Nov. 12, 2014, 12:22 PM
- Allergan (AGN +0.7%) and Actavis (ACT -0.4%) are in advanced negotiations on a takeout bid for the Botox maker. According to people close to the matter, the price will be at least $200 per share or $60B. There remains a gap, though, in what Allergan is asking (~$210/share) and what Actavis wants to pay (~$200/share). Regardless, a deal seems likely in the next few weeks since the Valeant (VRX +0.9%)-instigated special shareholders meeting is December 18.
- The potential transaction will most likely include ACT stock with cash.
- Previously: Special shareholder meeting scheduled for Dec. 18
Nov. 11, 2014, 4:16 PM
- The presence of Pershing Square's Bill Ackman on the list of major investors in Zoetis (NYSE:ZTS) sends a clear signal that it may be an acquisition target by none other than Valeant Pharmaceuticals (NYSE:VRX). A deal is not out of the question in light of its diminishing prospects of acquiring Allergan (NYSE:AGN) since Actavis (NYSE:ACT) joined the mix.
- In after hours trading, VRX is up a fraction and ZTS is unchanged, both on higher-than-normal volume.
- Previously: Zoetis jumps 6% on report of Ackman stake
Nov. 5, 2014, 7:26 AM
- Actavis (NYSE:ACT) Q3 results ($M): Total Revenues: 3,683.1 (+83.0%), North America Brands: 1,619.3 (+999%), North America Generics and International: 1,613.2 (+5.6%), Anda Distribution: 423.2 (+37.8%); Gross Profit: 1,800.1 (+93.6%); Operating Expenses: 2,852.2 (+266.0%); Operating Loss: (1,052.1) (-799.1%); Net Loss: (1,042.8) (-999%); Quick Assets: 340.4 (+2.7%); CF Ops: 522.3 (+92.9%).
- 2H 2014 Guidance: Total revenues: ~$7.4B from ~$7B; non-GAAP R&D expense: ~$650M; non-GAAP SG&A expense: ~$1.7B; non-GAAP tax rate: ~16%; non-GAAP EPS: $6.60 - 6.70 from $6.25 - 6.50..
- 2014 Guidance: non-GAAP EPS: $13.51 - 13.61 from $13.02 - 13.32.
- 2015 Guidance (from last quarter): Total revenues: ~$15B; non-GAAP EBITDA: $5.958B - 6.364B; non-GAAP EPS: $15.60 - 16.80. Guidance will be updated in early 2015.
Nov. 5, 2014, 6:36 AM
Nov. 4, 2014, 5:30 PM
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Nov. 3, 2014, 2:18 PM
- According to the Wall Street Journal, Actavis (ACT +2.1%) is negotiating with Allergan (AGN +1.2%) about a bid for the Botox maker. The board wants to keep the matter close to its vest, however.
- The company says, "Our board has determined that premature disclosure with respect to the possible terms of any transaction might jeopardize continuation of any discussions or negotiations. Our board has instructed management not to disclose the possible terms of any transactions or proposals, or the parties hereto, unless and until an agreement in principle relating thereto has been reached."
- The potential marriage is not unexpected considering Allergan's visceral aversion to a takeover by Valeant Pharmaceuticals (VRX +0.2%).
Oct. 21, 2014, 10:11 AM
- At the American College of Gastroenterology Annual Scientific Meeting, Synergy Pharmaceuticals (SGYP +6.6%) presented data from a 423-patient Phase 2b dose-ranging study assessing the safety and efficacy of plecanatide in patients with irritable bowel syndrome with constipation (IBS-C).
- Patients taking 3.0 mg and 9.0 mg plecanatide showed statistically significant improvement in Overall Responder rate (41.9% and 40%, respectively vs. 24.7% for placebo), a secondary analysis in the study and the endpoint required for FDA approval for the IBS-C indication.
- The primary efficacy endpoint was the change from baseline in the mean number of complete spontaneous bowel movements (CSBMs) per week over the 12-week treatment period. Secondary endpoints included abdominal pain intensity, stool consistency, Overall Responder %, abdominal pain responder %, stool consistency as measured by the Bristol Stool Form Scale, and abdominal pain intensity measured on a scale from 0 - 10. An Overall Responder was a patient that fulfilled both >30% reduction in worst abdominal pain and an increase of at least one CSBM from baseline in the same week for at least 50% of the weeks.
