Hospira Inc

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  • uploads///Chart
    Macroeconomic Analysis

    Valeant and Pfizer Kept Healthcare in the Limelight

    In November, Pfizer (PFE) and Allergan (AGN) confirmed their merger deal to form the world’s biggest drug company by sales. This was the largest deal of 2015.

    By Renee Blakely
  • uploads///Chart
    Macroeconomic Analysis

    Examining the SPY ETF and how US Stocks Performed in 2015

    As we enter 2016, let’s review how Wall Street and US stocks, represented here by the SPDR S&P 500 ETF (SPY), responded to global events throughout 2015.

    By Renee Blakely
  • uploads///Graph Part
    Company & Industry Overviews

    How are XLV’s Moving Averages Trending?

    Out of 56 stocks in XLV’s portfolio, a total of 32 stocks were trading above their 20-day moving average.

    By Peter Neil
  • uploads///Graph Part
    Company & Industry Overviews

    Biotechnology Traded below Moving Averages in Last Week of August

    Biotechnology and pharmaceuticals are the two largest subgroups of XLV. In the biotechnology subgroup, 100% of the stocks are trading below their 20-day, 50-day, and 100-day moving averages.

    By Peter Neil
  • uploads///Graph Part
    Company & Industry Overviews

    The Biotech Sector Is in a Downward Long-Term Trend

    Though most of the biotech stocks rebounded from the recent lows, the long-term trend for biotech seems to be heading downward.

    By Peter Neil
  • uploads///chart
    Macroeconomic Analysis

    WDTI: A Global Alternative Fund

    The Wisdom Tree Managed Futures ETF (WTDI) mainly tries to mimic a global macro hedge fund strategy by diversifying its portfolio on a worldwide level and by including commodities futures in its holdings.

    By Ivan Kading
  • uploads///Liquid Alts Correlation with SPX
    Macroeconomic Analysis

    LALT: A True Hedge ETF

    The PowerShares Multi-Strategy Alternative Portfolio ETF (LALT) is one of those rare alternative ETFs that tries to replicate the performance of its index by active management of its assets.

    By Ivan Kading
  • uploads///chart
    Macroeconomic Analysis

    Alternative ETFs’ Investment Strategy Guide

    A liquid alternative ETF, the ProShares Large Cap Core Plus ETF (CSM) tracks a long-short index of Credit Suisse 130/30.

    By Ivan Kading
  • uploads///CI ANTM downside
    Miscellaneous

    Is the Cigna-Anthem Merger a Setup?

    Cigna has been put ‘in play,’ which means other buyers will be taking a look. The spread is wide, but there are major unanswered questions. It makes sense to give this one a wide berth.

    By Brent Nyitray, CFA, MBA
  • uploads///CI ANTM combination
    Miscellaneous

    Anthem Files Bear Hug Letter for Cigna on June 21

    On June 21, Anthem (ANTM) filed a bear hug letter for Cigna (CI). A bear hug letter is a formal press release in which an acquiring company discloses its interest in a target company.

    By Brent Nyitray, CFA, MBA
  • uploads///HSP PFE overview
    Miscellaneous

    Hospira–Pfizer Deal Update: Shareholder Approval, 2nd Request

    A total 99.4% of the shares voted to approve the transaction. It’s unusual to conduct a shareholder vote while there are still conditions pending on a deal.

    By Brent Nyitray, CFA, MBA
  • uploads///GEVA ALXN LAL D
    Miscellaneous

    Backing Out of the Synageva BioPharma Deal, Part 3

    Things like acts of war and natural disasters aren’t MACS unless they disproportionately affect Synageva relative to other early-clinical-stage biopharmaceutical companies.

    By Brent Nyitray, CFA, MBA
  • uploads///GEVA ALXN GEVA pipeline
    Miscellaneous

    Backing Out of the Synageva BioPharma Deal, Part 1

    In this case, the material adverse change clause lays out the circumstances under which Alexion could back out of its deal with Synageva. This clause is one of the first things that arbitrageurs look at.

    By Brent Nyitray, CFA, MBA
  • uploads///GEVA ALXN GEVA basics
    Miscellaneous

    Synageva BioPharma: A Pipeline of Therapeutic Programs

    Synageva has additional first-mover and potentially bio-superior protein therapeutic pipeline programs for other rare diseases at different stages of preclinical development.

    By Brent Nyitray, CFA, MBA
  • uploads///GEVA ALXN Kanuma
    Miscellaneous

    Alexion Pharmaceuticals Would Benefit from Synageva Pipeline

    This deal is about buying a pipeline and intellectual property. Synageva Biopharma’s drug Kanuma is used for the treatment of LAL D, a childhood disease.

