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ACT

Actavis, Inc.

5/22/2013, 4:03 AM ET

Quote & Headlines Market Currents StockTalk

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Tuesday, May 21, 12:11 PM Bernstein analyst Aaron Gal says Mylan (MYL -0.4%) could still bid $22/share for Warner Chilcott (WCRX +2.2%) as the latter's "willingness" to accept an all-share deal from Actavis (ACT +0.6%) might bring others to the table. Comment! [Healthcare, M&A]
Monday, May 20, 7:15 AM Actavis (ACT) confirms it will buy Warner Chilcott (WCRX) for $8.5B in a stock for stock transaction. The deal will see Warner Chilcott shareholders receive 0.160 shares of the "new" Actavis for each Warner Chilcott share they own. The combined company will become the third-largest specialty pharmaceutical player in the U.S. 1 Comment [Healthcare, M&A]
Friday, May 17, 2:34 PM Actavis' (ACT +1.5%) pursuit of Warner Chilcott (WCRX +0.5%) may be a way to defend itself from a potential takeovers by Valeant Pharmaceuticals (VRX +2.5%) and Mylan (MYL +2.2%). VRX routinely looks at potential acquisitions, but to date has stayed away from WCRX because of its dwindling pipeline, so a combined ACT/WCRX deal would be out of the picture. And it would be virtually impossible for MYL, with a market value of $11.7B, to buy the combined firm. It already has about $6B in debt and Street estimates put a combined companies near $21B. Comment! [Healthcare, M&A]
Wednesday, May 15, 8:28 PM Actavis (ACT), which has rebuffed overtures from both Valeant (VRX) and more recently Mylan (MYL), may soon receive a bid from Novartis (NVS), WSJ says. "Intense price competition and fewer opportunities to cash in on patent expirations," are fueling a consolidation scramble in the generic-drug industry, the Journal notes, and ACT — which is also playing the role of acquirer in negotiations with Warner Chilcott (WCRX) — is at the center of the deal-making rumor mill. Comment! [Healthcare]
Tuesday, May 14, 1:29 PM Actavis (ACT +1.2%) spikes on reports that the company recently turned away a $15B bid from Mylan (MYL +0.1%). Comment! [Healthcare, On the Move, M&A]
Monday, May 13, 3:01 PM Buckingham joins in on the Warner Chilcott (WCRX +6%)/Activis (ACT -0.3%) lovefest, upping its price target on Warner to $24, adding that it sees the potential for a debt-financing deal as high as $30 per share for the company. Comment! [Healthcare, On the Move]
Monday, May 13, 8:11 AM The sell-side loves the Warner Chilcott/Actavis deal, with Morgan Stanley, UBS, and CRT Capital all giving their blessing. UBS sees 50-60% accretion in 2015 and thinks the deal gets done about $23/share. WCRX +5.1% premarket. ACT closed Friday at $119.86. Comment! [Healthcare, M&A]
Friday, May 10, 3:07 PM Shares of Activis (ACT +11.4%) and Warner Chilcott (WCRX +24.2%) both resume trading. Comment! [Healthcare, M&A, On the Move]
Friday, May 10, 12:40 PM More on Actavis (ACT +6.1%) / Warner Chilcott (WCRX +12.3%): The news comes just weeks after ACT broke off merger talks with Valeant Pharmaceuticals (VRX +0.5%) after balking at the premium it was offered. Now, considering the strength of ACT's recent Q1 report, that deal looks dead. Warner, on the other hand, had disclosed over a year ago that it was pursuing a sale. Comment! [Healthcare, M&A, On the Move]
Friday, May 10, 12:17 PM Shares of Actavis (ACT +3%) spike higher on reports the company is in early-stage talks to acquire Warner Chilcott (WCRX +9.5%). Comment! [Healthcare, M&A, On the Move]
Tuesday, May 7, 4:02 PM Endo Health (ENDP +0.8%) is set to finish in the green today, despite posting a mixed Q1. Net earnings swung to a profit amid fewer write-downs and other items, as well as a modest revenue increase on strong generic sales growth. Generic sales +23% at $178M, while branded-pharmaceutical sales declined 2% to $358M. Lidoderm sales dropped 11%, mostly owing to its supply agreement with Actavis (ACT). Sales of Opana ER slumped 31% as sales continue to lag following a disruption early last year resulting from the closing of a Novartis (NVS) plant. Comment! [Healthcare, Earnings]
Thursday, May 2, 7:28 AM More on Actavis' (ACT) Q1 : EPS beats estimates and revenue rises 24% Y/Y despite coming up short of analysts' estimates. Gross margins increased to 50.7% from 45.1% a year earlier as "margins on [a] generic version of Concerta" widened. "The new Actavis is off to a strong start in 2013," says CEO Paul Bisaro, "and as a result, we are increasing 2013 [non-GAAP EPS] guidance." ACT now sees EPS of $8.10-8.50 for the full year up from previous guidance of $7.70-8.10. (PR) Comment! [Healthcare, Earnings]
Thursday, May 2, 7:07 AM Actavis (ACT): Q1 EPS of $1.99 beats by $0.11. Revenue of $1.90B (+24% Y/Y) misses by $0.07B. (PR) Comment! [Earnings, Breaking News]
Thursday, May 2, 12:05 AM Notable earnings before Thursday’s open: ABMD, ACOR, ACT, AEE, ANR, ANSS, ARG, ARQL, ATK, AYR, BDBD, BDX, BEAM, BGCP, BZH, CAH, CEVA, CHD, CI, CME, CNP, CPN, CTRX, DIN, DNR, EL, ELNK, FIG, FLY, FNP, FWLT, GEL, GG, GIL, GM, GNRC, GOLD, HAR, HK, HSH, INCY, INGR, IP, IRDM, IT, ITT, K, LF, LQDT, LXP, MDC, MFC, MGI, MGM, MMC, MMP, MWW, NIHD, NNN, NUS, OCN, OGE, OXF, OZM, PCG, PPL, PWR, PXP, RGLD, RNO, SBH, SFY, SHPG, SNI, SPR, SRE, STRA, TEVA, VMC, VRX, WNR, WPX, WWE, XEL Comment! [Earnings]
Wednesday, May 1, 5:30 PM Notable earnings before Thursday’s open: ABMD, ACOR, ACT, AEE, ANR, ANSS, ARG, ARQL, ATK, AYR, BDBD, BDX, BEAM, BGCP, BZH, CAH, CEVA, CHD, CI, CME, CNP, CPN, CTRX, DIN, DNR, EL, ELNK, FIG, FLY, FNP, FWLT, GEL, GG, GIL, GM, GNRC, GOLD, HAR, HK, HSH, INCY, INGR, IP, IRDM, IT, ITT, K, LF, LQDT, LXP, MDC, MFC, MGI, MGM, MMC, MMP, MWW, NIHD, NNN, NUS, OCN, OGE, OXF, OZM, PCG, PPL, PWR, PXP, RGLD, RNO, SBH, SFY, SHPG, SNI, SPR, SRE, STRA, TEVA, VMC, VRX, WNR, WPX, WWE, XEL Comment! [Earnings]
Monday, April 29, 10:50 AM Although it's a long shot, Goldman's Jami Rubin sees potential synergies in an Actavis (ACT +4%) merger with Valeant (VRX +3.7%). Rubin commented this morning on the activity over the weekend: "While we do not take a view on the likelihood of a transaction being consummated, in our view a potential combined entity would have compelling strategic merit, although we would be surprised by both the timing and the specific combination of companies for various reasons." Comment! [On the Move, M&A, Healthcare]

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