- The company expects to initiate a Phase 3 trial for plecanatide in IBS-C this quarter.
- IBS-related tickers: (ARDX +3.9%)(ACT +1.4%)(IRWD +0.8%)(SLXP -0.3%)(FURX -1.1%)(LXRX +0.8%)
Oct. 16, 2014, 9:52 AM
- In conjunction with development partner Actavis (ACT -0.5%), Ironwood Pharmaceuticals (IRWD -0.7%) initiates a Phase 2 clinical trial (~240 patients) to assess the safety and efficacy of linaclotide for the treatment of adults with opioid-induced constipation (OIC). Data is expected in 2H 2015.
- Linaclotide is currently FDA-approved for the treatment of adults with irritable bowel syndrome with constipation or chronic idiopathic constipation.
- OIC-related tickers: (SLXP -0.6%)(PGNX +1.9%)(NKTR -0.5%)(AZN -2%)(CBST +0.1%)(SGYP +0.7%)(SCMP -0.3%)
Oct. 8, 2014, 1:56 AM
- In yet another twist over the months-long takeover battle between Valeant (NYSE:VRX) and Allergan (NYSE:AGN), Actavis (NYSE:ACT), which was previously reported to drop M&A talks, plans to approach Allergan again about a potential merger, Reuters reports.
- Actavis' new overture would come as Valeant and Bill Ackman's Pershing Square plan to boost their offer by about $15 per share, valuing Allergan at more than $190 per share.
- Allergan, which has repeatedly rejected the offers, would consider a takeover proposal that values the company at above $200 per share.
- AGN +1.2% AH
- ACT +1.1% AH
- VRX +1.8% AH
Oct. 6, 2014, 8:37 AM
- Actavis (NYSE:ACT) acquires Durata Therapeutics (NASDAQ:DRTX) for $675M ($23/share) in cash and contingent value rights entitling the holder to receive up to an additional $5 per share if certain Dalvance (dalbavancin)-related regulatory or commercial milestones are met. Actavis expects the acquisition to be accretive by the end of the first year.
Oct. 2, 2014, 6:16 PM
- Bloomberg reports Salix (NASDAQ:SLXP) is now in talks to sell itself to Actavis (NYSE:ACT), and that M&A talks with Allergan (NYSE:AGN) have faded.
- A tangled web: The WSJ previously reported Allergan was in "advanced talks" to buy Salix after turning down Actavis. Since then, speculation has grown Actavis will bid for Salix.
- SLXP +3.9% AH.
Oct. 1, 2014, 10:37 AM
- Zogenix (ZGNX +4.3%) submits a supplemental New Drug Application to the FDA for an abuse deterrent version of Zohydro ER (hydrocodone bitartrate). The new capsule formulation contains additional inactive ingredients that make the product more difficult to abuse by injection and nasal insufflation (snorting).
- The company anticipates a target action date sometime in Q1 2015. If approved, the transition to the new formulation will occur in Q2.
- Related tickers: (MNK -1%)(ACT -2%)(TEVA -0.5%)(ABBV -0.9%)(LCI -4%)(ALKS -2.4%)(PFE -1.4%)
Sep. 30, 2014, 10:04 AM
Sep. 28, 2014, 6:44 AM
- Another Allergan (NYSE:AGN) investor has spoken out against the company's pursuit of a costly purchase to fend off Valeant's (NYSE:VRX) $54B takeover bid.
- Jackson Square, the eighth largest investor in Allergan, now joins T. Rowe Price (NASDAQ:TROW), announcing its dissatisfaction with the newly proposed acquisition.
- This past week, Allergan was reported to be "in advanced talks" to buy Salix (NASDAQ:SLXP) in an all-cash deal after turning down an offer from Actavis (NYSE:ACT).
- “We appreciate the perspectives of our stockholders,” Allergan says in an e-mailed statement. “Allergan’s Board remains confident in the company’s ability to deliver significantly more value than Valeant’s grossly inadequate offer.”
Sep. 24, 2014, 12:16 PM| Comment!
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