These data were collected during the last phase of the recent bull market, and I was wondering what, if any, differences there would be between M&A data collected in bear markets. To that end, I looked at 36 takeovers collected between the end of June through the end of last December. (I tried to collect every takeover that I saw, but I'm sure my list is probably not complete.) The data is summarized in the table below. (Click to enlarge.)

Top 5 Companies by Market Cap

Some highlights from this table of products that are sold by public-traded pharma and biotech companies are listed below in the following format: active ingredient [brand name] - company[ies] - new safety information reported.

Some highlights from this table of products that are sold by publicly-traded pharma and biotech companies are listed below in the following format: active ingredient (brand name) - company(ies) - new safety information reported.

Below we highlight the 25 best and worst performing stocks in the Russell 1,000 during the current bear market.  As shown, Fannie (FNM) and Freddie (FRE) top the list of losers, falling from the mid-60s down to $5 and $2.81 respectively.  Washington Mutual (WM) is down the third most at -89%.  Financials represent the top 12 losers, followed by Oshkosh Trucking (OSK) from the Industrial sector at 13th.  Other notable names on the list of losers include GM, WB, AIG, SNDK, LVS and ODP.

Q2 2008 Earnings Call Transcript

August 1, 2008 10:00 am ET

There are no material updates to the pending HSR review process, nor any specific closing or target closing dates disclosed in the final proxy. The proxy does note that the companies expect to complete the transaction before the end of Q1 2009, which represents the current termination date (March 31, 2009).

click to enlarge

Of importance from a competitive perspective is the fact that Fresenius' Kabi unit offers a variety of "infusion therapies", but does not offer injectables pharmaceuticals similar to APPX's products, nor does its infusion products address the treatment areas (oncology, anti-infectives, critical care) of APPX. In short, there appears to be literally no competition issues associated with this combination.

• GM mulls job cuts, brand closures. Sources say GM (GM) will cut thousands more jobs and reduce its eight brands - moves which would both humble the once-might carmaker, as well as offer competitors the chance to grab more of GM's market share. Some say the brands are a drain on GM's resources; proponents point to its closure of Oldsmobile earlier this decade, which saw many enthusiasts defect to other companies. With about $24B in cash, but burning $3B a quarter, analysts think GM need to raise $10-15B to keep afloat through 2010. Besides brand sales, it may consider spinning off its international operations, or offering the UAW a stake in the company in exchange for wage concessions. A share sale would be difficult due to its anemic stock price.
• NBC and partners to buy The Weather Channel. NBC Universal (GE) is buying The Weather Channel, with help from private-equity firms Blackstone (BX) and Bain. Terms weren't disclosed; previous talk was for a $3.5B deal. The acquisition promises to be one of the year's biggest LBO deals to date.
• Bud buyer getting impatient. Belgian brewer InBev raised the pressure on Anheuser-Busch (BUD) Monday, saying it will attempt to oust A-B's board - which would require the consent of a shareholder majority. InBev reiterated it would still prefer to achieve a friendly combination with the U.S. brewer, but said barring constructive talks, its latest move will give shareholders an opportunity to have their say.
After you finish reading Wall Street BreakfastSeeking Alpha's Market Currentswill keep you current all day long.
• Merrill may sell stakes in Bloomberg, BlackRock. Sources say Merrill (MER) is in active negotiations to sell its 20% stake in Bloomberg LP back to Bloomberg - part of a broader plan to raise $50B through asset sales. Merrill will also reportedly make a decision on whether to sell its stake in private-equity firm BlackRock (BLK) early this week.
• APP snags $3.7B bid. German healthcare company Fresenius agreed to pay $3.7B cash to acquire U.S. generic drugmaker American Pharmaceutical Partners (APPX). The $23/share price represents a 29% premium from Friday's close. Fresenius says the acquisition will give it a foothold in U.S. markets, and allow it to sell APP's lineup internationally. If certain targets are met, APP investors could get another $6/share. Fresenius fell 11% in Frankfurt.
• CNOOC unit bids on Norway firm. Chinese oil producer CNOOC (CEO) says it will offer about $2.5B for Norway oil-services company Awilco Offshore - an 18.7% premium. An acquisition would help CNOOC increase its number of drilling rigs and increase its international presence.
• Store rentals weaken; apartments remain solid. U.S. shopping mall vacancies rose to 6.3% in Q2 from 5.9% in Q1 - the highest level since early 2002. But demand for apartment rentals remained strong, and rents rose by a surprising 1.1% over the quarter. Still, the growth in rental demand has not been as strong as the drop in homebuying, a possible indication people are doubling up or moving back in with their parents. The ICSC predicts 6,500 retail store closures this year.
• Carmakers push back. Some auto makers are refusing to pay steel-price surcharges on previously-signed supply contracts. They may have reached the tipping point - unable to withstand higher prices, which could put pressure on steelmakers like ArcelorMittal (MT) and United States Steel (X).
• Teva MS hopeful falls through. Shares of Teva Pharmaceutical (TEVA) fell much as 6.8% in Tel Aviv today, after a higher-dosage treatment of its multiple sclerosis drug proved no more effective than the original, lower-dosage treatment.
• BP strikes back. BP (BP) is suing its Russian TNK-BP partners for $360M in back-taxes it says they should have payed. While not directly related to their current struggle, the two sides are clearly jostling for position.
• UBS gives rosy outlook. Shares of UBS (UBS) jumped 8.2% in Zurich Friday after it said Q2 will be about breakeven, and that it has no need for more capital. The Street's outlook was far more pessimistic.
• BCE buyout as planned - more or less. The private-equity buyers of BCE (BCE) said they will stick to the original C$42.75/share price tag. Still, the final price will be $2/share cheaper after BCE agreed to drop all dividends. Shares gained +12.4% to $39.50 in Toronto Friday.
• UK manufacturing fell by 0.5% to an eight-month low amid high materials prices and slow economic growth. "The bank is still facing huge inflationary pressures. Rates will be on hold this week," Fortis economist Nick Kounis said.

