Allergan receives $290 million in damages

Pershing to pay $193.75M, Valeant to pay $96.25M to settle lawsuits

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Allergan receives $290 million in damages

Pershing Square announced that it has reached an agreement in principle, subject to court approval, to settle lawsuits concerning the attempted acquisition of Allergan (AGN) by Pershing Square Capital Management and Valeant Pharmaceuticals (VRX) in 2014, which were filed in the Central District of California.

Pershing Square and Valeant have agreed to split the $290M total settlement such that Pershing Square will pay $193.75M and Valeant will pay $96.25M.

Pershing says, “While Valeant had originally agreed to pay 60% of the cost of the settlement, Valeant and Pershing Square had different views on the desirability and timing of settling the case, which previously prevented settlement.

On December 19, 2017, Pershing Square acquired control of the settlement of the litigation in exchange for agreeing to pay a greater percentage of the settlement amount.”

Pershing Square CEO Bill Ackman adds, “We continue to believe the case had absolutely no merit. We decided, however, that it was in the best interest of our investors to settle the case now instead of continuing to spend substantial time and resources pursuing the litigation.”

Pershing Square had previously set aside $75M in legal reserves related to the case. The incremental cost of settling the litigation will reduce the company’s and the private funds’ performance and net asset value by 132 basis points.


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Progenics Pharma announces FDA acceptance of NDA for AZEDRA

Progenics announces FDA acceptance of NDA for AZEDRA

Progenics announces FDA acceptance of NDA for AZEDRA. Stockwinners
Progenics announces FDA acceptance of NDA for AZEDRA

Progenics Pharmaceuticals (PGNX) announced that the U.S. Food and Drug Administration has accepted for review the New Drug Application for AZEDRA in patients with malignant, recurrent and/or unresectable pheochromocytoma and paraganglioma, which are rare neuroendocrine tumors.

Pheochromocytoma and paraganglioma are rare tumors that form from neuroendocrine cells. Neuroendocrine cells release hormones into the blood when they receive a signal from the nervous system. Neuroendocrine cells are found all through the body.

Paragangliomas usually form near the carotid artery and along nerve pathways in the head, neck, and spine. Pheochromocytomas form in the adrenal medulla (the center of the adrenal gland found on top of each kidney).

Certain inherited disorders increase the risk of pheochromocytoma or paraganglioma. These include multiple endocrine neoplasia 2 syndrome, types A and B , von Hippel-Lindau syndrome, and neurofibromatosis type 1.

Pheochromocytomas and paragangliomas may be benign or malignant.

The FDA granted Progenics’ request for Priority Review and has set an action date of April 30, 2018 under the Prescription Drug User Fee Act (PDUFA).

The NDA is supported by data from a pivotal phase 2b open-label, multi-center trial that was conducted under a Special Protocol Assessment with the FDA.

The trial met the primary endpoint evaluating the proportion of pheochromocytoma and paraganglioma patients who achieved a 50% or greater reduction of all antihypertensive medication for at least six months, and showed favorable results from a key secondary endpoint evaluating the proportion of patients with overall tumor response as measured by Response Evaluation Criteria In Solid Tumors.

AZEDRA was also shown to be safe and generally well tolerated.

PGNX closed at $5.85. It last traded at $7.20 in pre-market trading.


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Renren acquires U.S. trucking platform Trucker Path

Renren acquires U.S. trucking platform Trucker Path

Renren acquires U.S. trucking platform Trucker Path. Stockwinners
Renren acquires U.S. trucking platform Trucker Path
Renren (RENN) announced that it has entered into a definitive agreement to acquire 100% of Trucker Path Inc., a provider of a social platform for the trucking industry in the United States.

 

Trucker Path’s core product is the Trucker Path app, a trip planning companion for truck drivers, enabling a large driver community to assist each other in updating the real-time status of relevant points-of-interest on their route.
It helps truckers find truck stops, available parking spots, rest areas, scales, open DOT weigh stations, truck washes and more. Expanding on the success of the Trucker Path app, Trucker Path also introduced the Truckloads app, a mobile marketplace providing freight load matching with over 3 million loads posted monthly.

 

At present, Trucker Path has more than 600,000 monthly active users covering more than 33% of all U.S. long haul truck drivers and maintains steady organic growth.

 

For Renren’s global business, the acquisition of Trucker Path means an entry into the transportation sector. Going forward, Renren will continue exploring breakthroughs in this space, whether in intelligent transportation solutions or in autonomous vehicles.

RENN closed at $10.59.


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