    By Brent Nyitray, CFA, MBA
  • uploads///GEVA ALXN strategy
    Miscellaneous

    The Synageva–Alexion Merger: Stock and Cash Considerations

    The Synageva–Alexion transaction is a merger involving cash and stock considerations. These deals have a longer time frame than cash-tender deals, which can close in as little as 45 days.

    By Brent Nyitray, CFA, MBA
  • uploads///GEVA ALXN spread
    Miscellaneous

    Alexion Pharmaceuticals Pays up to Get Synageva BioPharma

    The transaction’s risk-to-reward ratio explains why the spread is wide. In fact, it looks like Synageva has some good protections in the material adverse effect clause.

    By Brent Nyitray, CFA, MBA
  • uploads///PRGO MYL Spread
    Miscellaneous

    What’s the Spread in the Perrigo–Mylan transaction?

    In the Perrigo–Mylan situation, Mylan sent a bear hug letter to Perrigo to express its interest in it. Perrigo rejected that approach, and so Mylan went and filed a formal offer.

    By Brent Nyitray, CFA, MBA
  • uploads///PE ratio
    Earnings Report

    Key Factors That Impact Johnson & Johnson’s Forward Valuation

    Two factors expected to impact Johnson & Johnson’s forward valuation are increasing competition for Olysio and further decline in international revenues.

    By Nicole Sario
  • uploads///MYL TEVA MYL basics
    Miscellaneous

    Mylan, a Leading Pharmaceutical Company

    Mylan (MYL) is a leading global pharmaceutical company. It sees future growth in injectables, respiratory, biologics, complex products, and antiretrovirals.

    By Brent Nyitray, CFA, MBA
  • uploads///Generics Profitability
    Earnings Report

    Teva 1Q15 Earnings Preview: Profitability Drivers

    Teva plans to reduce the cost per tablet unit from $15 to $10. It’s shifting manufacturing operations to low-cost areas to improve product profitability.

    By Nicole Sario
  • uploads///Combined product portfolio
    Fund Managers

    Magnetar Capital Raises Its Stake in Actavis

    In the fourth quarter, Magnetar increased its exposure to Actavis. It bought 42,107 shares in the pharmaceutical firm. It represents 1.5% of the fund’s 4Q14 portfolio.

    By Santiago Solari
  • uploads///Specialty drug outlook
    Company & Industry Overviews

    What Are Teva’s Long-Term Prospects?

    Teva’s long-term prospects seem bright due to a focused product pipeline in its specialty and generics segments.

    By Nicole Sario
  • uploads///Leverage ratios
    Company & Industry Overviews

    Teva’s Debt Levels – Best among Competitors

    In terms of debt-to-EBITDA, Teva is well placed at 2.0x–2.5x to maintain a low credit risk. This will allow Teva to use debt for acquisitions and growth.

    By Nicole Sario
  • uploads///Growth Strategies
    Company & Industry Overviews

    Why a Change in Strategy Will Improve Teva’s Profitability

    Teva’s strategy includes driving organic growth, focusing on key growth markets, and maintaining the Copaxone franchise and other specialty products.

    By Nicole Sario
  • uploads///Risk Exposure
    Company & Industry Overviews

    Teva’s Risk Exposure in a Dynamic Environment

    Teva operates in a dynamic environment with a number of risks that could have a material adverse effect on the company.

    By Nicole Sario
  • uploads///Geographic exposure
    Company & Industry Overviews

    Central Nervous System Is Key to Teva’s Specialty Medicines

    Revenues for Teva’s (TEVA) Specialty Medicines segment grew by 2.1% to $8,560 million in 2014, from $8,388 million in 2013.

    By Nicole Sario
  • uploads///Geographic exposure
    Company & Industry Overviews

    Teva’s Generics Medicines Segment Is Geographically Diversified

    Teva (TEVA) has diversified its generics business. In 2014, it generated 45% in the United States, 32% in Europe, and 23% in the rest of the world.

    By Nicole Sario
  • uploads///Share Price
    Company & Industry Overviews

    Teva: Top Generics Pharmaceutical Company Worldwide

    Teva Pharmaceutical Industries Ltd. (TEVA) is a leader in the global generics pharmaceutical industry on the basis of revenues of ~$20 billion in 2014.

