Tue, Apr. 21, 6:17 AM
- Teva (NYSE:TEVA) could make an unsolicited offer for rival Mylan (NASDAQ:MYL) as soon as today, Bloomberg reports, in what could be the drug industry's largest takeover attempt this year. Mylan has a market value of $33.3B.
- Teva has been working with Barclays on the approach and has contacted other banks about financing a potential deal.
- On Friday, Mylan said it's not interested in a sale and doesn't expect a potential combination to clear antitrust hurdles.
- TEVA +3.9%; MYL +12% premarket
- Previously: Mylan says rumored Teva marriage would not makes sense (Apr. 20 2015)
- Previously: Teva reportedly weighing bid for Mylan; shares jump (Apr. 17 2015)
Mon, Apr. 20, 11:20 AM
- Generics firm Mylan (MYL -2.9%) admits that it considered a merger with Teva Pharmaceuticals Industries (TEVA -1.4%) but such a deal would be "without sound industrial logic." CEO Robert Coury says, "We believe that it is unlikely that any such combination could obtain antitrust regulatory clearances. Mylan is fully committed to its stand-alone strategy, including its proposal to acquire Perrigo, and today's speculation has no impact whatsoever on this strategy."
- Many observers believe that Mylan's unsolicited $29B bid for Perrigo (PRGO -0.7%) was a defensive tactic to make itself less attractive to Teva.
- Teva has not disclosed its intentions as of yet.
- Previously: Teva reportedly weighing bid for Mylan; shares jump (April 17)
Fri, Apr. 17, 2:30 PM
- The WSJ and Bloomberg report Teva (TEVA +3.4%) is weighing a bid to acquire fellow generic drug giant Mylan (MYL +5.5%), while adding no decision has been made yet. Shaes of both companies have spiked higher.
- Bloomberg's sources state Teva "hasn't made a formal approach yet," though Mylan is aware of Teva's interest. Many analysts have long expected Teva to go after Mylan, given many perceived top and bottom-line synergies. Teva is currently worth $66.2B, and Mylan $34.3B.
- Perrigo (PRGO -2.8%), which Mylan announced a $28.9B ($205/share) bid for last week, has moved lower on the news.
Wed, Apr. 8, 1:38 PM
- Cytori Therapeutics (CYTX -1.5%) rated Buy with a $7 (425% upside) price target by Maxim Group.
- Sagent Pharmaceuticals (SGNT +9.2%) rated Buy with a $29 (13% upside) price target by Deutsche Bank.
- Mylan (MYL +15.6%) rated Overweight with a $70 (2% upside) price target by JP Morgan.
- Akorn (AKRX +3.7%) rated Buy with a $55 (11% upside) price target by Deutsche Bank.
- OvaScience (OVAS +1.4%) rated Outperform with a $60 (102% upside) price target by Oppenheimer.
- Impax Laboratories (IPXL +3.2%) rated Hold with a $50 (flat) price target by Deutsche Bank.
- Catamaran (CTRX) downgraded to Hold with a $61.50 (4% upside) price target by Jefferies.
- NewLink Genetics (NLNK +4.4%) downgraded to Hold with a $50 (11% downside risk) price target by Jefferies.
- Stryker (SYK +0.4%) downgraded to Underweight with a $92 (flat) price target by Barclays.
Wed, Apr. 8, 11:47 AM
- Mylan (MYL +10.4%) submits a non-binding proposal to Perrigo (PRGO +27.6%) to acquire it for $205 per share in a cash-and-stock deal. If consummated, the combined company would generate over $15B in annual sales.
- Generic drug-related tickers: (LCI +3%)(AKRX +4.4%)(MNK +2.8%)(IPXL +2.3%)(TARO +2.3%)(TEVA +3.2%)
Mon, Mar. 30, 1:23 PM
- Certain subsidiaries of Abbott Laboratories (ABT +0.7%) commence a public offering of 35M shares of Mylan (MYL -3.6%) N.V. It will also grant underwriters a option to purchase an additional 5.25M shares. Mylan will receive no proceeds from the sale.
- The divestiture represents 31.8% (36.6% of the over-allotment is sold) of Abbott's 110M-share stake.
Mon, Mar. 2, 5:01 PM
- Mylan (NASDAQ:MYL) Q4 results ($M): Total Revenues: 2,082.7 (+15.2%); Generics: 1,815.0 (+12.2%); Specialty: 242.7 (+37.8%); Gross Profit: 969.0 (+21.7%); Operating Expenses: 576.5 (+10.3%); Net Income: 189.2 (+5.0%); Quick Assets: 225.5 (-22.6%); CF Ops (12 mo.): 1,533 (-8.9%).
