On Friday, Shares of Bristol-Myers Squibb Co (NYSE:BMY), lost -2.28% to $67.67.
Bristol-Myers Squibb Company, declared that it has reached two individual agreements with ViiV Healthcare, a global HIV company, to divest its pipeline of investigational HIV medicines compriseing of a number of programs at different stages of discovery, preclinical and clinical development. Under these agreements, ViiV will pay to Bristol-Myers Squibb upfront payments totaling $350 million with potential development and regulatory milestone payments of up to $518 million for the clinical assets and up to $587 million for the discovery and pre-clinical programs. Once products are approved and commercialized, ViiV Healthcare will pay tiered royalties. Additionally, ViiV Healthcare will pay sales-based milestone payments of up to $750 million for each of the clinical assets and up to $700 million for each of the discovery and pre-clinical programs. Completion of the divestiture is predictable during the first half of 2016, subject to customary closing conditions, counting clearance under the Hart-Scott-Rodino Antitrust Improvements Act.
These transactions are consistent with the evolution of Bristol-Myers Squibb’s planned focus, counting the decision to discontinue its discovery efforts in virology declared in June.
“Bristol-Myers Squibb has been committed to the HIV community for almost three decades, contributing significantly to the science and to the transformation in the treatment of this disease,” said Francis Cuss, MB BChir, FRCP, chief scientific officer, Bristol-Myers Squibb. “Given the remaining unmet medical needs in HIV, Bristol-Myers Squibb continued its discovery of novel treatment approaches and the agreements with ViiV Healthcare now put the development of these potentially first-in-class compounds into the hands of a global specialist company exclusively dedicated to finding new medicines for people living with HIV.”
Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It provides chemically-synthesized drugs or small molecules, and biologics in various therapeutic areas, counting virology comprising human immunodeficiency virus infection (HIV); oncology; neuroscience; immunoscience; and cardiovascular.
Shares of Five Below Inc (NASDAQ:FIVE), inclined 0.66% to $32.02, during its last trading session.
Five Below, Inc. (FIVE) will replace UIL Holdings Corp. (UIL) in the S&P SmallCap 600 after the close of trading on Friday, December 18. UIL Holdings is merging with Iberdrola USA in a deal accomplished recently.
Five Below operates as a specialty value retailer. Headquartered in Philadelphia, PA, the company will be added to the S&P SmallCap 600 GICS (Global Industry Classification Standard) Specialty Stores Sub-Industry index.
Five Below, Inc. operates as a specialty value retailer in the United States. It offers accessories, counting novelty socks, sunglasses, jewelry, scarves, gloves, hair accessories, athletic tops and bottoms, and t-shirts, in addition to beauty products comprising nail polish, lip gloss, fragrance, and branded cosmetics; and items used to complete and personalize living space, counting glitter lamps, posters, frames, fleece blankets, pillows, candles, incense and related items, and storage options for the customer’s room and locker.
Finally, Genworth Financial Inc (NYSE:GNW), ended its last trade with -3.30% loss, and closed at $3.52.
Genworth Financial, Inc. (GNW) declared that it has issued a notice of redemption for all of its outstanding 8.625% Senior Notes (the Notes) due 2016. The redemption date of the notes will be January 19, 2016, and the redemption price of the Notes will be 100% of the principal amount plus a make-whole premium and accrued and unpaid interest to, but not taking into account, the redemption date.
The Paying Agent for the redemption of the Notes is The Bank of New York Mellon Trust Company, N.A., Global Corporate Trust, 111 Sanders Creek Parkway, East Syracuse, New York 13057.
Genworth will fund the redemption with proceeds from the sale of its lifestyle protection insurance business accomplished in December 2015, consistent with the company’s objective to improvement the financial flexibility and strength of Genworth.
Genworth Financial, Inc. provides insurance, retirement, and homeownership solutions in the United States and internationally. It operates through U.S. Life Insurance, International Mortgage Insurance, U.S. Mortgage Insurance, International Protection, and Runoff segments.
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