Today's Markets

• Asian markets were mainly higher Monday: Nikkei +0.9% to 13,360. Hang Seng +2.3% to 21,903. Shanghai +4.6% to 2,792. BSE +0.5% to 13,526.
• Europe is higher at midday: London +0.46%. Paris +0.54%. Frankfurt +0.67%.
• Futures at 7:00 AM: Dow -0.11%. S&P -0.14%. Nasdaq +0.12%. Crude -1.53% to $143.05. Gold -1.27% to $921.70.
• Today's economic calendar:
  7:30 Fed's Janet Yellen speaks on economic outlook.
  10:00 Conference Board's Employment Trends
  3:00 PM Consumer Credit

With that in mind, below we highlight the 25 stocks in the Russell 1,000 that are closest to their 52-week highs and the 25 that are closest to their lows.  As shown, SM, CHK and MOS are the closest to their 52-week highs, although every stock on the list is pretty much right at new highs.  Other notables on the 52-week high list include COP, ATVI, CNX and MON. 

APP Pharmaceuticals Inc. (APPX)

Q1 2008 Earnings Call

May 8, 2008 11:30 am ET

We often look at the list of top one-day decliners for investment ideas. That’s how we came across the idea for our post on Pharmacyclics (which has climbed over 40% since we wrote about it 3 weeks ago—that’s luck, not brains).

The most disquieting fact pertains to Patrick Soon-Shiong who owns more than 80% of ABI and is its President, Chief Financial Officer, and a Director while also serving as APP’s Chairman and CEO. Since ABI owns almost 48 million shares of APP, Mr. Soon-Shiong is a de facto shareholder in APP to the tune of about 40 million shares. The relationship between ABI and APP isn’t what one would define as “arm’s length.]]> Wed, 30 Nov 2005 00:41:12 -0500 BioBlogger On November 28th, American Pharmaceutical Partners (ticker: APPX) announced it was acquiring its majority shareholder, American BioScience, Inc. (private company), in an all stock transaction valued at $4.1 billion. The rationale behind the transaction is to simplify the corporate structure while acquiring all the rights to the cancer drug, Abraxane, and a pipeline of development stage drugs. The question is: Is this transaction being done in the best interests of shareholders? In my opinion, the only person that will be enriched by the deal is American Pharmaceutical Partners’ (APP) Chairman and CEO, Patrick Soon-Shiong, who also happens to own over 80% of American BioScience (ABI) and is its President and Chief Financial Officer.

For those of you unfamiliar with APP, the company was spun off from ABI in a 2001 IPO. APP consists of generic drug business and has a 50% interest in the U.S. rights of the oncology drug, Abraxane. APP acquired the U.S. interest in Abraxane from ABI for $60 million plus milestones. Under the terms of the deal, APP is responsible for marketing Abraxane and ABI is responsible for development. ABI has a 50% interest in Abraxane’s U.S. rights and owns 100% of the rest of world rights. In other words, by spinning off APP, ABI separated its profitable drug business from the unprofitable development business.

The most disquieting fact pertains to Patrick Soon-Shiong who owns more than 80% of ABI and is its President, Chief Financial Officer, and a Director while also serving as APP’s Chairman and CEO. Since ABI owns almost 48 million shares of APP, Mr. Soon-Shiong is a de facto shareholder in APP to the tune of about 40 million shares. The relationship between ABI and APP isn’t what one would define as “arm’s length.
Complete Story »]]> APPX BioBlogger http://seekingalpha.com/article/3514-stocks-covered-by-the-biotech-stock-blog?source=feed 3514 Here’s the list of stocks covered by, or mentioned by The Biotech Stock Blog. You can click on a ticker symbol to pull up a list of all the articles which discuss or mention that stock:

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