Canadian drugmaker and serial acquirer Valeant Pharmaceuticals International (VRX) entered into a tentative agreement to buy the assets of bankrupt biotech Dendreon late Thursday, including Dendreon’s controversial “cancer vaccine” Provenge. Valeant and Dendreon entered into a “stalking horse” asset purchase agreement, under which Valeant is the preferred bidder in Dendreon’s asset sale. Valeant agreed to pay $296 million for the assets and is
Several highly rated tech companies and drugmakers are set to report earnings on Wednesday. Here’s a look at what analysts expect. Actavis (ACT) reports its results before the open. The specialty-drug giant is projected to earn $3.10 a share, a 48% jump from last year. Revenue is seen skyrocketing 80% to $3.63 billion. Botox maker Allergan (AGN), which is fighting off a hostile takeover bid from Valeant (VRX), confirmed Monday that it had been
Specialty drugmaker Allergan (AGN) reported solid Q3 results and raised its guidance Monday, as hostile suitor Valeant Pharmaceuticals International (VRX) said that it might raise its bid for the company again. Allergan’s Q3 earnings rose 45% over the year-earlier quarter to $1.78 a share, excluding one-time items. The result was at the high end of the guidance of $1.76 to $1.78 that Allergan gave on Oct. 9, though analysts’ consensus was still