Mergers And Acquisitions: Medivation Inc (MDVN), Syngenta AG (ADR) (SYT), and Intersil Corp (ISIL)
U.S. stocks are expected to slew of Mergers and Acquisitions news which have been announced. Let’s look at few of them.
Medivation Inc (NASDAQ:MDVN) up sharply in pre-market after Pfizer Inc. (NYSE:PFE) announced that it will acquire the biotechnology firm for $14 billion. “The proposed acquisition of Medivation is expected to immediately accelerate revenue growth and drive overall earnings growth potential for Pfizer,” said Ian Read, chairman and chief executive officer of Pfizer. Earlier, In April Sanofi SA (ADR) (NYSE:SNY) had made an offer of $9.3 billion. However, it could not succeed.
China’s ChemChina gets approval from US Committee on Foreign Investment allowing it to be acquire Syngenta AG (ADR) (NYSE:SYT) for $44 billion. ChemChina had bid for the company in February and was awaiting regulatory approvals which were required.
Japan based Renesas Electronics is looking to buy Intersil Corp (NASDAQ:ISIL) for $3 billion, According to reports from WSJ. Renesas has once supplied chips to Apple Inc. (NASDAQ:AAPL) for its iphones. The company might however, be looking at playing a bigger role by focusing on its automotive chip business. Intersil Corp (NASDAQ:ISIL) shareholders will cheer the offer considering that the company is valued at 30x forward earnings.
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) announces Paul Herendeen as its new CFO. He was earlier with Zoetis Inc. Mr. Herendeen will take over reigns from Robert Rosiello with immediate effect. Earlier, in the month the company had also announced a new general counsel along with giving bigger roles to executives.
AstraZeneca plc (ADR) (NYSE:AZN) received fast-track designation for AZD3293 which it is developing in partnership with Eli Lilly & Co. (NYSE:LLY). The drug is part of a hot new class of Alzheimer’s drug called BACE inhibitors.
According to WSJ, Sony Corporation (ADR) (NYSE:SNE) is expected to announce two new models of PlayStation 4. The company is going held a conference in New York on 7 September. PlayStation 4 standard model and a high-end version is expected to be launched along with some changes on the pricing front.
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