On Thursday, Shares of AmerisourceBergen Corp. (NYSE:ABC), gained 0.65% to $93.54. 2.20 million shares of the company were exchanged.
AmerisourceBergen (ABC) declared that it has signed a definitive agreement to purchase PharMEDium Healthcare Holdings, Inc., the privately held leading national provider of outsourced compounded sterile preparations (CSPs) to acute care hospitals in the United States, from Clayton, Dubilier & Rice for $2.575 billion in cash, subject to certain adjustments and on a cash-free, debt-free basis. The acquisition is predictable to be $0.22 to $0.26 accretive to the Company’s adjusted earnings per share in fiscal 2016 on a net basis, and is predictable to generate about $30 million in synergies by fiscal 2018. The transaction is subject to regulatory review and other customary closing conditions, and is predictable to close in the first quarter of fiscal 2016, which ends December 31, 2015. This acquisition was not contemplated in the previous guidance the Company gave for adjusted earnings per share growth in fiscal 2016 in the low teens range on a percentage basis. Therefore, upon closing, the contribution from the acquisition will be incremental to our previous expectations.
PharMEDium is the premier provider of customized outsourced CSPs that meet specific hospital and physician clinical needs and quality standards in formulations that are not otherwise commercially accessible. PharMEDium will become a part of AmerisourceBergen Drug Corporation. “The acquisition of PharMEDium strengthens our core business and meaningfully expands our innovative service offerings for health systems,” said Steven H. Collis, AmerisourceBergen President and Chief Executive Officer. “PharMEDium’s impressive track record of growth and proven ability to compriseently deliver high quality CSPs in key therapeutic areas make them the undisputed leader in an important growth area of the U.S. healthcare market. PharMEDium is a compelling addition to our business, which allows us to provide differentiated offerings and further enhances our ability to drive both value and efficiency for our health systems customers in a way that enhances patient safety and assists improve patient outcomes.”
AmerisourceBergen Corporation sources and distributes pharmaceutical products to healthcare providers, pharmaceutical and biotech manufacturers, and specialty drug patients in the United States and internationally.
Shares of Nektar Therapeutics (NASDAQ:NKTR), declined -3.32% to $10.78, during its last trading session.
In the last trading session, the stock moved on high volume, trading at a volume of 2.13 M as compared to its average daily volume of 1.64 million shares.
Nektar Therapeutics (NKTR) declared the closing of a direct private placement of $250 million of 7.75% Senior Secured Notes Due in 2020 with investment vehicles managed by associates of TPG Special Situations Partners, the dedicated special situations and credit platform with over $12 billion of assets under administration, and part of TPG, a leading global private investment firm. Nektar used a portion of the proceeds from the 7.75% Senior Secured Notes to redeem all of its presently outstanding $125 million of 12.0% Senior Secured Notes due in 2017.
Nektar had about $280 million in cash and cash equivalents as of June 30, 2015. The company reiterates its financial guidance for 2015 net use of cash of about $63 million, not taking into account this financing transaction.
The 7.75% notes are callable by Nektar starting in October 2017, subject to certain prepayment premiums and conditions. The Senior Secured Notes are not subject to financial performance targets. The offer and sale of the notes is exempt from the registration requirements of the Securities Act of 1933. For further details on the terms and conditions of the Senior Secured Notes, please refer to the Form 8-K filed recently with the Securities and Exchange Commission.
Nektar Therapeutics, a biopharmaceutical company, develops drug candidates that utilize its PEGylation and polymer conjugate technology platforms in the United States. Its product pipeline comprises drug candidates in therapeutic areas comprising oncology, pain, anti-infectives, and immunology.
At the end of Thursday’s trade, Shares of First Niagara Financial Group Inc. (NASDAQ:FNFG), declined -0.83% to $10.69.
It traded in a range of $10.66 and $10.82, exchanging hands with 2.50 million shares.
The First Niagara Foundation declared grants totaling $1.0 million to support not for profit youth mentoring programs and organizations across New York, Pennsylvania, Connecticut and Massachusetts through the regional bank’s Mentoring Matters℠ program.
The declaration was made at a press conference in Holyoke, Massachusetts with Mass Mentoring Partnership, one of the organizations supported by the Mentoring Matters℠ grant.
First Niagara launched Mentoring Matters in 2007 with the aim of supporting organizations whose great work assists children improve their grades and school attendance, enhance their self-esteem, avoid the dangers of drugs and alcohol and have a better opportunity for a brighter future.
Thirty-eight not for profit organizations across First Niagara’s footprint will share in the $1.0 million grant award, directly benefiting more than 40,000 children who take part in these well-known programs.
Counting the 2015 Mentoring Matters℠ grant, First Niagara has offered more than $7.25 million to mentoring programs over the past eight years.
First Niagara Financial Group, Inc. operates as the bank holding company for First Niagara Bank, N.A. that provides retail and commercial banking, and other financial services to individuals, families, and businesses.
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