Tue, Mar. 17, 10:10 AM
Tue, Mar. 10, 3:29 PM
Thu, Feb. 19, 12:55 PM
- Actavis (ACT +1.6%) commences concurrent public offerings of $4.2B of common stock and $4.2B of Mandatory Series A Convertible Preferred Shares. Net proceeds will assist in funding its acquisition of Allergan (AGN +0.5%). Underwriters over-allotments are 10% of the number of shares in each offering. Terms and pricing have yet to be announced.
Wed, Feb. 18, 8:53 AM| 3 Comments
Fri, Feb. 13, 9:45 AM
- Actavis (ACT -0.2%) sells its Aptalis subsidiary's Aptalis Pharmaceutical Technologies, known as Pharmatech, to private equity firm TPG for an undisclosed sum. The transaction is expected to close mid-year.
- Pharmatech is an oncology-focused contract research organization (CRO) and clinical trial site manager (SMO). Current President of Aptalis Pharmaceutical Technologies John Fraher will be CEO of the new standalone firm.
- Actavis COO Robert Stewart says, "Our decision to divest the Pharmatech business is consistent with our strategic commitment t build leadership positions in our core areas of strength. It will enable our industry-leading Global Operations team to sharpen their focus on supporting our existing global supply chain and on preparing for the expansion of our manufacturing network with the addition of the Allergan facilities following the close of the acquisition later this year."
Mon, Feb. 9, 5:49 PM
- Australia's Mayne Pharma (OTCPK:MAYNF) is buying the U.S. rights to the Doryx acne treatment from Actavis (NYSE:ACT) for $50M. The deal is expected to close by month's end.
- Actavis exec William Meury: "By agreeing to return the product to Mayne now, we receive value for the asset and, following a brief transition period, will enable our sales and marketing teams to focus their time and attention on supporting the expanded, industry-leading Dermatology portfolio that will be part of our combined company following the acquisition of Allergan later this year."
- Actavis is just a few days removed from announcing a deal to sell its North American respiratory business to AstraZeneca.
Fri, Feb. 6, 9:20 AM
- According to some observers, Pfizer's (NYSE:PFE) $17B takeout of Hospira (NYSE:HSP) is only a prelude to a bigger deal(s) considering that it was prepared to spend $120B for AstraZeneca (NYSE:AZN).
- According to Gabelli analyst Kevin Kedra, Actavis Plc (NYSE:ACT) is an attractive target, especially since nabbing Allergan (NYSE:AGN) and its fast-growing drug portfolio. A Pfizer takeover would be big enough to overcome the U.S. Treasury's stricter rules on inversions and lower its tax bill.
- John Boris of SunTrust Banks says GlaxoSmithKline (NYSE:GSK), AbbVie (NYSE:ABBV), Bristol-Myers Squibb (NYSE:BMY) and Mylan (NASDAQ:MYL) may be on the radar as well.
- Pfizer had $33B in cash at the end of September which it will use a portion of plus debt to pay for Hospira.
Fri, Feb. 6, 8:16 AM
- In an effort to sharpen its focus on its core therapeutic areas, Actavis (NYSE:ACT) divests its branded respiratory assets for the treatment of chronic obstructive pulmonary disease (COPD) in the U.S. and Canada to AstraZeneca (NYSE:AZN). Under the terms of the agreement, AZN will pay ACT $600M plus low single-digit royalties above a certain revenue threshold.
- AstraZeneca will own the development and commercial rights to Tudorza Pressiar (aclidinium bromide inhalation powder) and Daliresp (roflumilast). Sales for both products last year were $230M. AZN will also secure the development rights in the U.S. and Canada for LAS40464, which it sells in the E.U. under the brand name Duaklir Genuair.
- Actavis will receive an additional $100M from AstraZeneca on the basis of certain amendments to the firms' ongoing collaboration agreements.
- The transaction should close this quarter.
Thu, Feb. 5, 4:32 AM
- AstraZeneca (NYSE:AZN) reported a fourth-quarter loss this morning, but stressed that it was on track to return to growth by 2017.
- The company's fourth-quarter net loss came in at $321M, down 38% from $524M a year earlier, while sales for the last three months of the year fell 2% to $6.68B.
- Actavis (NYSE:ACT) also confirmed that AstraZeneca would buy its branded respiratory business in the U.S. and Canada for an initial $600M.
- ACT -1.7% premarket
Mon, Jan. 26, 10:20 AM| 1 Comment
Thu, Jan. 15, 7:22 AM
- In an effort to increase its focus on developing new drugs, privately-held Boehringer Ingelheim says that it is considering the sale of Roxane Labs, its U.S.-based generics unit. The company believes it makes more sense for a generics specialist to own the 1,300-employee business.
- The generics industry is fiercely competitive as the number of blockbuster drugs coming off patent has declined from its peak in 2012. The top players are (NYSE:TEVA), Sandoz (NYSE:NVS) and Actavis (NYSE:ACT).
- According to Bloomberg, Roxane could fetch as much as $2.4B. Morgan Stanley is advising.
Nov. 17, 2014, 12:22 PM
- It's doubtful that Pershing Square's Bill Ackman is disappointed that Valeant Pharmaceutical (VRX +0.3%) lost out to Actavis (ACT +1.9%) in a bid for Allergan (AGN +5.7%) considering the tidy $2.6B profit he'll bag on his 9.7% stake in the Botox maker.
- Pershing Square acquired 28.9M shares of AGN at $129.28 and will sell at $219. Doing the math: ($219 - 129.28) x 28.9M = $2.59B.
- The hedge fund will pay Valeant ~$389M as part of their profit-sharing agreement so its ultimate take will be ~$2.2B.
- Previously: It's official: Actavis buys Allergan
Nov. 17, 2014, 10:13 AM
- Valeant Pharmaceuticals (VRX +0.7%) Chairman and CEO Michael Pearson says his firm cannot justify paying the $219 (or more) per share for Allergan that Actavis (ACT +3.6%) has committed, although his team will review the agreement to determine a course of action.
- He adds, "Our business is performing extremely well as evidenced by out third quarter results, our expected fourth quarter and our robust outlook for 2015. I am confident in our continued ability t generate exceptional shareholder value. We will remain focused on delivering strong organic results and evaluating acquisition opportunities as we always have: prudently, in a disciplined manner, and in the best interests of our shareholders."
- Previously: It's official: Actavis buys Allergan
Nov. 17, 2014, 9:26 AM
Nov. 16, 2014, 3:51 PM
- A deal could be announced as soon as Monday.
- Allergan (NYSE:AGN) is trying to fend off a hostile bid by Valeant (NYSE:VRX), which has offered AGN about $54B in cash and stock, and has said it was prepared to raise its offer to $200/share.
- Valeant, which has not been contacted by Allergan, would likely abandon its bid in the face of the Actavis (NYSE:ACT) deal.
- The deal could include a $2B breakup fee that would need to be paid by Valeant were it to try and outbid Actavis.
- Sources: Reuters, CNBC
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
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