    By Nicole Sario
  • uploads///Combined product portfolio
    Company & Industry Overviews

    How Actavis and Allergan Merger May Boost Branded Business

    Actavis intends to invest ~$1.7 billion in R&D annually. It expects to add ~15 projects in near- and mid-term development to the company’s product pipeline.

    By Nicole Sario
  • uploads///Product Portfolio
    Company & Industry Overviews

    North American Brands’s Position of Strength

    The top 10 products across Actavis’s therapeutic segments accounted for approximately 70% of net revenues of segmental revenues in fiscal 2014.

    By Nicole Sario
  • uploads///Branded Portfolio
    Company & Industry Overviews

    3 Key Therapeutic Segments Drive Branded Revenues

    Actavis’s North American Brands segment revenue increased significantly by 336% year-over-year to $4,631.4 million in 2014 from $1,062.5 million in 2013.

    By Nicole Sario
  • uploads///Segmental revenues
    Company & Industry Overviews

    How Actavis Organizes Its Business

    Anda, Inc. is the fourth-largest generics distributor in the US, accounting for about 13% of total net revenues in fiscal 2014 and 14% in fiscal 2013.

    By Nicole Sario
  • uploads///Share price
    Company & Industry Overviews

    Actavis: A Diversified, Fully Integrated Specialty Company

    In 2014, Actavis generated revenue of $13,062.3 million, employed 21,600 workers, and had more than 30 manufacturing and distribution facilities worldwide.

    By Nicole Sario
  • uploads///PCYC ABBV strategy
    Miscellaneous

    Parsing the Pharmacyclics–AbbVie Merger MAC Clause: Part 2

    In the MAC (material adverse change) clause of the Pharmacyclics–AbbVie merger agreement, a financial crisis or a recession is not considered a MAC.

    By Brent Nyitray, CFA, MBA
  • uploads///PCYC ABBV ABBV basics
    Miscellaneous

    The Pharmacyclics–AbbVie Merger: The Basics of AbbVie

    A major reason for the Pharmacyclics–AbbVie merger is to diversify AbbVie away from its reliance on a single product, Humira, and boost its pipeline.

    By Brent Nyitray, CFA, MBA
  • uploads///PCYC ABBV pipeline
    Miscellaneous

    Is the Pharmacyclics–AbbVie Merger a Setup?

    The Pharmacyclics–AbbVie merger has been structured in such a way to minimize the potential upside in the election.

    By Brent Nyitray, CFA, MBA
  • uploads///PCYC ABBV financial details
    Miscellaneous

    The Pharmacyclics–AbbVie Merger: What Are the Details?

    In the Pharmacyclics–AbbVie merger, Pharmacyclics (PCYC) shareholders will receive $261.25 per share. The companies expect a second quarter 2015 close.

    By Brent Nyitray, CFA, MBA
  • uploads///PCYC ABBV spread
    Miscellaneous

    The Pharmacyclics–AbbVie Merger – Shareholders Could Benefit

    The Pharmacyclics–AbbVie merger is a tender. No shareholder votes are required. If you play your cards right, you’ll get at least $261.25 and possibly more.

    By Brent Nyitray, CFA, MBA
  • uploads///Cost management
    Company & Industry Overviews

    What Helps a Generic Company Boost Its Profitability?

    Leading companies are taking various steps—like cost optimization, business rationalization, outsourcing, and acquisitions—to manage costs and boost profitability.

    By Nicole Sario
  • uploads///Competition
    Company & Industry Overviews

    Generic Companies Are Fighting for Market Share

    The generic pharmaceutical industry is characterized by low concentration. The top ten global generic companies hold less than 50% of the market share.

    By Nicole Sario
  • uploads///Penetration
    Company & Industry Overviews

    What’s Supporting Continued Growth in the Generics Market?

    The global generics market was valued at $168 billion in 2013. From 2013 to 2018, it’s expected to grow at a CAGR of 11% to reach $283 billion.

    By Nicole Sario
  • uploads///Complex generics
    Company & Industry Overviews

    Complex Generics Are Attractive Due to High Margins

    Complex generics are large and complex formulations or active ingredients used to treat chronic and life threatening diseases like cancer, Hepatitis C, and HIV.

    By Nicole Sario
  • uploads///NTE
    Company & Industry Overviews

    Specialty Generics: Why Are They Getting More Attention?

    There are two categories of specialty generics – NTE (New Therapeutic Entities) and Complex Generics. In this part of the series, we’ll discuss NTE.

    By Nicole Sario
  • uploads///How Generics differ from branded
    Company & Industry Overviews

    Affordable Pricing Is Driving the Generic Drug Market

    Generic drugs are cheaper. They have a less expensive and time consuming development and approval process. This encourages other players to enter the market.

