Salix Pharmaceuticals Ltd

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    Company & Industry Overviews

    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.

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    Fund Managers

    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.

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    Miscellaneous

    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.

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    Miscellaneous

    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.

    By Brent Nyitray, CFA, MBA
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    Miscellaneous

    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.

    By Brent Nyitray, CFA, MBA
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    Miscellaneous

    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.

    By Brent Nyitray, CFA, MBA
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    Miscellaneous

    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.

    By Brent Nyitray, CFA, MBA
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    Miscellaneous

    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.

    By Brent Nyitray, CFA, MBA
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    Fund Managers

    JANA Partners Has Activist Stake in Computer Sciences Corporation

    According to JANA Partners, Computer Sciences Corporation is undervalued and is an attractive investment opportunity.

    By Diana Key
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    Miscellaneous

    Could the Pharmacyclics–AbbVie Merger Get Competitive?

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    Fund Managers

    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.

    By Diana Key
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    Miscellaneous

    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.

    By Brent Nyitray, CFA, MBA
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    Miscellaneous

    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.

    By Brent Nyitray, CFA, MBA
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    Miscellaneous

    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.

    By Brent Nyitray, CFA, MBA
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    Fund Managers

    ValueAct Capital Raises Its Stake in Valeant Pharmaceuticals

    Valeant Pharmaceutical International is a multinational specialty pharmaceutical and medical device company.

    By Diana Key
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    Fund Managers

    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.

    By Samantha Nielson
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    Fund Managers

    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.

    By Samantha Nielson
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    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
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    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
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    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
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    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
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    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
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    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
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    Fund Managers

    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.

    By Samantha Nielson
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