Pre-Open Movers 12/04: (BGC) (EXAC) (ZYNE) Higher; (MZOR) (FNSR) (CVS) Lower (more...)

December 4, 2017 9:27 AM

General Cable Corporation (NYSE: BGC) 33.7% HIGHER; Prysmian Group and General Cable Corporation (NYSE: BGC) today announced that they have entered into a definitive merger agreement under which Prysmian will acquire General Cable for $30.00 per share in cash. The transaction values General Cable at approximately $3 billion, including debt and certain other General Cable liabilities, and represents a premium of approximately 81% to the General Cable closing price of $16.55 per share on July 14, 2017, the last day of trading before General Cable announced its review of strategic alternatives.

Exactech, Inc. (Nasdaq: EXAC) 16.4% HIGHER; announced today that it has entered into an amendment to its merger agreement with TPG Capital and certain of its affiliates which was previously announced on October 23, 2017. Pursuant to the amended merger agreement, the Companys common stock outstanding immediately prior to the effective time of the merger (other than certain shares held by the Companys founders and certain management shareholders) will be converted into the right to receive $49.25 per share in cash. This represents an increase of approximately 17.3% over the $42.00 of per share merger consideration previously agreed to by Exactech and TPG Capital. TPG Capital has also increased its equity financing commitment to $737 million for purposes of consummating the merger.

Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) 8.4% HIGHER; reported new clinical data presented at the 2017 Annual Meeting of the American Epilepsy Society (AES) in Washington, DC. The key findings include that clinically meaningful responses to ZYN002, as measured by reductions in focal seizures from the baseline period of STAR 1, are correlated with continued treatment with ZYN002. Patients who received ZYN002 (195mg during STAR 1 for three months and 390mg for six months in STAR 2) for a total of nine months achieved a median reduction in seizures of 65%. Patients who received ZYN002 (390mg for three months in STAR 1 and six months in STAR 2) achieved a 48% median reduction in seizures from baseline. In addition, ZYN002 was shown to be very well tolerated through nine months of exposure.

Blue Apron (NYSE: APRN) 6.5% HIGHER; Barclays upgraded from Underweight to Equalweight with a price target of $4.00 (from $3.00).

Ultra Clean (NASDAQ: UCTT) 5.8% HIGHER; Stifel upgraded from Hold to Buy with a price target of $27.00, saying the recent pullback represents an attractive entry point.

Axalta Coating (NYSE: AXTA) 5.4% HIGHER; Akzo would value Axalta Coating (NYSE: AXTA) at as much as $44 per share should the companies rekindled merger talks, valuing it at as much as $10.7 billion, according to Bloomberg, citing people familiar with the matter.

Mazor (NASDAQ: MZOR) 5% LOWER; reports from Calcalist that CEO, Ori Hadomi, is under investigation by the Israel Securities Authority for insider trading.

Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE) 4.5% HIGHER; The company, Kyowa Hakko Kirin Co., Ltd. (Kyowa Hakko Kirin) and Kyowa Kirin International PLC (Kyowa Kirin International) today announced positive 48-week data from the randomized, double-blind, placebo-controlled Phase 3 study of burosumab (KRN23) in adults with X-linked hypophosphatemia (XLH). Treatment with burosumab for 48 weeks showed sustained maintenance of normal serum phosphorus levels and further improvement in stiffness, physical function and pain. Patients who crossed over from placebo to burosumab after 24 weeks showed normalization of serum phosphorus and improvement in stiffness, pain and physical functioning. An increased rate of fracture healing, in favor of burosumab treated patients, was observed during the first 24 weeks of burosumab treatment and this increased up to 48 weeks of treatment. Placebo patients who crossed over to burosumab showed a similar increased rate of fracture healing. The safety profile was consistent with what has been previously observed in this study and in other open label studies of burosumab in adults and children. Ultragenyx is conducting the study under a collaboration and license agreement with Kyowa Hakko Kirin. Burosumab is being developed by Ultragenyx, Kyowa Hakko Kirin and Kyowa Kirin International.

Finisar (NASDAQ: FNSR) 4.2% LOWER; MKM Partners analyst, Michael Genovese, is expecting weak numbers when the company reports 2QFY18 earnings on Thursday, December 7th after the close.

Nokia (NYSE: NOK) 3.6% LOWER; Exane BNP Paribas downgraded from Neutral to Underperform with a price target of $3.90.

CVS Health (NYSE: CVS) 3.4% LOWER; CVS Health (NYSE: CVS) and Aetna (NYSE: AET) announced the execution of a definitive merger agreement under which CVS Health will acquire all outstanding shares of Aetna for a combination of cash and stock. Under the terms of the merger agreement, which has been unanimously approved today by the boards of directors of each company, Aetna shareholders will receive $145.00 per share in cash and 0.8378 CVS Health shares for each Aetna share. The transaction values Aetna at approximately $207 per share or approximately $69 billion1. Including the assumption of Aetna's debt, the total value of the transaction is $77 billion.

Aetna (NYSE: AET) 2.1% HIGHER; CVS Health (NYSE: CVS) and Aetna (NYSE: AET) announced the execution of a definitive merger agreement under which CVS Health will acquire all outstanding shares of Aetna for a combination of cash and stock. Under the terms of the merger agreement, which has been unanimously approved today by the boards of directors of each company, Aetna shareholders will receive $145.00 per share in cash and 0.8378 CVS Health shares for each Aetna share. The transaction values Aetna at approximately $207 per share or approximately $69 billion1. Including the assumption of Aetna's debt, the total value of the transaction is $77 billion.

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