform from Sector Perform. Price target is $104.
- Citi upgrades Varian Medical (VAR +1.6%) to Neutral from Sell.
- Roth starts ANI Pharma (ANIP +9.5%) at Buy. Price target is $27.
- RBC starts Teva (TEVA +0.1%) at Sector Perform. Price target is $39.
- RBC starts AcelRx (ACRX +2.5%) at Outperform. Price target is $15.
- RBC starts Mylan (MYL +2.3%) at Outperform. Price target is $50.
- RBC starts Allergan (AGN +1.3%) at Outperform. Price target is $131.
- RBC starts Impax Labs (IPXL +0.2%) at Sector Perform. Price target is $25.
Oct. 31, 2013, 8:35 AM
- Perrigo (PRGO) rises 2.6% premarket as the company easily beats Street estimates for FQ1.
- Revenue growth by segment: Consumer Healthcare, +19.5% (Sergeant's and Velcera acquisitions, existing product sales +$40M); Nutritionals, +24.8%; Rx Pharmaceuticals, +25% (Rosemont and Fera acquisitions); API, +18.5%.
- Full year guidance (excluding Elan): EPS of $6.35-6.60.
- Elan acquisition expected to be $0.10 accretive in FY14 and $0.70-0.80 accretive in FY15. (PR)
Sep. 10, 2013, 2:31 PM
- Perrigo (PRGO +0.3%) says it's landed final approval from the FDA for its abbreviated new drug application for a bubble gum-flavored cetirizine hydrochloride oral solution, the generic version of Children's Zyrtec Allergy Syrup.
- The company plans to begin shipments during the next cough, cold and flu season.
Aug. 15, 2013, 8:44 AM
- Shares of Perrigo (PRGO) slip 3.5% premarket after FQ4 revenue comes in well light of consensus, despite rising 16% Y/Y.
- Consumer healthcare segment results: The acquisitions of Sergeant's Pet Care Products and Velcera add $67M to FQ4 revenue while sales of existing contract and smoking cessation products rise $37M. Sales of existing gastrointestinal and analgesics products fall $34M for the period.
- Adjusted gross margin in the consumer healthcare segment rises 410 bps for the quarter.
- Rx Pharmaceuticals segment results: Net sales rise 24% to $195M helped to the tune of $16M by the acquisitions of Rosemont and the product portfolio from Fera. Prescription volumes look strong (existing product sales up $10M).
- Guidance for PRGO (not including any impact from Elan acquisition): FY13 EPS of $5.51-5.76.
- Elan is expected to add $0.10 to FY14 results and $0.70-0.80 to the bottom line in 2015. (PR)
Aug. 5, 2013, 1:00 PM
- Perrigo's (PRGO) recent deal for Elan has investors all jazzed up about Irish-domiciled healthcare companies.
- The allure of a 12.5% corporate tax rate could mean more M&A activity in the not-so-distant future for "anything with an Irish corporate tax structure," one analyst tells Bloomberg.
- Some of the names being tossed about: Jazz Pharmaceuticals (JAZZ +3.2%) and Alkermes (ALKS +3.8%).
May 7, 2013, 11:39 AM
Perrigo (PRGO -3.7%) takes a hit this morning after its FQ3 result misses across the board. Net earnings fell 3.3% Y/Y, as the pharmaceutical supplier was hit by higher input costs and a big jump in tax expenses, which masked a 19% increase in net sales. All product categories within the segment grew from the year earlier, with sales in the nutritionals business in particular rising 13% to $133.3M. Gross margin also edged up to 36% from 35.9%, despite total operating expenses widening by 15%.| May 7, 2013, 11:39 AM