Biotechs, generic-drug makers and ethical-drug makers are some of the highest-ranked industry groups among the 197 that IBD tracks, and with recent view-topping earnings reports, FDA approvals and strategic divestments, they’re proving their strength. Five hot drug stocks lead IBD’s Screen Of The Day, Big Cap Leaders: Gilead Sciences (GILD), Jazz Pharmaceuticals (JAZZ), Allergan (AGN), Regeneron Pharmaceuticals (REGN) and Mallinckrodt (MNK).
Israeli drug giant Teva Pharmaceutical Industries (TEVA) dropped its hostile bid for Mylan (MYL) and instead agreed to buy the global generic-drug business of Allergan (AGN) Monday. Teva’s and Allergan’s stocks both jumped, while Mylan’s plunged. Teva agreed to pay $33.75 billion in cash and $6.75 billion in stock for Allergan’s Actavis business, with Allergan retaining 50% of the future money from Teva’s generic lenalidomide, better known as
Teva Pharmaceutical (TEVA) confirmed reports Monday that it will buy Allergan’s (AGN) generic drugs business for $40.5 billion and dropped its hostile takeover bid for Mylan Pharmaceuticals (MYL). Under the deal, Teva will pay $33.75 billion in cash and $6.75 billion in shares. The deal is expected to close in Q1 2016. Teva said the buyout will boost adjusted earnings per share by double-digits in 2016. The deal will allow Allergan to focus on its