Salix Pharmaceuticals Ltd
AstraZeneca’s ING Franchise Saw Lower Revenues in 2014
For 2014, AstraZeneca’s ING franchise generated nearly $8.2 billion, a 8.9% decrease as compared to $9.0 billion in 2013.
Shire Gets Dropped from AQR Capital’s Portfolio
During the fourth quarter of 2014, AQR Capital closed its position in Shire plc (SHPG). The fund sold its entire stake of 816,116 shares in the company.
Life Time Fitness Deal: Material Adverse Change Explained, Part 2
The material adverse change clause lays out the circumstances under which the private equity consortium can back out of the deal with Life Time Fitness.
Life Time Fitness Deal: Material Adverse Change Explained, Part 3
In this article, we’ll look at the specific conditions, or material adverse changes, that could stop the Life Time Fitness deal.
Life Time Fitness Deal: Material Adverse Change Explained, Part 1
No carve-out can have a disproportionate effect on Life Time Fitness relative to companies of a similar size in the industries in which it operates.
Is the Life Time Fitness Deal a Setup?
Private equity transactions like the Life Time Fitness merger often have attractive spreads, but that’s because there is added risk.
Could the Life Time Fitness Deal Get Competitive?
The critical question is what sort of process—if any—did Life Time Fitness run? We’ll find out once the preliminary proxy comes out.
Transaction Basics of the Life Time Fitness Merger
The Life Time Fitness merger is a private equity transaction. Shareholders will receive $72.10 in cash per share.
JANA Partners Has Activist Stake in Computer Sciences Corporation
According to JANA Partners, Computer Sciences Corporation is undervalued and is an attractive investment opportunity.
Could the Pharmacyclics–AbbVie Merger Get Competitive?
Could the Pharmacyclics–AbbVie merger get broken up by an interloper? It’s not out of the question, but it looks like the auction has already happened.
Point72 Reduces Its Stake in Valeant Pharmaceuticals
Point72 reduced its stake in Valeant Pharmaceuticals by selling 924,400 shares. It held 132,300 Valeant shares. Valeant accounted for 0.13% of the fund’s 4Q14 portfolio.
Important Indications: The Salix Situation Is Competitive
What sort of process did Salix run in January? Did it only solicit a few potential buyers? It must have, since Endo made an unsolicited offer and the bidding is now public.
The Next Steps in the Salix-Endo Proposal
The most likely next step will be for Salix to declare that the Salix-Endo offer could lead to a superior proposal. They will begin due diligence.
What Investors Shoud Know about Salix Pharmaceuticals
Salix Pharmaceuticals (SLXP) is a specialty pharmaceutical company. It develops prescription drugs and medical devices to treat various GI disorders.
ValueAct Capital Raises Its Stake in Valeant Pharmaceuticals
Valeant Pharmaceutical International is a multinational specialty pharmaceutical and medical device company.
Paulson & Co. adds to its position in Mylan
In July, Mylan said it would acquire Abbott Laboratories’ (ABT) non-US developed markets specialty and branded generics business.
Main Paulson holdings traded in the fourth quarter
Paulson holdings include bullish positions in Allergan (AGN), Mylan (MYL), and Time Warner Cable (TWC). Its event-driven fund, Advantage, lost 29% in 2014.
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.
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.
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.
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.
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.
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.
JANA opens new position in Salix Pharmaceuticals
JANA Partners added a significant stake in Salix Pharmaceuticals (SLXP). The position accounted for 2.00% of the fund’s total fourth-quarter portfolio.