Idenix Pharmaceuticals Inc (NASDAQ:IDIX)’s shares declined 0.41% to $24. The securities litigation law firm of Brower Piven, A Professional Corporation, on June 16 has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Idenix Pharmaceuticals, Inc. (IDIX) and other violations of state law by the board of directors of Merck & Co., Inc. (“Merck”), in a transaction valued at approximately $3.85 billion. Under the terms of the transaction, shareholders of Idenix would receive $24.50 in cash for each share of Idenix they own.
VIVUS, Inc. (NASDAQ:VVUS)’s shares dropped 2.64% to $4.79. The company on June 12 announced that it has filed a lawsuit in the U.S. District Court for the District of New Jersey against Actavis Laboratories FL, Inc., Actavis, Inc., and Actavis PLC, collectively referred to as Actavis.
The lawsuit was filed in response to an Abbreviated New Drug Application, or ANDA, filed by Actavis. In its application, Actavis seeks to market and sell generic versions of the currently approved doses of Qsymia® (phentermine and topiramate extended-release) capsules CIV prior to the expiration of U.S. Patents 7,056,890, 7,553,818, 7,659,256, 7,674,776, 8,580,298, and 8,580,299, which are listed in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations, or the Orange Book. VIVUS filed the lawsuit on the basis that Actavis’s proposed generic products infringe each of these patents held by VIVUS.
Dendreon Corporation (NASDAQ:DNDN)’s shares gained 0.44% to $2.28. The company on June 9 announced that John H. Johnson has informed the Board of Directors of his plans to step down as president and chief executive officer for personal reasons. Mr. Johnson has resigned from the Board, effective June 3, 2014, and the Board has elected Douglas G. Watson, Dendreon’s lead independent director, as chairman of the Board. Dendreon’s Board is working with an executive search firm to help identify Mr. Johnson’s successor.
Stocks In News: Office Depot (NYSE:ODP), Novartis’ (NYSE:NVS)
New data from a Phase 3 clinical trial in China evaluating Novartis’ (NYSE:NVS) IL-17A inhibitor Cosentyx (secukinumab) in patients with moderate-to-severe plaque psoriasis showed a treatment benefit. The results are being presented at the American Academy of Dermatology Annual Meeting in Washington, DC.
97.7% of patients receiving 300 mg of Cosentyx achieved PASI 75 (75% improvement in symptoms) at week 12 while 87% achieved PASI 90 (90% improvement) at week 16.
For the 150 mg dose, 87.8% achieved PASI 75 and 66.4% achieved PASI 90 at week 12.
The FDA approved Cosentyx for the indication in January 2015.
Shares are down 3% premarket on light volume.
Office Depot (NYSE:ODP) announces a new strategic collaboration with Alibaba (NYSE:BABA).
The collaboration is expected to leverage the companies’ respective strengths to serve U.S. SMBs, including Office Depot’s deep relationships with more than 10M U.S. business customers.
The company says the goal of the collaboration is to empower U.S. small- and medium-sized businesses to grow by tapping into the global B2B e-commerce marketplace.
ODP +10.96% premarket to $3.95.
Stocks Alert: Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE), Tile Shop Hldgs, Inc. (NASDAQ:TTS), Thompson Creek Metals Company Inc (USA)(NYSE:TC)
Tile Shop Hldgs, Inc. (NASDAQ:TTS)’s shares decreased 9.31% to $11.79. On June 30, 2014, the company announced the appointment of Kirk Geadelmann as its new Chief Financial Officer. Mr. Geadelmann will transition into the role on August 12, 2014, succeeding Chief Financial Officer Timothy C. Clayton, who has resigned his position from the Company to pursue another executive position. Kirk Geadelmann is a seasoned financial manager whose 23 years of professional experience includes a blend of financial and operational accomplishments, primarily in the retail industry.
Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE)’s shares declined 4.23% to $3.17. The company on June 27 hosted a press conference in Rio de Janeiro to announce the Company’s plans to leave a sustainable legacy in Brazil. These plans include becoming the first ever carbon neutral sponsor of the FIFA World Cup, and supplying 400 to 600 kW for a solar legacy project in Brazil that is expected to be among the largest solar energy systems in the country.
Thompson Creek Metals Company Inc (USA)(NYSE:TC)’s shares declined 1.72% to $2.86. The company on July 10 announced production results for the three and six months ended June 30, 2014 for its three operating mines, Mt. Milligan, Thompson Creek and Endako. Total concentrate production for Mt. Milligan for the quarter ended June 30, 2014 was 29.7 thousand dry tonnes, with 16.0 million pounds of payable copper and 37.0 thousand ounces of payable gold. Total concentrate production for Mt. Milligan for the six months ended June 30, 2014 was 57.9 thousand dry tonnes, with 30.3 million pounds of payable copper and 76.2 thousand ounces of payable gold. Molybdenum production was 7.5 million pounds for the second quarter of 2014 and 15.4 million pounds for the first six months of 2014.
OTC Buzz: AMR Corporation(PINK:AAMRQ), Federal National Mortgage Association(OTC:FNMA), Federal Home Loan Mortgage Corp(OTC:FMCC)
AMR Corporation(PINK:AAMRQ) shares gained 7.30% to $4.41. The Justice Department on Sept. 27 says the law protects it from turning over information about the third parties interviewed during its analysis of AMR Corp.’s merger with US Airways Group Inc., information the airlines want to see as they try to defend themselves from Justice’s lawsuit to block the deal.
Additionally, AMR Corporation (OTCBB: AAMRQ), the parent company of American Airlines, Inc., and US Airways Group, Inc. (NYSE: LCC) on Sept. 23 have each agreed to extend the outside date at which either party may terminate the previously announced Agreement and Plan of Merger (the Merger Agreement), in light of the trial schedule surrounding litigation with U.S. Department of Justice.
Federal National Mortgage Association(OTC:FNMA) shares gained 3.82% to $1.36. The company on Sept. 26 issued the company’s Monthly Volume Summary for August 2013. The summary, available on the company’s Web site at www.FreddieMac.com/investors/volsum, provides information on Freddie Mac’s mortgage-related portfolios, securities issuance, risk management, delinquencies, debt activities and other investments.
Additionally, the company on Sept. 20 priced its eighth Multifamily DUS® REMIC in 2013 totaling $1.09 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on September 13, 2013. All classes of FNA 2013-M12 are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal.
Federal Home Loan Mortgage Corp(OTC:FMCC) shares climbed 3.97% to $1.31. The company on Sept. 30 announced that James G. Mackey is joining the company as Executive Vice President and Chief Financial Officer. Mackey will report to Freddie Mac CEO Donald H. Layton. Mackey, age 46, will be joining Freddie Mac the week of November 11 from his most recent leadership position as Executive Vice President and Chief Financial Officer of Ally Financial, an auto finance and direct banking financial services company.