On Monday, Shares of Dow Chemical Co (NYSE:DOW), lost -0.17% to $52.22.
The Dow Chemical Company (DOW) declared that it has finalized the transaction to sell its ownership interest in MEGlobal to EQUATE Petrochemical Company K.S.C. and has received $1.5 billion in pre-tax proceeds. Dow had formerly declared its intent to optimize its ownership in its Kuwaiti Joint Ventures and the closure of this transaction represents progress toward delivering this commitment.
“This is a noteworthy step in our Kuwaiti JV consolidation activities and demonstrates Dow’s drive to review our entire joint venture portfolio with a best-owner mindset, with the objective of delivering maximum value to our shareholders,” said Andrew N. Liveris, Dow’s chairman and chief executive officer. “This transaction enables Dow to maintain our commitment to these long-standing joint ventures, while returning value to our owners.”
MEGlobal is a world leader in the manufacture and marketing of monoethylene glycol and diethylene glycol (EG), and is headquartered in Dubai, UAE. Established in July 2004, MEGlobal presently markets over 2.5 million metric tons of EG per year globally. EG is used as a raw material in the manufacture of polyester fibers (clothing and other textiles), polyethylene terephthalate (PET) resins, antifreeze formulations and other industrial products. MEGlobal is a joint venture between Dow and Petrochemical Industries Company (PIC) of Kuwait. Through its ownership interest in EQUATE, Dow retains a 42.5 percent ownership stake in MEGlobal.
The Dow Chemical Company manufactures and supplies products that are used primarily as raw materials in the manufacture of customer products and services worldwide. It operates through Agricultural Sciences, Consumer Solutions, Infrastructure Solutions, Performance Materials & Chemicals, and Performance Plastics segments.
Shares of Celgene Corporation (NASDAQ:CELG), declined -2.49% to $119.10, during its last trading session.
Celgene Corporation, declared the settlement of litigation with Natco Pharma Ltd. of India, Natco’s U.S. partner, Arrow International Limited, and Arrow’s parent company, Watson Laboratories, Inc. (a wholly-owned partner of Allergan plc) regardingpatents for REVLIMID® (lenalidomide).
As part of the settlement, the parties will file Consent Judgments with the United States District Court for the District of New Jersey that enjoin Natco from marketing generic lenalidomide before the expiration of the patents-in-suit, except as offered for in the settlement, as described below.
In settlement of all outstanding claims in the litigation, Celgene will permit entry of generic lenalidomide before the April 2027 expiration of Celgene’s last-to-expire patent listed in the Orange Book for REVLIMID®. Celgene has agreed to provide Natco with a license to Celgene’s patents required to manufacture and sell an unlimited quantity of generic lenalidomide in the United States startning on January 31, 2026. In addition, Natco will receive a volume-limited license to sell generic lenalidomide in the United States commencing in March 2022. The volume limit is predictable to be a mid-single-digit percentage of the total lenalidomide capsules dispensed in the United States during the first full year of entry. The volume limitation is predictable to improvement gradually each 12 months until March of 2025, and is not predictable to exceed one-third of the total lenalidomide capsules dispensed in the U.S. in the final year of the volume-limited license under this agreement. Natco’s ability to market lenalidomide in the U.S. will be contingent on its obtaining approval of an Abbreviated New Drug Application.
“We believe strongly in our patent estate for REVLIMID®, and that this settlement appropriately recognizes the strength of our patents. This settlement provides clarity around the future of REVLIMID®, and we will continue to focus on developing our many important pipeline assets, which provide great potential promise to patients with unmet medical needs,” said Bob Hugin, Chairman and CEO of Celgene Corporation. “We remain confident in the strength of our patents, and will continue to vigorously defend them.”
Celgene Corporation, a biopharmaceutical company, discovers, develops, and commercializes therapies to treat cancer and inflammatory diseases in the United States and Internationally. It markets REVLIMID, an oral immunomodulatory drug for multiple myeloma, myelodysplastic syndromes (MDS), and mantle cell lymphoma; ABRAXANE, a solvent-free chemotherapy product to treat breast, non-small cell lung, pancreatic, and gastric cancers; POMALYST/IMNOVID to treat multiple myeloma; and VIDAZA, a pyrimidine nucleoside analog to treat intermedia
Finally, American Airlines Group Inc. (NASDAQ:AAL), ended its last trade with -1.32% loss, and closed at $43.23.
In response to this weekend’s devastating tornadoes in the Dallas/Fort Worth area, American Airlines is pledging an immediate $100,000 donation to the local chapter of the American Red Cross as they assist those influenced.
American also is activating its customer and employee donation websites to assist the Red Cross with relief efforts throughout the country. Customers making donations via the American Airlines dedicated Red Cross website will be awarded AAdvantage® miles for their generosity; donations can be made by visiting aa.com/redcross. These donations are in addition to American’s long-standing agreement with the American Red Cross as one of its Annual Disaster Giving Program Members.
“The tornadoes that hit North Texas during the holiday weekend caused noteworthy damage and influenced thousands of lives,” said Joe Taney, American’s vice president – DFW Hub Operations. “American and its employees stand ready to assist in the recovery efforts and we encourage our customers to join us by donating to the Red Cross.”
American Airlines Group Inc., through its auxiliaries, operates in the airline industry. As of December 31, 2014, the company operated 983 mainline jets, in addition to 566 regional aircrafts through regional airline auxiliaries and third-party regional carriers. It serves 339 destinations in 54 countries.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified with such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should/might occur.
