Actavis (ACT), Durata Therapeutics (DRTX) Receive FTC Clearance for Acquisition Oct 31, 2014 04:17PM

Actavis plc (NYSE: ACT) and Durata Therapeutics, Inc. (NASDAQ: DRTX) today announced that the U.S. Federal Trade Commission (FTC) has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR") with respect to Actavis' pending acquisition of Durata.

The early termination of the HSR waiting period satisfies one of the conditions to the closing of the pending acquisition, which remains subject to other customary closing conditions. Both companies expect the transaction to be completed in the fourth quarter of 2014.


PPG Industries (PPG) Reports Favorable Ruling Related to Consorcio Comex Deal Oct 31, 2014 01:51PM

PPG Industries (NYSE: PPG) today announced that it has received a favorable ruling from Mexico’s Federal Economic Competition Commission on its previously announced agreement to acquire Consorcio Comex, S.A. de C.V. (“Comex”). PPG announced June 30 that it had reached a definitive agreement to acquire Comex in a transaction valued at $2.3 billion. PPG received approval from the National Foreign Investment Commission of Mexico in mid-October.

“We are pleased to have received all the necessary government approvals for the Comex acquisition and expect to close the transaction in the next several days,” said Charles E. Bunch, PPG chairman and CEO. "We are excited to grow our business in Mexico, a vibrant country with an expanding economy. We look forward to growing in the region with Comex customers and employees.”

Bunch commented that the company anticipates the acquisition will result in 65 cents to 75 cents of earnings-per-share accretion in 2015, excluding non-recurring acquisition-related expenses and any transaction-related financing costs. He also mentioned that the company expects acquisition-related synergies of $30 million to $40 million will be achieved over a two-year period.

The company indicated it plans to fund the transaction primarily from cash on hand, but it may utilize debt to finance a portion of the $2.3 billion purchase price. The company reported cash and short-term investments of $3.0 billion at the end of the third quarter.

Comex is a privately-held architectural and industrial coatings company with headquarters in Mexico City. The company manufactures coatings and related products in Mexico and sells them in Mexico and Central America through more than 3,700 stores that are independently owned and operated by more than 700 concessionaires. Comex also sells its products through regional retailers and wholesalers, and directly to customers. The company has approximately 3,900 employees, eight manufacturing facilities and six distribution centers, and it had sales of approximately $1 billion in 2013. Comex was founded in 1952.


UPDATE: UBS AG (UBS) Can't Arbitrate with Nasdaq (NDAQ) over Facebook (FB) IPO - Court Oct 31, 2014 10:08AM

(Updated - October 31, 2014 10:08 AM EDT)

Court says UBS AG (NYSE: UBS) can't arbitrate with Nasdaq (Nasdaq: NDAQ) over Facebook (Nasdaq: FB) IPO,.

UPDATE - Reuters.reported that the 2nd U.S. Circuit Court of Appeals in New York issued a 2-1 vote, upholding a lower court ruling.

UBS inadvertently amassed tens of millions of Facebook shares during the May 2012 IPO due to mismanagement by Nasdaq. The event caused about $350 million of losses for UBS.

Shares of UBS are positive in early treading Friday.


UPDATE: UBS AG (UBS) Can't Arbitrate with Nasdaq (NDAQ) over Facebook (FB) IPO - Court Oct 31, 2014 10:08AM

(Updated - October 31, 2014 10:08 AM EDT)

Court says UBS AG (NYSE: UBS) can't arbitrate with Nasdaq (Nasdaq: NDAQ) over Facebook (Nasdaq: FB) IPO,.

UPDATE - Reuters.reported that the 2nd U.S. Circuit Court of Appeals in New York issued a 2-1 vote, upholding a lower court ruling.

UBS inadvertently amassed tens of millions of Facebook shares during the May 2012 IPO due to mismanagement by Nasdaq. The event caused about $350 million of losses for UBS.

Shares of UBS are positive in early treading Friday.


Zogenix (ZGNX), Purdue Pharma Enter Hydrocodone Product Exclusivity Waivers Oct 31, 2014 08:42AM

Zogenix (NASDAQ: ZGNX) announced it has entered into an agreement with Purdue Pharma L.P. (Purdue) under which the two companies have exchanged waivers of regulatory exclusivity applicable to their respective single-entity, extended-release hydrocodone products. These waivers are applicable to current or pending New Drug Applications (NDAs) as well as successor products, including those with abuse-deterrent properties and associated labeling claims.

In connection with the exchange of waivers, Purdue has agreed to pay Zogenix $10 million with the first payment of $5 million due within 15 days and the second-half payment due on July 1, 2015. Zogenix may also be eligible to receive royalties on future net sales of Purdue's once-daily hydrocodone product, for a limited period of time, if certain sales conditions are met.

"This agreement allows prescribers and patients to have treatment options to help manage severe chronic pain. Zogenix remains committed to responsibly providing Zohydro® ER and to the continued development of our abuse deterrent formulations. Although advancing the science of abuse deterrent technology is an important component, we are pleased that the steps we are taking to identify and address early warning signs of potential abuse, misuse or diversion of our medicine are working as intended," said Roger Hawley, chief executive officer of Zogenix. Hawley continued, "We will continue these efforts as well as the other programs we have implemented, including the U.S. Food and Drug Administration's Risk Evaluation and Mitigation Strategy (REMS) for extended-release/long-acting opioid analgesics, that are designed to reduce abuse potential, while ensuring that those with chronic pain who need Zohydro ER will have access to it."

Hawley continued, "Execution of this agreement reduces risk and provides greater clarity on the regulatory pathway for the pending supplemental NDA (sNDA) for Zohydro ER with abuse-deterrent properties and the planned NDA submission of our next extended-release hydrocodone incorporating innovative abuse-deterrent technology developed by Altus Formulations. We anticipate potential approval of the sNDA for Zohydro ER in the first quarter of 2015 and remain on track with the Altus formulation.

"The non-dilutive capital from this agreement provides us with additional funds to invest in our recently expanded development pipeline," added Hawley.


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