Canaccord Genuity Raises Price Target on Teva Pharma (TEVA) Following Announced Acquisition of Allergan Generics

Allergan Generics (AGN), Teva Pharma (TEVA) Deal has $2.5B Termination Fee

July 28, 2015 9:14 AM EDT

Allergan (NYSE: AGN) disclosed the following in an 8-K filed with the U.S. SEC on Tuesday morning:

Allergan plc, a public company limited by shares organized under the laws of Ireland (Allergan), entered into a Master Purchase Agreement (the Agreement), dated as of July 26, 2015, with Teva Pharmaceutical Industries Ltd., a company organized under the laws of Israel (Teva).

Pursuant to the Agreement, following the satisfaction or waiver of certain conditions, Teva will purchase the global generics... More

Canaccord Genuity Raises Price Target on Allergan (AGN) Following Announced Generics Sale

July 28, 2015 9:13 AM EDT

Canaccord Genuity reiterated a Buy rating on Allergen (NYSE: AGN), and raised the price target to $396.00 (from $352.00), following the announced sale of its generics unit to Teva (NYSE: TEVA). Teva will acquire the unit for $40.5B.... More

Leerink Partners Raised Price Target on Allergan (AGN) to $388 Following TEVA Announcement

July 28, 2015 8:19 AM EDT

Allergan (NYSE: AGN)
Leerink Partners reiterated an Outperform rating on Allergen (NYSE: AGN), and raised the price target to $388.00 (from $354.00), following this morning's announcement that TEVA will be acquiring AGNs Gx biz for $40.5B. Analyst Jason Gerberry views TEVA (OP) as the most suitable owner for the AGN's Gx assets.

Gerberry... More

Leerink Partners Raises Price Target to $84 on Teva Pharma (TEVA) Following Call with CFO

July 28, 2015 8:12 AM EDT

Leerink Partners reiterated an Outperform rating on Teva Pharma (NYSE: TEVA), and raised the price target to $84.00 (from $74.00), following a call with CFO Eyal Desheh. The TEVA-AGN deal is estimated to close in 1Q'16 and management still anticipates holding its annual guidance... More

Teva Pharma (TEVA) PT Bumped to $75 at Piper Jaffray

July 28, 2015 7:39 AM EDT

Piper Jaffray analyst David Amsellem lifted his price target on Teva Pharma (NYSE: TEVA) to $75.00 (from $57.00) on plans to acquire Allergan's generic business but maintained a Neutral rating.

Amsellem commented, "With Teva deadset on doubling down on its global exposure to... More

BMO Capital Starts Teva Pharma (TEVA) at Outperform

July 28, 2015 7:07 AM EDT

BMO Capital initiates coverage on Teva Pharma (NYSE: TEVA) with a Outperform rating and a price target of $80.00.

For an analyst ratings summary and ratings history on Teva Pharma click here. For more ratings news on Teva Pharma click here.

Shares of Teva Pharma closed at $72.00 yesterday.

... More

Market Wrap: Chinese Stock Pressure Hits U.S. Markets; Durable Orders Outpace in June; Merger Monday

July 27, 2015 5:22 PM EDT

Market wrap for July 27th

End of the Day: S&P 500 down 12.0 to 2,067.64; Dow Jones down 127.9 to 17,440.59; Nasdaq down 48.9 to 5,039.78

Market Brief: U.S. markets were pressured Monday following a sell-off in Shanghai amid concerns the government would ease measures to support the market.

Teva moved to acquire Allergan for about $40.5 billion. Plenty of other M&A activity ruled early headlines.

Best Buy plans to sell the Apple watch, which added a little pressure to... More

Mylan's (MYL) Price Target Reduced to $65 at Deutsche Bank

July 27, 2015 2:34 PM EDT

Deutsche Bank maintained a Buy rating on Mylan (NASDAQ: MYL) but cut its price target to $65.00 (from $82.00). The change reflects standalone valuation after Teva Pharma (NYSE: TEVA) earlier withdrew its agreement to acquired the company.

"Following TEVAs announced plan to acquire Allergan... More

Teva's (TEVA) Deal for Allergan Generics Seen as Positive at Deutsche Bank, PT Raised to $82

July 27, 2015 2:29 PM EDT

Deutsche Bank maintained a Buy rating on Teva Pharma (NYSE: TEVA) and raised its price target to $82.00 (from $73.00). Analyst Gregg Gilbert said he likes its acquisition of Allergan Generics and noted "significant operational synergies."

"The addition of Allergans strong generics business and best-in-class pipeline, coupled with the potential for significant operational synergies, makes AG an ideal... More

Streetinsider.com's Hot Lunchtime Reads 7/27: (TEVA) (OII) (F) (RJET)

July 27, 2015 12:09 PM EDT

The following is a list of notable articles to help get you through the lunch hour:Chinese securities regulator says to continue to buy stocks ->... More

Teva Pharma (TEVA) PT Raised to $74 at Maxim Group on Deal for Allergan's Generic Drug Business

July 27, 2015 11:10 AM EDT

Maxim Group analyst Jason Kolbert reiterated a Buy rating and raised his price target on Teva Pharma (NYSE: TEVA) to $74.00 (from $64.00) after the company agreed to acquire Allergan's legacy Actavis global generics business. The company is dropping its bid for... More

Notable Mergers and Acquisitions 7/27: (TEVA)/(AGN) (WAB) (BECN) (SNY) (XUE)

July 27, 2015 9:58 AM EDT

* Teva Pharma (NYSE: TEVA) announced that it has signed a definitive agreement with Allergan plc (NYSE: AGN) to acquire Allergan Generics in a transaction valued at $40.5 billion. Upon closing, Allergan will receive $33.75 billion in cash and shares of Teva valued today at $6.75 billion, representing an estimated under 10% ownership stake in Teva, with the number of Teva shares determined based on Tevas volume weighted average trading prices during the 15 days prior to the announcement and five days following the announcement. Teva believes the acquisition will be significantly... More

Pre-Open Stock Movers 07/27: (MAG) (TEVA) (AGN) Higher; (BLPH) (MYL) (GRUB) Lower (more...)

