Stifel Reiterates Buy on Medivation (MDVN) Following Talazoparib Acquisition

UBS Raises Price Target on Medivation (MDVN) Following Talazoparib Acquisition

UBS reiterated a Buy rating on Medivation (NASDAQ: MDVN), and raised the price target to $148.00 (from $145.00), following the company's acquisition of WW rights to Biomarin's talazoparib. Talazoparib is an oral PARP inhibitor. Analyst Matthew Roden said that the acquisition diversifies the revenue stream and adds... More

Wedbush Cuts Price Target on BioMarin Pharma (BMRN) Following Announced Sale of Talazoparib to Medivation (MDVN)

Wedbush maintained a Neutral rating on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN), and cuts the price target to $131.00 (from $139.00), following the announced sale of talazoparib to Medivation (MDVN-OUTPERFORM) for a total of $570MM. BioMarin expects to receive $410MM upfront, up to $160MM in milestone payments and mid-single digit royalties on sales of talazoparib.

Analyst Liana Moussatos commented,... More

Market Wrap: Markets Riled on China Worries; Apple's Cook Calms Investors; Southern Co. Bets on Nat Gas

Market wrap for August 24th

End of the Day: S&P 500 down 77.7 to 1,893.21; Dow Jones down 588.4 to 15,871.35; Nasdaq down to 4,526.25

Market Brief: U.S. markets were hit Monday as the global selloff continued. The Shanghai Composite fell 8.5 percent, the largest one-day drop since early 2007. The index is down 0.8 percent for 2015 and o
ff 38 percent from its June highs. Fears of a drastic slowdown in the Chinese economy is noted as the major catalyst for the selling and comes as the country... More

RBC Capital Positive on BioMarin Pharma (BMRN) Following Talazoparib Sale (MDVN)

RBC Capital affirms BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) with an Outperform rating and $145 price target after the company announced that it and Medivation (Nasdaq: MDVN) entered into an asset purchase agreement under which Medivation will acquire all worldwide rights to talazoparib (formerly referred to as BMN 673), a highly-potent, orally-available poly ADP ribose polymerase (PARP) inhibitor currently in a Phase 3 study for the treatment of... More

Notable Mergers and Acquisitions 8/24: (SO)/(GAS) (MDVN)/(BMRN) (CIE) (MRKT) (DVA)

* Southern Company (NYSE: SO) and AGL Resources (NYSE: GAS) announced that the boards of directors of both companies have approved a definitive merger agreement to create America's leading U.S. electric and gas utility company. Pursuant to the agreement, AGL Resources will become a new wholly owned subsidiary of Southern Company in a transaction with an enterprise value of approximately $12 billion, including a total equity value of approximately $8 billion.

For Southern Company, this transaction is anticipated... More

Medivation (MDVN), BioMarin (BMRN) Enter Asset Purchase Agreement Covering Talazoparib

Medivation (NASDAQ: MDVN) and BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) announced that they have entered into an asset purchase agreement under which Medivation will acquire all worldwide rights to talazoparib (formerly referred to as BMN 673), a highly-potent, orally-available poly ADP ribose polymerase (PARP) inhibitor currently in a Phase 3 study for the treatment of patients with deleterious germline BRCA 1 or BRCA 2 mutations and locally advanced and/or metastatic breast cancer. Under the agreement, Medivation will be responsible for all research, development, regulatory and commercialization activities for all indications on a global... More