Business

Bristol-Myers Squibb Acquires Celgene for $74 Billion in Cash, Stock Transaction

Bristol-Myers Squibb Acquires Celgene for $74 Billion in Cash, Stock Transaction

Bristol-Myers Squibb (BMY) said Thursday it would acquire Celgene (CELG) in a cash and stock transaction valued at about $74 billion. Under the terms of the acquisition, Celgene shareholders will receive one share of Bristol-Myers Squibb and $50 in cash for each share they own. They also will receive one tradeable contingent value right for each share of Celgene they […]

Molina Healthcare Says Extension Of CVS Caremark Service Pact To Be Earnings Accretive ‘Immediately’

Molina Healthcare Inc. (MOH) said early Thursday it extended an agreement with CVS Caremark, a unit of CVS Health (CVS), to deliver pharmacy-benefits management, or PBM, services through 2021, a move that Molina said is accretive to its earnings immediately and will also lower its costs. Under the agreement, effective Jan. 1, CVS will continue to administer pharmacy benefits for […]

Mortgage Applications Extend Decline as Investors Lean Toward US Treasuries

Mortgage applications fell sharply in the final week of 2018, extending a downward trend which has seen declining consumer demand for traditional home purchase financing as investors continued to show a preference for safer US treasuries. Applications for mortgages fell by nearly 10% from two weeks earlier, according to survey data from the Mortgage Bankers’ Association (MBA) which covered more […]

Ohr Pharmaceuticals Surges 82% On Merger Agreement With NeuBase Therapeutics Inc.

Ohr Pharmaceuticals Surges 82% On Merger Agreement With NeuBase Therapeutics Inc.

Ohr Pharmaceuticals (OHRP) soared more than 82% in pre-market trade on Thursday after the company said it has agreed to merge with NeuBase Therapeutics Inc. Stockholders of NeuBase would become the majority holders of the combined company. The proposed merger will create a public company focused on advancing NeuBase’s peptide-nucleic acid antisense oligonucleotide, or PATrOL, technology platform to develop therapies […]

Apple’s Price Target From BMO Slashed to $153 From $213, Rating Kept at Market Perform

Apple’s Price Target From BMO Slashed to $153 From $213, Rating Kept at Market Perform

Apple (AAPL) received a sharp cut to its price target from BMO Capital Markets late Wednesday after the consumer-technology company reduced its fiscal Q1 revenue guidance, citing greater-than-expected economic weakness in some emerging markets and fewer iPhone upgrades than it anticipated. BMO’s new price target on the stock is $153 per share, down from $213. The shares closed Wednesday’s session […]

Athenex Joins With Chinese Partner on Skin-Cancer Drug; to Receive $14.5 Million

Athenex (ATNX) said Thursday it has entered into a licensing and partnership agreement with Chongqing Jingdong Junzhuo Pharmaceutical to develop and commercialize its drug KX2-391 for the treatment of actinic keratosis and oncology indications in China. Athenex said it will receive an upfront payment of $14.5 million, possible milestone payments of up to $15 million, and initial royalty payments of […]

US Stock Futures Sink After Apple’s Q1 Revenue Warning

US stock futures dropped sharply on Thursday after Apple (AAPL) slashed its fiscal Q1 revenue outlook, blaming a slowing Chinese economy. Oil prices nudged higher, buoyed by a reported drop in December crude exports from Saudi Arabia, with global benchmark Brent crude up 0.97%, and US crude West Texas Intermediate up 0.21% recently. At 8:15 am ET, the national employment […]