Coherus wins ruling against AbbVie patent

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#Coherus BioSciences $CHRS announced that the Patent Trial and Appeal Board of the U.S. Patent and Trademark Office ruled in favor of the company’s petitions for inter partes review of AbbVie’s $ABBV ‘135 patent.

“The #PTAB’s decision invalidates all claims of the patent that were directed to a method for treating rheumatoid arthritis by administering 40mg of #HUMIRA subcutaneously every 13 to 15 days,” the company noted.

“We believe this successful outcome validates Coherus’ leadership in biosimilar intellectual property and the effectiveness of our platform.

We will continue to aggressively press forward with the development and commercialization of our CHS-1420 adalimumab biosimilar consistent with our corporate strategy,” said CEO Denny Lanfear.

See our earlier blog about this company.

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Talk of Google PhotoBook sends shares of ShutterFly lower

sflyShares of #Shutterfly $SFLY fell Tuesday following a report that #Alphabet $GOOG plans to launch an AI-powered photo book service, potentially stepping into competition with the image publishing company.

GOOGLE COMPETITION: Bloomberg reported early Tuesday that, at its developer conference this week, Google plans to announce an AI-powered upgrade for its Photos app, allowing users to design and order physical coffee table photo books. The company plans to offer the photo books in several types of materials, including an option costing $10 per book, a source told #Bloomberg.

WHAT’S NOTABLE: Today’s report follows the introduction of #Amazon’s $AMZN photo printing service in September 2016, an event which saw Shutterfly stock fall over 12% in a day. At the time, Baird analyst Colin Sebastian reassured investors that Shutterfly’s strong brand loyalty “provides some competitive insulation” and that the quick selloff in Shutterfly was an “overreaction.” RBC Capital and Cantor echoed that sentiment in the following days, recommending investors buy that dip in Shutterfly.

PRICE ACTION: Shares of Shutterfly are down 4.2% to $49.66 in late Tuesday trading.

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The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.

Facebook Sanctioned by France

facebookFrance’s National Commission on Informatics and Liberty #CNIL says in a statement, “Following FACEBOOK statement regarding the amendment of its privacy policy in 2015, the CNIL performed on site and online inspections, as well as a documentary audit, in order to verify that #FACEBOOK $FB was acting in compliance with the French Data Protection Act.

These actions are part of a European approach which involves five data protection authorities having also decided to carry out investigations — France, Belgium, the Netherlands, Spain and Hamburg — on FACEBOOK.

The investigations conducted by the CNIL have revealed several failures. In particular it has been observed that FACEBOOK proceeded to a massive compilation of personal data of Internet users in order to display targeted advertising. It has also been noticed that FACEBOOK collected data on browsing activity of internet users on third-party websites, via the “datr” cookie, without their knowledge…

As a result the Restricted Committee has decided to pronounce a public sanction of 150,000 euros against FACEBOOK INC and FACEBOOK IRELAND. Considering the significant number of users in France, the seriousness and the numbers of infringements, the publicity and amount and of this sanction are justified. The decision of the Restricted Committee follows the work carried out with the data protection authorities of Belgium, Hamburg, Spain and the Netherlands in a collaborative manner.”

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Yahoo to buyback $3 billion of its own shares

yahoo #Yahoo! $YHOO announced the commencement of a modified “Dutch auction” self-tender offer to purchase for cash up to $3B of shares of its common stock at prices equal to the A) “Alibaba #VWAP”, multiplied by (B) multiples specified by tendering stockholders not greater than 0.420 nor less than 0.370, provided that in no event will the purchase price be less than $37.00 per share, less applicable withholding taxes and without interest.

The terms and conditions of the tender offer are set forth in an Offer to Purchase, Letter of Transmittal and related documentation that are being distributed to holders of the company’s shares and are being filed with the U.S. SEC. The tender offer will expire on June 13, 2017 at 11:59 p.m., New York City time, unless the tender offer is extended or withdrawn by the company.

Tenders of shares must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer, in each case in accordance with the procedures described in the tender offer materials that are being distributed to stockholders.

The “Alibaba VWAP” means the daily volume-weighted average price for an American Depositary Share of #Alibaba Group $BABA on the New York Stock Exchange, on the second trading day prior to the expiration date; provided, that in no event shall the Alibaba VWAP be less than $100.00 for the purpose of computing the purchase price.

The purpose of the tender offer is to provide liquidity to a potentially significant number of stockholders that will be forced to sell their shares at or prior to the closing of the pending sale of Yahoo’s operating business to #Verizon $VZ as a result of the fact that, upon completion of the Sale Transaction, the company will be required to register as a closed-end investment company under the Investment Company of 1940 and its shares are expected to be removed from the Standard and Poor’s 500 Composite Index and other indices.

The tender offer also enables the company to potentially return a significant amount of cash to its stockholders by repurchasing shares. The company believes that the tender offer provides a mechanism for completing a sizable repurchase of its shares more rapidly than would be possible through open market purchases.

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The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.