    By Nicole Sario
  • uploads///MAC SPG MAC basics
    Miscellaneous

    Background on Macerich

    Macerich is in the second tier of large retail REITs. It’s a player in the community or power shopping center segment, along with Kimco Realty (KIM).

    By Brent Nyitray, CFA, MBA
  • uploads///MAC SPG SPG basics
    Miscellaneous

    Background on Simon Property Group

    Simon Property Group also has a large international presence. It owns premium outlets in Japan, South Korea, Malaysia, and Mexico.

    By Brent Nyitray, CFA, MBA
  • uploads///MAC SPG spread
    Miscellaneous

    Simon Property Sends a Bear Hug Letter to Macerich

    Simon Property (SPG) has proposed to buy Macerich (MAC) for $91 a share, half of which will be cash and half of which will be SPG stock at a fixed ratio.

    By Brent Nyitray, CFA, MBA
  • uploads///FSL NXP Overview
    Miscellaneous

    Freescale–NXP merger: Salient points of the deal

    Basics of the transaction The Freescale–NXP merger transaction is a cash and stock transaction, which means Freescale shareholders will participate in the upside by holding stock in the merged entity. The equity value of the transaction is roughly $11.8 billion and includes about $4.9 billion in net debt. Terms of the transaction Freescale Semiconductor (FSL) shareholders […]

    By Brent Nyitray, CFA, MBA
  • uploads///FSL NXPI Value Proposition
    Miscellaneous

    The Freescale–NXP merger regulatory path to approval

    The companies expect to have a second antitrust-related request, and there is always the risk of an in-depth regulatory review by the European Union.

    By Brent Nyitray, CFA, MBA
  • uploads///FSL NXP MCU
    Miscellaneous

    Freescale–NXP merger: The material adverse change clause, part 3

    A war between China and Taiwan is not a material adverse change. An earthquake that takes out a Freescale manufacturing facility is.

    By Brent Nyitray, CFA, MBA
  • uploads///FSL NXP HPMS Market
    Miscellaneous

    Freescale–NXP merger: The material adverse change clause, part 2

    The material adverse change clause describes the way that NXP Semiconductors (NXPI) can back out of the Freescale–NXP merger.

    By Brent Nyitray, CFA, MBA
  • uploads///FSL NXP Auto sector
    Miscellaneous

    Freescale–NXP merger: The material adverse change clause, part 1

    Pretty much anything that has a material adverse effect on the company will be considered a material adverse change, but there are exceptions to that rule.

    By Brent Nyitray, CFA, MBA
  • uploads///FSL NXPI FSL basics
    Miscellaneous

    The Freescale–NXP Merger: Freescale at a glance

    The Freescale–NXP merger is driven by complementary offerings. Freescale is active in the auto, consumer, networking, and industrial markets.

    By Brent Nyitray, CFA, MBA
  • uploads///FSL NXPI Spread Analysis
    Miscellaneous

    The Freescale–NXP merger: A large deal in the semiconductor space

    The key to the Freescale–NXP merger is the timing. The companies are guiding to a 2H15 close, likely in the fourth quarter.

    By Brent Nyitray, CFA, MBA
  • uploads///SLXP VRX Historical Spread
    Miscellaneous

    What is the downside if the Salix–Valeant merger breaks?

    If the deal breaks, does Salix’s stock go back up? Probably not. Press reports noted that Salix announced it was seeking strategic alternatives.

    By Brent Nyitray, CFA, MBA
  • uploads///SLXP VRX SLXP products
    Miscellaneous

    The Salix–Valeant merger MAC clause: Part 3

    If these carve-outs affect Salix in a disproportionate way compared to other pharma companies, then it is still a MAC and Valeant can back out of the deal.

    By Brent Nyitray, CFA, MBA
  • uploads///SLXP VRX GI
    Miscellaneous

    Parsing the Salix–Valeant merger MAC clause: Part 2

    Pretty much anything that has a material adverse effect on the company will be considered a MAC, but there will be exceptions to that rule.

    By Brent Nyitray, CFA, MBA
  • uploads///SLXP VRX SLXP at a glance
    Miscellaneous

    Parsing the Salix–Valeant merger MAC clause: Part 1

    In the deal between Salix Pharmaceuticals and Valeant, the MAC clause lays out the circumstances under which Valeant can back out of its deal with Salix.

