Wed, Aug. 5, 8:31 AM
- In order to complete the transaction quicker, Allergan (NYSE:AGN) and Kythera (NASDAQ:KYTH) amend their merger agreement to provide for all-cash consideration in the former's $2.1B bid for the latter. The original bid specified an 80/20 split between cash and stock. The transaction should close this quarter.
- Previously: Allergan takes out Kythera Biopharmaceuticals for $2.1B; KYTH up 22% premarket (June 17)
Tue, Jul. 28, 2:38 AM
- So what's Allergan (NYSE:AGN) doing with all that cash from the Teva deal? CEO Brent Saunders plans to use the money to increase the size of the firm's existing drug business, expand into new therapy areas and pursue larger deals.
- When asked if Allergan planned to spend the cash within 18 months, Saunders replied that he would, as long as the company could maintain its investment-grade credit rating.
- Possible targets: Biogen (NASDAQ:BIIB), AbbVie (NYSE:ABBV) and Amgen (NASDAQ:AMGN).
- Previously: Teva to buy Allergan Generics for $40.5B (Jul. 27 2015)
Mon, Jul. 27, 7:09 AM
- Mylan (NASDAQ:MYL) drops 12% premarket on increased volume in response to Teva's (NYSE:TEVA) $40.5B deal for Allergan's (NYSE:AGN) generics business, dashing investors' hopes that it would pursue its hostile bid for Mylan.
- In a statement, Mylan reaffirms its interest in Perrigo. A vote on the combination by Mylan shareholders is expected to happen in the next few weeks.
Mon, Jul. 27, 5:29 AM
- Besides for its recent deal with Teva, Allergan (NYSE:AGN) said on Sunday it would acquire biotech company Naurex, which is developing a fast-acting antidepressant.
- "Depression remains one of the largest unmet areas of medical need. When you think about existing therapies, they have modest effects with lots of side effects," said Brent Saunders, Allergan's chief executive.
- The $560M all-cash transaction is expected to close by year-end.
Mon, Jul. 27, 5:19 AM
- Teva Pharmaceuticals (NYSE:TEVA) has agreed to buy the generic-drug business of Allergan (NYSE:AGN) for about $40.5B in cash and stock, ending its effort to acquire rival Mylan (NASDAQ:MYL).
- Allergan will receive $33.75B in cash and shares in Teva valued at $6.75B, giving it a 10% stake in the enlarged company.
- The acquisition further extends a wave of mergers that has swept over the healthcare industry. Pharmaceutical deals so far this year have topped $180B, on pace to beat the $200B announced in 2014.
- TEVA +12.1% premarket
Mon, Jul. 27, 3:40 AM
Sun, Jul. 26, 6:37 AM
- Teva Pharmaceuticals (NYSE:TEVA) is in advanced talks to buy Allergan's (NYSE:AGN) generic drug business following an unsuccessful effort to acquire Mylan (NASDAQ:MYL), WSJ reports.
- A deal for the business, valued at about $45B, could be announced as early as Monday and would extend the recent wave of mergers that has swept over the healthcare industry.
- Previously: Bloomberg: Allergan thinking of selling/spinning off generics business (Jul. 24 2015)
Fri, Jul. 24, 6:42 PM
- Allergan (NYSE:AGN) is "leaning toward keeping [its] branded-drugs business and spinning off or selling parts or all of [its] generics business," sources tell Bloomberg. The drug giant is said to be working with advisors on a potential plan.
- Bloomberg adds it's "unclear" if Allergan has found a potential buyer for the generics business, which accounts for about a third of its revenue. The company is 4 months removed from closing its merger with Actavis.
- AGN +1% AH to $311.24. Q2 results arrive on Aug. 6.
Mon, Jul. 6, 8:38 AM
- Allergan (NYSE:AGN) acquires South San Francisco-based Oculeve, a development stage device firm focused on treatments for dry eye disease, a condition that affects ~25M Americans. Its lead program is OD-01, a non-invasive neurostimulation device that increases tear production. Allergan intends to conduct two additional pivotal studies prior to FDA submission in 2016. Commercial launch is expected to commence in 2017.
- Under the terms of the deal, Allergan will make an upfront payment of $125M plus commercial milestones specific to OD-01.
- Allergan's 2015 EPS forecast remains unchanged.
Wed, Jun. 17, 8:29 AM
- Allergan (NYSE:AGN) acquires Kythera Biopharmaceuticals (NASDAQ:KYTH) for $75 per KYTH share in a cash-and-stock transaction valued at ~$2.1B, specifically 80% in cash and 20% in AGN shares. The deal is expected to be breakeven in 2016 and accretive thereafter.
- Kythera's sole marketed product is Kybella (deoxycholic acid) for the non-surgical contouring of moderate-to-severe submental fullness (double chin). It was cleared by the FDA in April. A key product candidate in development is KYTH-105 (setipiprant) for the prevention of male pattern baldness.
- Allergan will host a conference call this morning at 8:30 am ET to discuss the deal.
- KYTH is up 22% premarket on robust volume.
Tue, Mar. 31, 9:08 AM
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
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."
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