Amarin (AMRN) Shares Rise Following M&A Chatter; Other Targets Mentioned (AMLN) (FRX)
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Amarin (Nasdaq: AMRN) shares went parabolic Wednesday morning following earlier speculation the company might be a takeover candidate for a large pharmaceutical company.
According to Bloomberg's Real M&A, AstraZeneca (NYSE: AZN) might be looking at companies like Amarin, Amylin (Nasdaq: AMLN), and/or Forest Labs (NYSE: FRX) in an effort to bolster its eroding pipeline. In addition, by 2014, AstraZeneca will lose patent protection on drugs which made up 40 percent of its top-line in 2011.
Amarin would give AstraZeneca access to a new heart medication which is close to gaining approval.
At 6.3 times, AstraZeneca shares are going for the lowest valuation in the large pharma sector. Shareholders have been pressuring AstraZeneca to make bolder moves, as analysts have already been projected a 30-percent drop in profits this year.
Earlier in the week, AstraZeneca agreed to acquire Ardea Biosciences (Nasdaq: RDEA) in a deal valued at $1.26 billion. The move is the first deal over $1 billion for Astra since its $14.7 billion acquisition of MedImmune in 2007, according to Bloomberg data. Other potential targets include late-stage companies outside of its development zone which currently focus on treatments for cancer, diabetes, and GI ailments.
After rising to an intraday high at $10.39 (up 6.5 percent for the session), Amarin shares are now up 2.4 percent to around $9.98. Shares of Amylin are 1.6 percent better Wednesday. Forest Labs shares are up 1.8 percent at last check.
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According to Bloomberg's Real M&A, AstraZeneca (NYSE: AZN) might be looking at companies like Amarin, Amylin (Nasdaq: AMLN), and/or Forest Labs (NYSE: FRX) in an effort to bolster its eroding pipeline. In addition, by 2014, AstraZeneca will lose patent protection on drugs which made up 40 percent of its top-line in 2011.
Amarin would give AstraZeneca access to a new heart medication which is close to gaining approval.
At 6.3 times, AstraZeneca shares are going for the lowest valuation in the large pharma sector. Shareholders have been pressuring AstraZeneca to make bolder moves, as analysts have already been projected a 30-percent drop in profits this year.
Earlier in the week, AstraZeneca agreed to acquire Ardea Biosciences (Nasdaq: RDEA) in a deal valued at $1.26 billion. The move is the first deal over $1 billion for Astra since its $14.7 billion acquisition of MedImmune in 2007, according to Bloomberg data. Other potential targets include late-stage companies outside of its development zone which currently focus on treatments for cancer, diabetes, and GI ailments.
After rising to an intraday high at $10.39 (up 6.5 percent for the session), Amarin shares are now up 2.4 percent to around $9.98. Shares of Amylin are 1.6 percent better Wednesday. Forest Labs shares are up 1.8 percent at last check.
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