Corporate News

Kinross Gold (KGC) Receives Authorization to Re-Commence Exploration on Project in Ecuador Nov 10, 2009 05:01PM

Kinross Gold Corporation (NYSE: KGC) has obtained authorization from the Ecuadorian Ministry of Non-Renewable Natural Resources to re-commence advanced exploration activities at the Fruta del Norte (FDN) gold project in Zamora-Chinchipe province in Ecuador.

With this authorization, Kinross expects to re-commence its drilling program at FDN shortly. The program includes a 20,000 meter drilling campaign to support completion of a feasibility study. The Company plans to use four drills to execute the drilling campaign which is expected to take six months to complete. Kinross expects to complete a pre-feasibility study in January 2010.

"The re-launch of the advanced exploration program is an important and positive development for the FDN project and for the mining industry in Ecuador," said Tye Burt, President and CEO. "We look forward to working closely with the government of Ecuador and local communities to advance the development of responsible mining at FDN," he added.

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Sanofi-aventis (SNY) and Regeneron Pharmaceuticals (REGN) to Expand Global Collaboration Nov 10, 2009 04:36PM

Sanofi-aventis (NYSE: SNY) and Regeneron Pharmaceuticals, Inc. (Nasdaq: REGN) have entered into agreements to expand and extend their existing global collaboration to discover, develop, and commercialize fully-human therapeutic monoclonal antibodies.

Sanofi-aventis will increase its annual funding commitment from $100M to $160 million beginning in 2010, and the research funding will now extend through 2017. The companies aim to advance an average of four to five antibodies into clinical development each year. In addition to its VelocImmune(®) technology, Regeneron will contribute to the collaboration its next generation technologies related to antibody generation.

Sanofi-aventis has an option to extend the discovery program for up to an additional three years for further antibody development and preclinical activities. The amendments announced today do not change the financial terms of the November 2007 agreement governing the development and commercialization of antibody drug candidates arising from the discovery collaboration.

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Stryker (SYK) Announces Two Acquisitions Nov 10, 2009 04:34PM

Stryker Corporation (NYSE: SYK) has acquired OtisMed Corporation, a privately held, software technology firm. OtisMed will focus on customizable instrumentation that has the potential to complement the many benefits that surgeons and patients realize from Stryker's Triathlon Knee System, as well as other Stryker implants. OtisMed will operate as part of Stryker's Orthopaedics Division and remain located in Alameda, California.

In addition, Stryker announced it has entered into definitive agreements with Mutoh Co., Ltd., a Japanese company, and certain of its affiliates, and Synergetics USA, Inc. (Nasdaq: SURG) to acquire assets used to produce the Sonopet Ultrasonic Aspirator control consoles, hand pieces and accessories as well as the worldwide rights to market and sell these products. The closing of these combined transactions is anticipated to occur prior to December 31, 2009, subject to agreed upon conditions. These products will be incorporated into Stryker's Instruments Division which is headquartered in Kalamazoo, Michigan.

The terms of these two combined transactions include $67 million in upfront payments as well as potential future milestone and royalty payments of up to an additional $36 million.

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Adobe (ADBE) Cutting 680 Full-Time Jobs to Align Costs with '10 Operating Plan Nov 10, 2009 04:29PM

In a Form 8-K, Adobe Systems (Nasdaq: ADBE) announced a workforce reduction to appropriately align its costs in connection with its 2010 operating plan. As a result, Adobe expectx to eliminate approximately 680 full-time positions worldwide.

The company expects to record in the aggregate approximately $65.0-$71.0 million in pre-tax restructuring charges associated with this Restructuring Plan. Included in these charges are:

• approximately $17.0-$19.0 million primarily related to the consolidation of leased facilities and
• approximately $48.0-$52.0 million related to employee severance arrangements.

Adobe expects to record approximately $18.0-$20.0 million of these charges in Q409. The company expects to complete the majority of the activities related to the Restructuring Plan by the end of fiscal 2010. Substantially all of these charges will result in cash expenditures.

Teva Pharma (TEVA) Gets Final U.S. FDA Approval for Generic Prevacid Nov 10, 2009 04:28PM

Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) announced today that the U.S. Food and Drug Administration has granted final approval for the Company's Abbreviated New Drug Application (ANDA) to market its generic version of Tap Pharmaceutical's proton pump inhibitor Prevacid (lansoprazole) Delayed-Release Capsules, 15 mg and 30 mg. Customers will begin receiving product on November 11, 2009.

Annual sales of Prevacid Delayed-Release Capsules were approximately $2.97 billion in the United States for the twelve months that ended June 30, 2009 based on IMS sales data.