Shares of Medivation (MDVN) were surging nearly 20 percent in the premarket, after Pfizer (PFE) announced it would acquire the cancer drug firm for close to $14 billion, or more than $80 per share. That’s a big premium to an April offer from France’s Sanofi (SNY). (Reuters)
Syngenta (SYT) shares were up about 10 percent in premarket trading, after a U.S. national security panel cleared ChemChina’s $43 billion takeover of Swiss pesticides and seeds group, boosting the chances of approval of the largest foreign acquisition ever by a Chinese firm. (Reuters)
Valeant Pharmaceuticals (VRX) hires Paul Herendeen as chief financial officer, effective immediately. Previously, Herendeen had been CFO for drugmaker Zoetis (ZTS). Valeant shares were up about 5 percent in the premarket. (Reuters)
Volkswagen (VLKAY) resumes contract talks with suppliers today, trying to resolve a dispute that has halted auto production at some of its plants. VW suppliers accuse the German carmaker of cancelling contracts without explanation or offering compensation.
JPMorgan Chase (JPM) receives $645 million from the estate of Washington Mutual, after settling a dispute with the FDIC arising from its purchase of WaMu during the 2008 financial crisis. JPMorgan will drop more than $1 billion in claims as a result of the settlement.
Facebook (FB) shares could rise by more than 20 percent over the next year on strength of growing ad revenue, according to Barron’s. Meanwhile, Mattel (MAT) could return an additional 20 percent to investors, also according to Barron’s.
Information obtained from Reuters, CNBC