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Actavis plc. (ACT)

- NYSE
  • Dec. 24, 2014, 8:52 AM
    • The FDA approves the New Drug Application (NDA) for Namzaric, a fixed dose combination of memantine HCl extended release and donepezil hydrochloride, for the treatment of moderate-to-severe dementia of the Alzheimer's type.
    • Memantine is an NMDA receptor agonist which blocks the activity of the neurotransmitter glutamate. At normal levels, glutamate aids memory and learning but it the levels are excessive, it overstimulates and eventually kills nerve cells via excitotoxicity.
    • Donepezil is a reversible acetylcholinesterase inhibitor. It inhibits the hydrolysis of acetylcholine which is a process associated with cognitive impairment.
    • Namzaric was co-developed by Adamas Pharmaceutics (NASDAQ:ADMS) and Forest Laboratories (NYSE:ACT) under the terms of an agreement signed in November 2012.
    • Adamas is due a $30M milestone payment from Forest for the approval.
    • ADMS is up 19% premarket on moderate volume.
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  • Nov. 21, 2014, 1:51 AM
    • Valeant Pharmaceuticals (NYSE:VRX) has slashed its stake in Allergan (NYSE:AGN) to 0.1% from 9.7%, three days after Actavis (NYSE:ACT) trumped its offer for the Botox maker.
    • Pershing Square and Valeant have now sold all 2.2M Allergan in PS Fund 1, a shell fund that was set up by the two to act as a joint acquisition vehicle.
    • VRX -0.8% AH
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  • Nov. 17, 2014, 5:40 PM
    • Top gainers, as of 5:15 p.m.: AVB +4.9%. CLVS +3.1%. GLW +2.5%. ACT +2.3%. DHX +2.1%.
    • Top losers, as of 5:15 p.m.: OME -19.2%. URBN -4.8%. FOLD -3.4%. RMTI -3.2%. PF -2.7%.
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  • 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
    | 1 Comment
  • 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.
    | 6 Comments
  • 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.
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  • Sep. 23, 2014, 5:35 PM
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  • Sep. 23, 2014, 2:27 PM
    • Pfizer (PFE -0.6%) approached Actavis (ACT +3.3%) to "express its interest in an acquisition," sources tell Bloomberg. However, the news service adds the companies "aren’t currently in formal talks and Pfizer hasn’t made an offer."
    • Actavis has spiked on the report. Pfizer, interested in doing a tax inversion deal, made a rejected bid to acquire AstraZeneca earlier this year. Actavis was reported yesterday to have made a rejected offer for Allergan (AGN +1.4%), which is reportedly in advanced talks to buy Salix.
    • Yesterday, the Treasury Department announced it's close to finalizing rules meant to discourage U.S. companies from doing inversion deals.
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  • Sep. 22, 2014, 6:27 PM
    • The WSJ reports Allergan (NYSE:AGN) is "in advanced talks" to buy Salix (NASDAQ:SLXP) in an all-cash deal after turning down an offer from Actavis (NYSE:ACT). The paper adds an Allerga/Salix deal, meant to thwart Valeant's (NYSE:VRX) hostile bid for Allergan, could be announced "late this week or next."
    • A source says Actavis is still interested in buying Allergan, but only through a "friendly" deal. Whereas Valeant has suggested it would pare back Allergan's R&D spend should its hostile bid succeed, Actavis has reportedly promised to keep Allergan's R&D spend intact.
    • The WSJ originally reported of Allergan's interest in Salix in August. Soon after that, Bloomberg reported talks were "dormant" for the time being.
    • SLXP +15.8% AH. AGN +1.4%. ACT +0.6%.
    | 1 Comment
  • Apr. 30, 2014, 2:55 PM
    • Shares of Avanir Pharmaceuticals (AVNR +39.5%) pop on slightly higher volume after the Delaware District Court rules that Actavis' generic product specified in its ANDA infringes on Nuedexta's '282 and '484 patents, but not the '115 patent. The court also upheld the validity of the three patents.
    • The two firms signed a settlement agreement on the matter eight months ago whereby Actavis (ACT +3.6%) would have the right to sell a generic version beginning July 30, 2026.
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  • Apr. 28, 2014, 7:58 AM
    • Forest Laboratories (FRX) has agreed to acquire Furiex Pharmaceuticals (FURX) for $1.1B in cash in a deal that Forest says will enable it to strengthen its position in Gastroenterology.
    • Forest, which is being bought by Actavis (ACT) is offering $95 a share vs Furiex's close of $80.15 on Friday.
    • Forest has also proposed up to $30 a share ($360M) in a Contingent Value Right (CVR) that may be payable based on the status of eluxadoline, Furiex's lead product, as a controlled drug following approval
    • Forest has also agreed to sell Furiex's royalties on alogliptin and Priligy to Royalty Pharma for $415M once Forest has bought Furiex.
    • Furiex's shares are +28.51%. (PR)
    | 2 Comments
  • Feb. 18, 2014, 9:13 AM
    | 1 Comment
  • Feb. 18, 2014, 8:18 AM
    • A couple of sell-side analysts express some surprise about Actavis' (ACT) $25B acquisition of Forest Labs (FRX).
    • BMO: "We acknowledge the deal frenzy and EPS accretion deal environment, but are not convinced that such a deal makes strategic sense."
    • Citi: "The potential combination of the two companies is somewhat surprising in our view, given their relatively limited overlap." Cit's note goes on, though: "However we acknowledge that their combination would better facilitate negotiation amongst a customer base that is also experiencing consolidation.”
    • Notwithstanding, Actavis' shares are +11.3%, although down from earlier highs, while Forest is +33%.
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  • Feb. 18, 2014, 7:34 AM
    • Actavis (ACT) will pay $89.48 per share, comprised of $26.04 in cash and 0.3306 of an Actavis share. The price represents a premium of 25% over Forest Labs' (FRX) close on Friday of $71.39.
    • The merger would create a company with combined forecast revenues of $15B in 2015 and free cash flow of over $4B.
    • The firms project potential operating and tax synergies of $1B, not including manufacturing or revenue synergies.
    • Actavis CEO Paul Bisaro will lead the new firm, while Forest CEO Brent will join Actavis' board. In total, three Forest directors will gain seats on Activis' board.
    • "The combined company will create blockbuster product franchises in the CNS, Gastroenterology, Women's Health, Urology and Cardiovascular therapeutic categories," Activis says.
    • Forest's shares surge 32%, while Activis soars 15.7%. (PR)
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  • Oct. 25, 2013, 3:55 PM
    • "We anticipate a continued re-rating of [the] share price over the near to medium term, as the company delivers robust organic and inorganic growth," Citi notes, initiating Actavis (ACT +1.2%) at Buy.
    • ACT is Liav Abraham's "favored name amongst the multinational generic companies" — the analyst sees "5-year sales and earnings [growth of] 6.4% and 11.2%, respectively."
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  • Sep. 3, 2013, 9:35 AM
    • Avanir Pharmaceuticals (AVNR +5.5%) enters into a settlement with Actavis (ACT) to resolve patent litigation that followed the latter's application to market generic versions of Avanir's Nuedexta treatment for pseudobulbar affect (PBA), a neurological condition that causes sufferers to laugh or cry uncontrollably,
    • Actavis will be allowed to start selling copycat Nuedexta from July 2026.
    • The deal follows one that Avanir recently struck with Sandoz. (PR)
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ACT vs. ETF Alternatives
Company Description
Actavis PLC specialty pharmaceutical company engaged in developing, manufacturing and distributing generic, brand and biosimilar products.
Sector: Healthcare
Industry: Drugs - Generic
Country: United States