Morning Movers 6/22: SUAI, AVII, NGSX, EMKR Higher; LNET, AEG, ALU, GTE Lower
Specialty Underwriters' Alliance, Inc. (NASDAQ: SUAI) 61.9% HIGHER; Tower Group, Inc. (NASDAQ: TWGP) and SUA entered into a definitive agreement for the acquisition of SUA by Tower in a transaction valued at approximately $107 million. Under the terms of that agreement, SUA shareholders would receive Tower common stock equal to $6.72 per SUA share based on Friday's closing stock price for Tower of $24.00.
AVI BioPharma, Inc. (NASDAQ: AVII) 15% HIGHER; is under contract with the U.S. Defense Threat Reduction Agency for development of one or more nucleotide-based candidate drugs targeting the present epidemic of H1N1 swine flu. Click here for the full report.
NeurogesX, Inc. (Nasdaq: NGSX) 13.1% HIGHER; and Astellas Pharma Europe Ltd., the European subsidiary of Tokyo based Astellas Pharma Inc. announced today that the companies have entered into an exclusive Distribution, Marketing and License agreement for the commercialization of Qutenza(TM) in the European Economic Area including the 27 countries of the European Union, Iceland, Norway, and Liechtenstein as well as Switzerland, certain countries in Eastern Europe, the Middle East and Africa. Click here for the full report.
EMCORE Corporation (NASDAQ: EMKR) 11.9% HIGHER; announced it has been awarded a $5.7 million cost-plus fixed-fee contract from the Air Force Research Laboratory, located at the Kirtland Air Force Base, for the development of high-efficiency photovoltaic solar cells. Here is the full report.
LodgeNet Interactive Corporation (Nasdaq: LNET) 11.9% LOWER; intends to offer shares of Series B Cumulative Perpetual Convertible Preferred Stock, with a liquidation preference of $1,000 per share, with an aggregate liquidation preference of $50 million, in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.
Oncothyreon Inc. (Nasdaq: ONTY) 11.8% HIGHER; today announced that Merck KGaA of Darmstadt, Germany, has initiated a global Phase 3 trial of Stimuvax(R) (BLP25 liposome vaccine, L-BLP25) in patients with hormone receptor-positive, locally advanced, recurrent or metastatic breast cancer. Stimuvax is an investigational therapeutic cancer vaccine being developed by Merck KGaA under a license agreement with Oncothyreon.
AEGON (NYSE: AEG) 10.4% LOWER; has agreed to sell its Taiwanese life insurance business based on a valuation of approximately EUR 65 million, as per the end of 2008, to Zhongwei Company*. Click here for the full report.
Alcatel-Lucent (NYSE: ALU) 8% LOWER; Bank of America downgrades the stock from Neutral to Underperform.
Gran Tierra Energy Inc. (NYSE: GTE) 6.1% LOWER; today announced that it has signed three Exploration and Exploitation contracts with the National Hydrocarbon Agency totaling 235,264 acres in which Gran Tierra has a 100% working interest.
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