Dec. 16, 2014, 9:10 AM
Nov. 7, 2014, 12:52 PM
Nov. 7, 2014, 9:14 AM
- Gainers: MITK +29%. RMTI +27%. RPRX +24%. SHLD +22%. CNET +15%. NETE +11%. PGNX +10%. ZNGA +9%. APT +9%. KING +9%. KING +9%. KGC +8%. TKMR +7%. AGIO +7%. BEBE +5%.
- Losers: SLXP -35%. MDRX -20%. CTIC -19%. ICPT -19%. UBNT -17%. ANF -13%. ANET -11%. ORBC -10%. AVNR -7%. FSLR -7%. PLNR -6%. NDLS -6%. RIG -5%. DVA -5%. NADL -5%.
Nov. 7, 2014, 8:38 AM
- Salix Pharmaceuticals (NASDAQ:SLXP) is off 34% premarket on robust volume in response to its disclosure of accounting problems regarding wholesaler inventory levels. Per its Q3 earnings announcement, the levels for key products are: Xifaxan: nine months; Apriso: nine months; Glumetza: seven months; Uceris: five months.
- The company says that there is a lack of visibility with its wholesalers regarding sales, making it problematic to accurately forecast appropriate inventory levels. It is now negotiating with its main wholesalers to enter into distribution services agreements for each product in order to improve, among other things, the planning process. The agreements should be finalized in Q1 2015. It expects to adjust inventory levels to ~three months. Wholesaler inventory levels of Glumetza will fall to ~one month or less when a generic competitor enters the market in early 2016.
- Previously: Salix shares plummet, CFO resigns
Nov. 7, 2014, 1:53 AM
- Salix Pharmaceuticals (NASDAQ:SLXP) -38.3% AH after announcing an accounting revision that showed sales of its drugs not as strong as Wall Street's expectations. The changes were accompanied by the resignation of CFO Adam Derbyshire.
- The accounting issue also played a role in scuttling a potential takeover from Allergan (NYSE:AGN) earlier this year, WSJ reports.
- Salix lowered its earnings guidance for the year, and now expects 2014 net income of $400M, or $5.20 per share, down from earlier estimates of $475M, or $6.16 per share.
Nov. 6, 2014, 5:36 PM
Oct. 3, 2014, 9:10 AM
Oct. 2, 2014, 6:16 PM
- Bloomberg reports Salix (NASDAQ:SLXP) is now in talks to sell itself to Actavis (NYSE:ACT), and that M&A talks with Allergan (NYSE:AGN) have faded.
- A tangled web: The WSJ previously reported Allergan was in "advanced talks" to buy Salix after turning down Actavis. Since then, speculation has grown Actavis will bid for Salix.
- SLXP +3.9% AH.
Sep. 29, 2014, 6:07 PM
- Following a successful Phase 3 trial, the FDA has approved Relistor for "the treatment of opioid-induced constipation in patients taking opioids for chronic non-cancer pain."
- Salix (NASDAQ:SLXP) will sell Relistor under a license from developer Progenics (NASDAQ:PGNX). Many expected FDA approval to arrive following a favorable July ruling.
- PGNX +3.4% AH.
- Related tickers: (AZN)(CBST +0.9%)(SGYP -3.4%)(NKTR -0.9%)
Sep. 23, 2014, 9:10 AM
Sep. 23, 2014, 7:51 AM
Sep. 22, 2014, 6:27 PM
- The WSJ reports Allergan (NYSE:AGN) is "in advanced talks" to buy Salix (NASDAQ:SLXP) in an all-cash deal after turning down an offer from Actavis (NYSE:ACT). The paper adds an Allerga/Salix deal, meant to thwart Valeant's (NYSE:VRX) hostile bid for Allergan, could be announced "late this week or next."
- A source says Actavis is still interested in buying Allergan, but only through a "friendly" deal. Whereas Valeant has suggested it would pare back Allergan's R&D spend should its hostile bid succeed, Actavis has reportedly promised to keep Allergan's R&D spend intact.
- The WSJ originally reported of Allergan's interest in Salix in August. Soon after that, Bloomberg reported talks were "dormant" for the time being.
- SLXP +15.8% AH. AGN +1.4%. ACT +0.6%.
Aug. 20, 2014, 5:56 PM
- Bloomberg reports Allergan (NYSE:AGN) isn't currently in active buyout talks with Salix (NASDAQ:SLXP). Though Allergan approached Salix about a deal in recent months, the talks are currently "dormant," and Allergan is exploring other options to thwart Valeant's hostile bid.
- SLXP -2.7% AH. Shares rose over 15% yesterday after the WSJ reported Allergan has approached Salix about a potential deal. They fell 2.3% in regular trading today.
Jul. 1, 2014, 12:48 PM
Jul. 1, 2014, 9:17 AM
Jul. 1, 2014, 8:39 AM
- Salix Pharmaceuticals (SLXP) reports positive results from a Phase 3 clinical trial evaluating the safety and efficacy of Xifaxan (rifaximin) in patients with irritable bowel syndrome with diarrhea (IBS-D). In the trial, patients received rifaximin 550 mg TID (3x/day) for 14 days. A statistically significant greater proportion of the test group responded to repeat treatment compared to placebo as assessed by the primary endpoint of IBS-related abdominal pain and stool consistency during the four-week treatment-free follow-up period.
- The company intends to file an sNDA for the expanded indication of IBS-D. Xifaxin is currently approved as a treatment for the reduction in risk of overt hepatic encephalopathy recurrence in patients at least 18 years of age.
- SLXP shares are up 10% premarket on modest volume.
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