Shares of Allergan plc Ordinary Shares (NYSE:AGN) ended Friday session in red amid volatile trading. The shares closed down -0.49 points or -0.21% at $230.31 . Post opening the session at $231.23, the shares hit an intraday low of $228.68 and an intraday high of $232.22 and the price vacillated in this range throughout the day. The company has a market cap of $91.19 billion and the numbers of outstanding shares have been calculated to be 395.95 million shares.
Allergan plc Ordinary Shares (AGN) on Sept. 29, 2016 issued the following statement regarding ongoing litigation on patents related to NAMENDA XR® (memantine hydrochloride) extended release capsules following announcement of FDA final ANDA approval by Lupin.
“As announced on September 10, 2015, Allergan’s Forest Laboratories subsidiaries and its licensors announced a settlement agreement regarding their Namenda XR ANDA litigation with Amneal Pharmaceuticals as first filer and granted a licensed entry date of January 31, 2020. In addition, the Company has settled with all other Namenda XR ANDA defendants, including Lupin Limited and Lupin Pharmaceuticals, Inc., and the Company has not announced any earlier licensed entry dates.
One of the licensed patent families covering Namenda XR has been held invalid by the Federal District Court for the District of Delaware. That decision is under appeal to the U.S. Court of Appeals for the Federal Circuit. The Company will defend the validity of these patents on appeal and believes that its arguments on appeal are substantial and meritorious.
If the district court ruling on these patents is upheld, there is a possibility that generic entry for Namenda XR could occur following an adverse Court of Appeals decision.”
Shares of Quintiles Transnational Holdings Inc (NYSE:Q) ended Friday session in green amid volatile trading. The shares closed up +2.00 points or 2.53% at $81.06 with 2,438,185 shares getting traded. Post opening the session at $79.18, the shares hit an intraday low of $79.01 and an intraday high of $81.25 and the price vacillated in this range throughout the day. The company has a market cap of $9.89 billion and the numbers of outstanding shares have been calculated to be 119.04 million shares.
On September 12, 2016 IMS Health Holdings, Inc. (IMS) announced that its wholly owned subsidiary, IMS Health Incorporated, intends to raise $1.5 billion equivalent in gross proceeds through an offering of senior notes. The company is planning to issue two separate tranches of notes, one in U.S. Dollars, due 2026, and another in Euros, due 2024. The net proceeds from the notes offering (together with proceeds from additional term loans and other available cash) will primarily be used to extinguish certain of the issuer’s and Quintiles’ existing indebtedness in connection with the previously announced proposed merger between IMS Health and Quintiles. The consummation of the notes offering is subject to market and other conditions and is mandatorily redeemable if the merger does not occur.