    By Brent Nyitray, CFA, MBA
  • uploads///SLXP VRX SLXP basics
    Miscellaneous

    The Salix–Valeant merger: Basics of Salix Pharmaceuticals

    Xifaxin is by far Salix’s largest product, accounting for ~70% of its revenues in 2013. Xifaxin is a big reason for the Salix–Valeant merger transaction.

    By Brent Nyitray, CFA, MBA
  • uploads///SLXP VRX spread
    Miscellaneous

    The Salix–Valeant merger will follow a cash tender timeline

    The Salix–Valeant merger is a cash tender, meaning there are no shareholder votes required. Cash tender deals tend to have very short timelines.

    By Brent Nyitray, CFA, MBA
  • uploads///BHI HAL next steps
    Miscellaneous

    More on the Baker Hughes and Halliburton merger MAC clause

    This article further discusses the MAC clause in the Baker Hughes and Halliburton merger agreement.

    By Brent Nyitray, CFA, MBA
  • uploads///BHI HAL synergies
    Miscellaneous

    Rationale for the Baker Hughes and Halliburton merger

    In the Baker Hughes and Halliburton merger, both parties are strong players, and the deal is relatively complementary.

    By Brent Nyitray, CFA, MBA
  • uploads///top m and a deals
    Miscellaneous

    Increased Mergers and Acquistions Help, But Headwinds Persist

    Increased mergers and acquisitions activity in the past couple of weeks has supported US equity markets (SPY).

    By Russ Koesterich, CFA
  • uploads///SPLS ODP ODP basics
    Consumer

    Basics of Office Depot

    Office Depot is a global supplier of office products and services to businesses and consumers. The company has 64,000 employees.

    By Brent Nyitray, CFA, MBA
  • uploads///SPLS ODP background
    Miscellaneous

    Don’t trade the Office Depot spread like a typical arb spread

    Once the proxy comes out, check the transaction background and see if they ran an auction. If not, a private equity buyer may step in after the deal breaks.

    By Brent Nyitray, CFA, MBA
  • uploads///SPLS ODP upside downside
    Miscellaneous

    Handicapping the risk-reward balance of the Office Depot deal

    Staples stock was up on the announcement, and the analyst community understands the pressure this segment is under. At any rate, no Staples vote is needed.

    By Brent Nyitray, CFA, MBA
  • uploads///SPLS ODP rationale
    Miscellaneous

    Parsing the Office Depot Material Adverse Change clause, part 1

    Regarding the Office Depot and Staples deal, the MAC clause lays out the circumstances under which Staples can back out of its deal with Office Depot.

    By Brent Nyitray, CFA, MBA
  • uploads///SPLS ODP overview
    Miscellaneous

    Understand the basics of the Staples–Office Depot merger

    If another bidder tops the Staples bid, and Office Depot is unable to get shareholder approval, it will owe Staples a breakup fee of $185 million.

    By Brent Nyitray, CFA, MBA
  • uploads///HSP PFE biosimilars
    Miscellaneous

    Parsing the Hospira material adverse change clause, Part II

    A war that affects the economy as a whole is not a material adverse change, but a hurricane that takes out Hospira’s manufacturing facilities is.

    By Brent Nyitray, CFA, MBA
  • uploads///HSP PFE synergies
    Miscellaneous

    Parsing the Hospira material adverse change clause, Part I

    The material adverse change clause lays out the circumstances under which Pfizer can back out of its deal with Hospira.

    By Brent Nyitray, CFA, MBA
  • uploads///HSP PFE HSP basics
    Miscellaneous

    Hospira: A leader in specialty injectable pharmaceuticals

    The Hospira portfolio includes generic acute-care and oncology injectables, biosimilars, and integrated infusion therapy and medication management products.

    By Brent Nyitray, CFA, MBA
  • uploads///HSP PFE rationale
    Miscellaneous

    Hospira–Pfizer merger: Benefits from growing biosimilars market

    One of the major drivers for the Hospira–Pfizer transaction is the expected growth of the sterile injectables and biosimilar markets.

    By Brent Nyitray, CFA, MBA
  • uploads///HSP PFE overview
    Consumer

    Getting the Hospira–Pfizer merger deal done

    Prior to shareholder approval of the transaction, if Hospira is approached by another suitor, it could discuss a merger with them.

    By Brent Nyitray, CFA, MBA
  • uploads///XAL over
    Healthcare

    Merger must-knows: The shareholder vote and 90% tender condition

    Once the SEC approves the proxy, a vote is scheduled. Usually, the last condition for a deal is the vote of the target shareholders.

    By Brent Nyitray, CFA, MBA
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