Key Developments: Allergan Inc (AGN)
97.73USD
22 May 2013
$-0.81 (-0.82%)
$98.54
$98.52
$99.33
$97.46
2,802,666
1,820,364
$116.45
$81.28
Latest Key Developments (Source: Significant Developments)
Allergan Inc Raises Low End Of Prior FY 2013 Revenue Guidance To A Range In Line With Analysts' Estimates; Lowers FY 2013 EPS Guidance; Issues Q2 2013 Guidance; EPS Guidance Below Analysts' Estimates
Allergan Inc announced that for fiscal 2013, it expects total product net sales between $5.975 billion and $6.200 billion and non-GAAP diluted earnings per share (EPS) attributable to stockholders from continuing operations between $4.70 and $4.76. For the second quarter of 2013, it expects total product net sales between $1.500 billion and $1.575 billion and non-GAAP diluted earnings per share (EPS) attributable to stockholders from continuing operations between $1.18 and $1.20. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $6.155 billion and EPS of $4.76 for fiscal 2013; revenue of $1.568 billion and EPS of $1.22 for second quarter of 2013. Full Article
Allergan Inc Declares First Quarter Dividend
Allergan Inc announced that its Board of Directors has declared a first quarter dividend of $0.05 per share, payable on June 13, 2013 to stockholders of record on May 23, 2013. Full Article
Allergan Inc's Groundhog Acquisition, Inc Announces Expiration Of Tender Offer For All Outstanding Shares Of MAP Pharmaceuticals, Inc
Allergan Inc announced the expiration of the tender offer initiated by wholly owned subsidiary, Groundhog Acquisition, Inc. (Purchaser), on January 31, 2013 to purchase all of the outstanding shares of common stock of MAP Pharmaceuticals, Inc. for $25.00 per share, net to the seller in cash, without interest and less any applicable withholding taxes, as set forth in the Tender Offer Statement on Schedule TO filed by Purchaser and Allergan with the U.S. Securities and Exchange Commission on January 31, 2013. The Offer and withdrawal rights expired at 12:00 midnight, New York City time, on the night of February 28, 2013. Full Article
Allergan Inc Issues Q1 2013 Mixed Guidance; Issues FY 2013 Guidance Below Analysts' Estimates
Allergan Inc announced that for fiscal 2013, it expects net sales between $5,900 million and $6,200 million, non-GAAP diluted earnings per share attributable to stockholders between $4.75 and $4.83. For first quarter of 2013, it expects net sales between $1,375 million and $1,450 million and non-GAAP diluted earnings per share attributable to stockholders between $0.94 and $0.96. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $6,276 million and EPS of $4.74 for fiscal 2013; revenue of $1,487 million and EPS of $1.03 for first quarter of 2013. Full Article
Allergan Inc Declares Fourth Quarter Dividend
Allergan Inc announced that its Board of Directors has declared a fourth quarter dividend of $0.05 per share, payable on March 21, 2013 to stockholders of record on February 28, 2013. Full Article
Allergan Inc Commences Cash Tender Offer For All Outstanding Shares Of MAP Pharmaceuticals
Allergan Inc announced that its wholly-owned subsidiary, Groundhog Acquisition, Inc. (Purchaser), has commenced a tender offer to purchase all outstanding shares of common stock of MAP Pharmaceuticals Inc. for $25.00 per share, net to the seller in cash, without interest and less any applicable withholding taxes.The tender offer is being made pursuant to an Agreement and Plan of Merger, dated as of January 22, 2013, by and among Allergan, Purchaser and MAP (the Merger Agreement), which Allergan and MAP announced on January 22, 2013. The Merger Agreement provides, among other things, that after completion of the tender offer, and subject to customary conditions, Purchaser will merge with and into MAP (the Merger), with MAP continuing as the surviving corporation and a wholly-owned subsidiary of Allergan. Immediately prior to the effective time of the Merger, any shares not purchased in the tender offer will be converted into the right to receive the same cash price per share paid in the tender offer, without interest and less any applicable withholding taxes. American Stock Transfer & Trust Company, LLC is acting as depositary for the tender offer. Goldman, Sachs & Co. is acting as dealer manager for the tender offer, and Gibson, Dunn and Crutcher LLP is acting as legal advisor to Allergan. Full Article
Allergan Inc Wins Round In Patent Fight Over Lumigan-Reuters
Reuters reported that Allergan Inc on a round in a patent fight against two generic drug makers on January 28, 2013 when an appeals court found a key portion of the patent for its glaucoma drug, Lumigan, was valid. The U.S. Court of Appeals for the Federal Circuit also ruled that Sandoz, the generic unit of Novartis AG, and Teva would infringe that patent if they went through with plans to sell a generic version of Lumigan. The appeals court upheld a decision from the U.S. Court of Appeals for the District of Delaware. Full Article
Allergan Inc To Acquire MAP Pharmaceuticals Inc
Allergan Inc and MAP Pharmaceuticals Inc jointly announced that they have entered into a definitive merger agreement whereby Allergan will acquire 100% of the shares of MAP Pharmaceuticals for a price of $25.00 per share. MAP Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing new therapies in Neurology, including LEVADEX, an orally inhaled drug for the potential acute treatment of migraine in adults. The transaction, which has been unanimously approved by the boards of directors of both companies, will be accomplished pursuant to a cash tender offer followed by a second step merger. The per share cash offer price represents a 60% premium over MAP’s closing stock price on the Nasdaq Stock Market of $15.58 on January 22, 2013, and represents a total equity value of approximately $958 million, on a fully-diluted basis. The acquisition is expected to close late in the first quarter or in the second quarter of 2013. Full Article
U.S. FDA Approves Allergan Inc's Botox To Treat Overactive Bladder-Reuters
Reuters reported that Allergan Inc's Botox wrinkle treatmen has been approved to treat adults with overactive bladder who cannot tolerate or failed to be helped by other drugs for the condition, the U.S. Food and Drug Administration said. Botox injected into the bladder muscle causes the bladder to relax, increasing its storage capacity and reducing episodes of urinary incontinence, or leakage. Botox had previously been approved for other non-cosmetic uses, such as migraine headaches, severe underarm sweating and loss of bladder control due to nerve damage. The treatment can be repeated when the effect wears off, but with a gap of at least 12 weeks between treatments, the FDA said. Full Article
Allergan Inc Announces Completion Of SkinMedica, Inc. Acquisition
Allergan Inc announced that it has completed the acquisition of SkinMedica, Inc. Under the terms of the agreement, which was first announced on November 16, 2012, Allergan paid approximately $350 million (subject to certain adjustments) for the business, which includes a variety of "physician dispensed" non-prescription aesthetic skin care products and prescription products. In connection with the closing of the transaction, SkinMedica spun out its Colorescience aesthetic make-up business. Allergan plans to operate SkinMedica as a separate global business based out of SkinMedica's current headquarters in Carlsbad, CA. Full Article
Allergan delays drug that would rival Regeneron's Eylea
- Allergan Inc said approval of its Darpin eye drug could be delayed up to two years, providing a new boost to Regeneron Pharmaceuticals Inc whose successful treatment, Eylea, stands to gain from a lack of new competition.
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