Don't Become 'Unnerved' About Regenerative Medicine
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Wed, Jul. 9, 3:25 AM
- Strict British takeover rules has forced AbbVie (ABBV) to retract comments made yesterday by CEO Richard Gonzalez. In reference to the company's takeover bid for Shire (SHPG), Gonzalez announced that he believed major Shire investors were "generally supportive for the transaction." However, U.K. Takeover Panel rules state that a company cannot declare this claim unless it has it in writing from shareholders.
- AbbVie raised its offer for Shire to $51.3B yesterday. The latter has until July 18 to take up the offer.
Thu, Jul. 3, 5:27 AM
- AbbVie (ABBV) CEO Richard Gonzalez has been holding discreet meetings with Shire (SHPG) shareholders in London this week, in another pursuit for a $46B takeover, Reuters reports.
- AbbVie is looking to buy Shire mainly as a tax inversion, but to also diversify its drug portfolio.
- The company made no mention of increasing its current bid, but under British takeover rules, it has until July 18 to make another offer or walk away.
- SHPG -0.5% premarket
Mon, Jun. 30, 2:55 AM
- Shire (SHPG) has received a $248M cash refund from Canadian revenue authorities, and is now expecting another $162M by the end of the year. The refund will be used to repay former debt, and $216M will be listed as a net credit to income taxes.
- Shire is currently being pursued by AbbVie (ABBV), and the latter is now preparing to bring the proposed takeover directly to Shire shareholders.
Wed, Jun. 25, 7:06 AM
- According to Bloomberg News, the average estimate from five analysts of the price AbbVie (ABBV) needs to offer Shire plc (SHPG) (SHPGF) to get the deal done is ~51 pounds/share (30B pounds). This would be ~10% above its most recent offer of 27.3B pounds.
- Panmure Gordon analyst Savvas Heophytou says, "It's all about price. I personally think this deal will get done."
Jun. 25, 2012, 9:29 AMShares of drug maker Shire (SHPGY, SHPGF.PK) -13% in London trading on news the FDA approved a generic version of its attention-deficit and hyperactivity drug Adderall XR. Watson Pharma's (WPI) newly acquired Actavis division obtained an abbreviated new-drug application for the generic. SHPGY -12.2%, WPU +1.9% premarket. | Comment!
Jun. 12, 2012, 9:07 AMBioMarin Pharmaceutical (BMRN) +4.8% premarket on rumors that Glaxo (GSK) is in advanced discussions toward a $5B buyout of BMRN. Last week, Shire (SHPGY, SHPGF.PK) also was said to be stalking the company. Glaxo is already engaged in a hostile $2.6B takeover bid for Human Genome Sciences. | Comment!
Jun. 22, 2011, 9:52 AM
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