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Constellation Brands Inc (STZ), a leading producer and marketer of alcoholic beverage brands, is expected to release its Q1 fiscal 2020 earnings results before the bell this Friday, June 28. Our Zacks Consensus Estimate calls for quarterly EPS of $2.07.
Today, Canopy Growth announced that it acquired the Saskatchewan-based KeyLeaf Life Sciences along with entities relating to the company and its intellectual property. Here's what you need to know about the completed deal.
bounced back on Wednesday after a key analyst upgraded the company's rating to outperform on the heels of its blockbuster deal for the maker of Botox. AbbVie's stock climbed 3.5% to $68 after SVB Leerink analyst Geoffrey Porges upgraded his outlook for the pharma giant from market perform. On Tuesday AbbVie's shares slumped after it unveiled plans for the $63 billion acquisition of Allergan Plc.
Analysts offered mixed views Wednesday on AbbVie's $63 billion takeover of Botox-maker Allergan — a deal meant to lessen the pharmaceutical company's dependence on arthritis drug Humira.
A biotech with licensing agreements with some of the big-name pharma companies such as AbbVie Inc (NYSE: ABBV ) and Johnson & Johnson (NYSE: JNJ )'s Janssen unit is testing the IPO waters this week. IPO ...
Prior low-level convictions for marijuana possession will be pardoned. Amid this news, one would expect marijuana stocks to run higher, but that’s not happening. Just like a doctor does X-rays to see what is going on inside the human body, investors can do an X-ray of marijuana stocks to figure out what is really going on.
were down Wednesday after San Francisco banned the sale of e-cigarettes, becoming the first American city to do so. Altria purchased a 35% stake in e-cigarette maker Juul in 2018 for $12.8 billion. Juul had revenue of about $2 billion last year as its market share in the e-cigarette market reached 72%.
(Bloomberg) -- Elliott Management Corp. had built a position in Allergan Plc and was pushing to split the company before AbbVie Inc. agreed to acquire it for $63 billion, according to people familiar with the matter.The hedge fund, run by billionaire Paul Singer, supports the AbbVie takeover, said the people, who asked to not be identified because the matter isn’t public. Elliott believes the deal is a win for Allergan shareholders and that even if it doesn’t go through, the Botox maker could fall back on its proposed plan to split up, they said.Elliott owns a 2.5% stake in Allergan, according to a regulatory filing. The New York based fund trimmed its position slightly on the news of the takeover, the filing shows.Allergan shares rose 25% Tuesday after the deal was announced. They were up 1.3% to $164.55 at 12:23 p.m. Wednesday in New York in trading, giving the company of a value of almost $54 billion.Representatives for Elliott and Allergan declined to comment.Constructive DiscussionsElliott believes the company was deeply undervalued given the strong growth of its aesthetics business, which makes Botox, other fillers and breast implants, the people said. It had been in constructive discussions with Allergan’s management in recent months, they said.The firm had advocated separating Allergan’s therapeutics business from its aesthetics business and setting up a licensing agreement between the two for Botox, which is used in both businesses, the people said.The plan would have been similar to Ipsen SA’s licensing agreement for the neurotoxin Dysport with Nestle SA’s Galderma unit, they said.Attractive TargetElliott also believes the aesthetics division would be an attractive takeover target for consumer and pharmaceutical companies, they said.The hedge fund had believed the split was the best path for the company prior to the agreement with AbbVie because it would have unlocked a lot of value, was within management’s control, and would have helped reestablish the leadership team’s credibility with investors, they said.(Updates with company's response in fifth paragraph)\--With assistance from Cynthia Koons.To contact the reporter on this story: Scott Deveau in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Liana Baker at email@example.com, Matthew Monks, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- AbbVie Inc.’s $63 billion purchase of Botox maker Allergan Inc. is the third super-sized drug deal announced in the past 14 months, and the second just this year after Bristol-Myers’s Squibb Co.’s even bigger $74 billion purchase of Celgene Corp. These huge combinations are no fluke: In the last decade, the biopharmaceutical industry has pursued more $40 billion-plus transactions than any other sector, according to data compiled by Bloomberg. These big deals happen for a reason. Drug development is difficult, unpredictable and time consuming; even when the billions pharmaceutical companies spend on R&D or strategic purchases and partnerships bear fruit with top-sellers, those blockbusters still face the prospect of expiring patents and an eventual decline in sales. That pressures drugmakers into bigger acquisitions, in spite of their mixed track record and inherently risky and complicated nature. In AbbVie's case, the company needs to find a replacement for its $19 billion-a-year arthritis drug Humira, while Bristol-Myers is too dependent on two key drugs.If pharma giants can’t keep themselves from making big and risky M&A bets, that doesn’t mean investors have to follow suit, or that they’d get much of an edge from doing so. While big pharma deals have resulted in longer-term gains for very patient investors in many cases, the returns don’t look as good compared to the broader market. Of the eight biopharma deals worth more than $40 billion that closed in the last 20 years, only one delivered better returns than the S&P 500 five years after it closed: Merck & Co.’s $47 billion acquisition of Schering-Plough Corp. in 2009 (1):That deal is arguably something of an accidental winner. Long-term success didn’t come from any of the products Merck targeted in the merger; instead, an afterthought of an antibody that was initially set to be sold off became Keytruda, a cancer drug that’s projected to generate $15 billion in sales in 2021.Investors shouldn’t count on buried pipeline treasure to bail out the latest crop of big drug acquisitions. A better bet? Try an index fund. (1) Not included in the group is Takeda Pharmaceutical Co.'s $62 billion purchase of Shire Plc, which closed in January, making return comparisons lessuseful.To contact the author of this story: Max Nisen at firstname.lastname@example.orgTo contact the editor responsible for this story: Beth Williams at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Max Nisen is a Bloomberg Opinion columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
AbbVie has agreed to buy Botox-maker Allergan for $63 billion in a cash-and-stock deal. The news has put the spotlight on a number of healthcare ETFs.
Dave Taylor knows his beer. For over 21 years, Taylor has worked at Anheuser-Busch, starting in its engineering department then moving into brewing, and eventually working his way to up vice president of supply, where he oversees all A-B North American breweries and facilities.
Early on June 26, Tilray announced that it imported oral solutions for medical use into the United Kingdom. The oral solutions were produced in Canada.
One Wall Street analyst said Wednesday the market was wrong to ravage the stock after the company said it would acquire Botox-maker Allergan.
The healthcare industry is going through a transformation after a wave of recent deals including AbbVie's $63 billion deal to buy Botox maker Allergan. Yahoo Finance's Alexis Christoforous and Brian Sozzi speak to Chris Meekins, Raymond James Healthcare Policy analyst.