July 27, 2015 9:35 AM EDT

Bellerophon Therapeutics (NASDAQ: BLPH) 59.7% LOWER; announced top-line results from its PRESERVATION I clinical trial for Bioabsorbable Cardiac Matrix (BCM), an investigational, implantable medical device being studied for the prevention of heart failure following an acute myocardial infarction (AMI), commonly known as a heart attack.

Magnetek, Inc. (NASDAQ: MAG) 52.8% HIGHER; Columbus McKinnon (NASDAQ: CMCO) and Magnetek, Inc. (NASDAQ: MAG) announced that they have entered into a... More

Wall Street drops as China stock slump stokes growth fears

July 27, 2015 7:48 AM EDT

(UPDATED 4:49PM ET) By Noel Randewich

(Reuters) - Wall Street sank on Monday, with the Nasdaq losing almost 1 percent after the steepest decline in Chinese stocks in eight years increased concerns that cooling growth in the world's No. 2 economy could hurt China's trading partners.

The Dow Jones industrial average finished at its lowest since February, the Nasdaq Composite hit a four-week low and the benchmark S&P 500 ended at its lowest in over two weeks.

In an additional negative sign, 480 stocks hit 52-week lows on the New York Stock Exchange, the most in one day since Oct.... More

Perrigo (PRGO) Gains After Teva (TEVA) Withdraws Proposal to Acquire Mylan (MYL)

July 27, 2015 7:25 AM EDT

Perrigo (NYSE: PRGO) gained after Teva Pharma (NYSE: TEVA) withdrew its proposal to acquire Mylan (NASDAQ: MYL). Tevas decision follows an announcement that Teva has entered into a definitive agreement with Allergan (NYSE:... More

Mylan (MYL) Comments on Teva/Allergan Deal; Strategic Focus Remains Unchanged

July 27, 2015 6:43 AM EDT

Mylan (Nasdaq: MYL) issued the following statement regarding Teva's (NYSE: TEVA) announcement of its entry into an agreement to acquire Allergan's (NYSE: AGN) Generic Drug Unit and its withdrawal of its unsolicited expression of interest to acquire Mylan.

Mylan... More

Teva Pharma (TEVA) Prelim. Q2 Revenue, EPS Outpace Views

July 27, 2015 6:14 AM EDT

Teva Pharma (NYSE: TEVA) announced preliminary financial results for the second quarter of 2015:

Revenues of approximately $4.97 billion, down 2% compared to the second quarter of 2014. Excluding the impact of foreign exchange fluctuations and the sale of U.S. OTC plants in July 2014, revenues increased 6% compared to the second quarter of 2014.Non-GAAP diluted earnings per share (EPS) of $1.43 in the second quarter of 2015, up 15% compared to the second quarter of 2014.Non-GAAP operating income of $1.6 billion, an increase of 16%... More

Teva Pharma (TEVA) Ends Effort to Acquire Mylan (MYL)

July 27, 2015 6:07 AM EDT

Teva Pharma (NYSE: TEVA) announced that it has withdrawn its cash and stock proposal to acquire all of the outstanding ordinary shares of Mylan N.V. (Nasdaq: MYL) and Teva does not intend to continue to pursue a transaction with Mylan at this time. Tevas decision to terminate the proposal to acquire Mylan follows todays announcement that Teva has entered into a definitive agreement with Allergan to acquire Allergan Generics.

In... More

Teva Pharma (TEVA) to Acquire Allergan Genetics (AGN) in $40.5B Cash and Stock Deal

July 27, 2015 6:03 AM EDT

Teva Pharma (NYSE: TEVA) announced that it has signed a definitive agreement with Allergan plc (NYSE: AGN) to acquire Allergan Generics in a transaction valued at $40.5 billion. Upon closing, Allergan will receive $33.75 billion in cash and shares of Teva valued today at $6.75 billion, representing an estimated under 10% ownership stake in Teva, with the number of Teva shares determined based on Tevas volume weighted average trading prices during the 15 days prior to the announcement and five days following the announcement. Teva believes the acquisition will be significantly accretive to... More

Teva Pharma (TEVA) Nears Deal to Acquire Allergan's (AGN) Generic-Drug Business

July 26, 2015 5:23 PM EDT

Israel-based drug maker Teva Pharma (NYSE: TEVA) is in talks to acquire Allergan's (NYSE: AGN) generic-drug business, the Wall Street Journal reported on Saturday. The deal is said to be valued at about $45 billion and could be announced as soon as Monday.

If a deal is... More

Consumer Reports Negative on Teva Pharma (TEVA), Mylan (MYL) Deal

July 24, 2015 2:56 PM EDT

Consumer Reports is out negative on the potential deal between Mylan (Nasdaq: MYL) and Teva Pharma (NYSE: TEVA).

In part, the report notes that the deal could hand consumers higher prices for generic and specialty drugs.

Teva and Mylan are both trading at or near session lows on Friday.

... More