On Wednesday, Valeant Pharmaceuticals Intl Inc (NYSE:VRX)’s shares inclined 0.90% to $102.30.
Valeant Pharmaceuticals International, Inc. (VRX) (VRX) declared that chairman and chief executive officer J. Michael Pearson will be on a medical leave of absence, effective right away. The company’s board of directors has created an Office of the Chief Executive Officer, which will comprise Robert Chai-Onn, Executive Vice President and General Counsel, Dr. Ari Kellen, Executive Vice President and Company Group Chairman, and Robert Rosiello, Executive Vice President and Chief Financial Officer, to serve in an interim capacity.
In addition, the Board of Directors has created a Committee to oversee and support the Office of the CEO and will comprise Robert A. Ingram, Lead Independent Director, G. Mason Morfit, President, ValueAct Capital, and Howard B. Schiller, former Chief Financial Officer for Valeant.
Valeant confirmed last week that Mr. Pearson had recently been hospitalized and was being treated for a severe case of pneumonia.
Valeant Pharmaceuticals International, Inc. develops, manufactures, and markets pharmaceuticals, over-the-counter products, and medical devices worldwide. The company offers Solodyn to treat red and pus-filled pimples of acne in patients, in addition to Ziana, Acanya, Atralin, Retin- A Micro, and ONEXTON gel; Wellbutrin XL for major depressive disorder in adults; Jublia for onychomycosis of the toenails; Xenazine for chorea; Targretin for Cutaneous T-Cell Lymphoma; Arestin, a subgingival sustained-release antibiotic; and PROVENGE for the treatment of prostate cancer.
Lilis Energy Inc (NASDAQ:LLEX)’s shares gained 48.57% to $0.260.
Lilis Energy, Inc. (LLEX) declared that it has signed a definitive agreement to merge with Brushy Resources, Inc. (Brushy) (a reporting but non-publicly traded company), a San Antonio-based oil and gas company with primary operations in the Permian Basin in West Texas. The total consideration paid in the transaction is comprised of the issuance of Lilis shares of common stock representing about 50% of the post-closing, common stock outstanding, and assuming and refinancing $13.55 million in debt. In addition, at the closing, Brushy will divest certain of its assets in South Texas to its subordinated lender in exchange for the extinguishment of $20.50 million in subordinated debt, payment of $500,000 in cash, and the issuance of a $1 million subordinated note.
As a result of the transaction, Lilis is acquiring about 3,500 core net acres in the prolific Permian Southern Delaware Basin in the Crittendon Field of Winkler County, Texas, with over 500 potential drilling locations. Total net daily production on the assets being attained is about 460 barrels of oil equivalent, with about 47% oil. Lilis anticipates the merger to close early in the second quarter of 2016.
In addition to, and as part of the transaction, at closing, Michael Pawelek and Edward Shaw, CEO and COO of Brushy Resources, Inc., respectively, are predictable to be joining Lilis Energy’s team in senior administration roles and Michael Pawelek and Peter Benz are predictable to be designated to the Lilis Board of Directors. In addition, Brushy’s employees will become employees of Lilis.
Lilis Energy, Inc., an independent oil and gas company, acquires, drills for, and produces oil and natural gas properties and prospects in the United States. As of March 09, 2015, it holds interests in about 39000 net acres in the Denver-Julesburg basin.
Alphabet Inc (NASDAQ:GOOGL)‘s shares dipped -0.46% to $790.30. Alphabet Inc(NASDAQ:GOOGL) is now worth about $540.03 billion. The share price has made a 4.42% gain in the past 5 days and has gained 48.93% since 2015 kicked off. Analysts are forecasting EPS growth of 21.26% for next fiscal year and 16.76% growth in the next 5 years. The stock trades with a beta of 0.90. The stock price is above by 23.66% as contrast to the average price over the last 200 days. The company has 62.50% gross margins.
Alphabet Inc., through its auxiliaries, builds technology products and provides services to organize the information. The company offers Google Search that provides information online; Google Now that offers information to users when they need it; AdWords, an auction-based advertising program; AdSense, which enables Websites that are part of the Google network to deliver ads; DoubleClick Ad Exchange, a marketplace for the trading display ad space; and other advertising platforms, such as AdExchange and AdMob.
