Eyetech Jumps on Merger News
OSI Pharmaceuticals (OSIP ) agrees to acquire Eyetech Pharmaceuticals (EYET ) for about $935 million in cash and stock, or $20 per share.
Merck (MRK ) shares continued to fall after Friday's adverse ruling in Texas Vioxx case. Merck says it will appeal. S&P expects the award to be substantially reduced, but thinks it is a bad precedent for Merck, and reiterates hold opinion.
Panacos Pharmaceuticals (PANC ) says a Phase 2a clinical study of its lead HIV drug candidate, PA-457, met its primary endpoint by demonstrating statistically significant reduction in level of HIV in blood compared to placebo.
CP Ships (TEU ) says its board unanimously recommends that shareholders accept an offer from TUI AG to acquire the company in all-cash transaction for $21.50 per share.
Emmis Communications (EMMS ) says it will sell nine of its 16 television stations in three separate deals: Five stations to LIN TV for $260 million, three to Journal Communications for $235 million, one to Gray Television for $186 million. S&P maintains hold opinion.
Dow Jones & Co. (DJ ) reportedly received three approaches to become the target of an acquisition, according to U.K. publication The Business.
Alpharma (ALO ) reiterates that it is actively considering various strategic alternatives to maximize shareholder value. S&P upgrades to hold from sell.
Banc of America upgrades Red Robin Gourmet Burgers (RRGB ) to buy from neutral on valuation. KeyBanc Capital Markets reportedly upgrades to buy from neutral. On Friday, the company filed its 10-Q.
S&P believes Northwest Airlines (NWAC ) stock is trading higher because the company is suffering only minimal disruption from mechanics strike. However, S&P doesn't think investors are seeing the full picture at Northwest right now. S&P reiterates strong sell recommendation.
Citigroup upgrades Archer-Daniels-Midland (ADM ) to buy from hold.
SBS Broadcasting (SBTV ) agrees to be acquired by funds advised by Permira and affiliates of Kohlberg Kravis Roberts in a $2.549 billion deal. SBS will then be liquidated and SBTV holders are expected to receive about €46 cash per share ($56).
Petrokazakhstan (PKZ ) agrees to be acquired by CNPCI, a wholly owned unit of China National Petroleum Corp., in a $4.18 billion deal, or $55 cash for each share.
J.M. Smucker (SJM ) posts 51 cents, vs. 60 cents, fourth-quarter earnings per share despite a 23% revenue rise. The food maker notes fourth-quarter 2004 EPS includes a 10 cents nonrecurring gain. It sees $2.16 billion fiscal year 2006 revenue and remains committed to increasing EPS by its long-term annualized growth goal of 8%.
Endo Pharmaceuticals (ENDP ) reports results from Phase III clinical trial of its investigational drug oxymorphone extended-release tablets, which demonstrate statistically significant difference in pain scores between it, placebo.