Shire (Dublin, Ireland) has entered into a definitive agreement to sell its oncology business to Servier (Neuilly-sur-Seine, France) for $2.4 billion.
The oncology unit sale is expected to close in the second or third quarter of the year and Shire boss Flemming Ornskov said the firm would "consider returning the proceeds of the sale to shareholders through a shareholder-approved share buyback after the current offer period regarding Takeda's possible offer for Shire concludes".
In addition, Takeda Pharmaceutical Co Ltd is still now in the process of considering approaching Shire with an offer to acquire the group, after Nikkei reported earlier in April that Takeda could value Shire at USD55 billion.
It said last month that a potential transaction with Shire presented an opportunity to create a "truly global, value-based Japanese biopharmaceutical leader", strengthening its core oncology, gastrointestinal and neuroscience offerings. Takeda declined to comment further on Monday.
Shire also had debt of around $19 billion as of the end of 2017.
Two sources with direct knowledge of the matter said last week that Takeda had sounded out its major creditors for loans to fund a potential Shire bid.
Shares in Shire (LON:SHP) have advanced in London this morning as the London-listed rare disease specialist offloaded its oncology business for $2.4 billion.
Takeda said earlier this year that it might make an offer for Shire to beef up its core therapeutic areas.
Shire has a track record of acquisitions, but its biggest ever deal - the $32 billion purchase of Baxalta in 2016 - was widely criticised by shareholders and has left it struggling to handle debt and integrate its various businesses. The portfolio also includes Calaspargase Pegol (Cal-PEG), which is under FDA review for the treatment of ALL, and early stage immuno-oncology pipeline collaborations.
Last year, Shire's revenues doubled following the takeover to 3.57 billion United States dollars (£2.52 billion), the bulk of which came from the Baxalta business.
The trading volumes on the counter more than doubled with a combined 4.90 million shares changed hands on the BSE and NSE so far. Shares of the state-run bank closed at Rs 20.90 per scrip - down 6.49 per cent - from its previous session's close.
The company launched a trial EV program a year ago in the city of Nagpur , but has reportedly run into some recent road bumps. The company is planning to develop a stronger business model with Mission Electric for the deployment of EVs in the country.
Moreover, State Of Alaska Department Of Revenue has 0.23% invested in Adobe Systems Incorporated (NASDAQ:ADBE) for 53,899 shares. The institutional investor owned 100,000 shares of the software company's stock after selling 10,000 shares during the quarter.
A number of large investors have recently modified their holdings of SWKS . 65 funds opened positions while 208 raised stakes. BTIG Research maintained MBIA Inc. (NASDAQ: SWKS ). 6,275 were reported by Institute For Wealth Mngmt Limited Liability Corp.
Marketfield Asset Management Ltd Liability Corporation reported 2.2% of its portfolio in Microsoft Corporation (NASDAQ:MSFT). The stock has a market cap of $13,931.79, a PE ratio of 15.91, a price-to-earnings-growth ratio of 1.89 and a beta of 0.62.
The onscreen chemistry of Deepika Padukone and Ranveer Singh has always worked well at the box office, leaving producers happy. The report further revealed that Deepika wants to be associated with interesting and content-driven films.
Lee County Fire & Rescue says multiple agencies were called into assist with the "mass causality incident" at the prison. SC state police have been called to an "ongoing situation" at one of the state's most risky prisons.
The investment management company reported $5.68 EPS for the quarter, beating the consensus estimate of $4.90 by $0.78. Goldman Sachs Group Inc. owned about 0.61% of American Software worth $2,134,000 as of its most recent SEC filing.
The girl later fled the spot and reached home, where she disclosed her ordeal to her parents, who then approached the police. The woman in her complaint told police that she had come in contact with her neighbour and they became friends a year ago.
It turned negative, as 31 investors sold SBGI shares while 73 reduced holdings. 54 funds opened positions while 128 raised stakes. Raymond James Assocs holds 0.01% of its portfolio in Cirrus Logic, Inc . 45 funds took holdings and 88 increased holdings.
The firm has "Outperform" rating given on Friday, April 7 by Evercore. (NYSE:DAL) on Thursday, March 16 to "Outperform" rating. Moreover, Banced has 0.66% invested in Delta Air Lines, Inc. 501,791 are held by National Bank Of Montreal Can.
Baird reissued a "buy" rating and set a $46.00 price target on shares of Copart in a research note on Friday, December 22nd. Copart Inc ( CPRT ) touched 49.66 on a recent bid indicating that the Tenkan line is still hovering below the Kijun Sen.
Lyrid Meteor shower scheduled to light up the April Skies
You can simply go out and watch the meteor shower without firstly identifying the Lyra constellation or its brightest star, Vega . What locations are best for the Lyrids 2018? Just make sure you are nowhere near the city where artificial light dims the view.
Sony India extends its Headphone and Speaker line-up for 2018
Both the headphones offer up to 20 hours of backup while the WH-CH300 with a neckband design promises eight hours of battery life. The speakers as well as the headphones will be available across all Sony Center and major electronic stores in India.
Two die in separate domestic stabbings in London
A man in his 20s was attacked with a knife in Zenith Close, Colindale, north London, just before 6pm on Sunday. He said there "were loads of police officers" and an ambulance remained outside the house for over an hour.