Morning Beat: Valeant Pharmaceuticals Intl Inc (VRX), Microsoft Corporation (MSFT), AstraZeneca plc (ADR) (AZN)
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) rebuffed a takeover bid from Japan’s drug maker Takeda this spring. According to Reuters, the embattled drug maker received, an offer from the Japanese company just is it was in the process of hiring Joseph Papa as the successor of Michael Pearson.
Media reports indicate that Takeda in partnership with private equity firm TPG was ready to offer a premium offer of about 65%. The board reportedly rebuffed the offer as it sought to give the new CEO a chance to rebuild the company’s dented image and prospects.
Microsoft Corporation (NASDAQ:MSFT) is the subject of outrage in China over its push to force users to upgrade to Windows 10. More than 1.2 million people have already aired their anger to the software giant’s mandatory upgrade push on micro blog site Weibo.
Aggrieved users led by Zhao Zhanling a legal adviser with the Internet Society of China believes Microsoft Corporation (NASDAQ:MSFT) is abusing its dominant market position with the mandatory upgrade push. Given the wave of resentment, the software giant could be hit with lawsuits.
The software giant had hoped to use the strategy to bolster its business in China given that it has been grappling with rampant piracy of its products. Last year it was forced to offer free upgrades for the new OS even for people not running genuine copies.
AstraZeneca plc (ADR)(NYSE:AZN) has received a major blow on the launch of its drug for high potassium levels that it acquired for $2.7 billion from ZS Pharma last year. Regulators in the US have reportedly blocked its approval over manufacturing concerns that need to be addressed first.
AstraZeneca plc (ADR) (NYSE:AZN) has already received a complete response letter (CRL) for ZS-9 or sodium zirconium from the US Food and Drug Administration. Given the nature of the letter analysts at Berenberg, believe the launch of could be delayed until 2017.
Software developers can finally heave a sigh of relief after Alphabet Inc (NASDAQ:GOOGL) won a US court battle with Oracle involving the use of some parts of Java programming. A win by the software giant would have led to more similar legal actions that could have had a chilling effect on software development in future.
Alphabet Inc (NASDAQ:GOOGL), which uses some parts of Java, which Oracle Corporation (NYSE:ORCL) claims ownership says that extending protection to some APIs would have threatened innovation in the industry. The jury in San Francisco sided with the search giant sentiments in its ruling, reiterating that copyright law allowed for the fair use of some of the Java elements. Oracle has already confirmed plans to appeal the ruling.
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