- 2015 Guidance: Total Revenues: $9.6B - 10.1B; EBITDA: $2.9B - 3.3B; Non-GAAP Net Income: $1.975B - 2.150B; Non-GAAP EPS: $4.00 - 4.30; Non-GAAP CF Ops: $1.6B - 1.8B.
Mon, Mar. 2, 4:13 PM
Sun, Mar. 1, 5:35 PM
Mon, Feb. 23, 12:18 PM
- Gilead Sciences (GILD +2.2%) enters into an exclusive distribution agreement with Mylan's (MYL -0.1%) India-based subsidiary, Mylan Pharmaceuticals Private Limited, for the exclusive distribution of branded Sovaldi (sofosbuvir 400 mg tablets) and Harvoni (ledispasvir 90 mg/sofosbuvir 400 mg tablets) in India. Mylan expects to commence distribution in Q2.
- The agreement is in addition to the licensing and technology transfer agreements that Gilead signed with Mylan and seven other Indian generic drug makers for the non-exclusive rights to manufacture and distribute generic sofosbuvir, ledipasvir/sofosbuvir and, when approved, the investigational NS5A inhibitor, GS-5816 and a single tablet regimen of sofosbuvir/GS-5816 in 91 developing countries.
- Previously: Gilead adds investigational NS5A inhibitor to generic licensing agreements (Jan. 26)
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.
Wed, Jan. 28, 12:38 PM
- The European Commission clears Mylan's (MYL -0.1%) $5.3B acquisition of Abbott's (ABT +0.7%) non-U.S. Developed Markets Specialty and Branded Generics Business. The EC is concerned that the transaction would potentially reduce competition so its approval is contingent upon the divestment of some of Mylan's businesses in Germany, the U.K., France, Ireland and Italy.
Dec. 10, 2014, 7:15 AM
- Mylan (NASDAQ:MYL) will accelerate the equity vesting for certain executives ahead of its planned exit from the U.S. pursuant to its deal to purchase Abbott Labs' European assets. It will also pick up the tax bill for them that was instituted by the U.S. government to discourage inversion deals.
- The total value of the accelerated vesting and tax assistance will be $32.5M and $20.5M, respectively.
- The company's move to the Netherlands will reduce its tax rate from ~25% to the high teens.
- The new rules instituted by President Obama's Treasury Department making inversions more expensive was successful in stopping the flow of deals, although Medtronic will follow through with its acquisition of Covidien.
Dec. 1, 2014, 10:52 AM
- Gilead Sciences (GILD +1%) will allow Mylan (MYL -0.8%) subsidiary Mylan Laboratories Limited to manufacture and distribute its HIV drug tenofovir alafenamide (TAF) as either a single agent or in an approved combination. The license covers 112 countries and 30M HIV sufferers.
- TAF is currently in Phase 3 development. Gilead currently manufactures drugs containing tenofovir under the brand names Viread and Truvada.
Nov. 18, 2014, 12:06 PM
- The U.S. Court of Appeals for the Federal Circuit rules in favor of generic firms, including Teva Pharmaceutical Industries (TEVA), in Roche's and Warner-Chilcott's (ACT +6.5%) patent infringement suit over Roche's branded osteoporosis med Actonel at a monthly dose of 150 mg (Warner licensed the product from Roche).
- From August 2008 to February 2011, Teva, Apotex, Mylan Pharmaceuticals (MYL +1.7%) and Sun Pharma all filed ANDAs to sell generic Actonel 150 mg tablets.
Oct. 31, 2014, 12:38 PM
- Mylan (MYL +3.1%) Q3 results: Revenues: $2,084M (+17.9%); COGS: $1,071.6M (+11.8%); R&D Expense: $158.2M (+38.8%); SG&A: $418.3M (+19.6%); Operating Income: $495M (+45.7%); Net Income: $499.1M (+214.1%); EPS: $1.26 (+215.0%); Quick Assets: $199.6M (-31.5%); CF Ops: $888.0M (+28.9%).
- 2014 Guidance: Total revenues: $7.7B - 7.8B from $7.8B - 8.0B; Gross margin: 52% - 53% from 51 - 53%; EBITDA: $2.35b - $2.41B from $2.2B - 2.4B; Net income: $1.4B - 1.44B from $1.265B - 1.370B; Non-GAAP EPS: $3.54 - $3.60 from $3.44 - $3.54; CF Ops: $1.2B - $1.3B from $1.2B - $1.4B; CAPEX: $300M - 350M from $350M - 400M.
- Q4 Guidance: EBITDA: $660M - $720M: Net income: $410M - $450M; Non-GAAP EPS: $1.03 - $1.09.
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