On Monday, Shares of Flextronics International Ltd. (NASDAQ:FLEX), lost -1.77% to $11.13.
Flex (FLEX) declared an offer (the “Exchange Offer”) to exchange up to $600 million aggregate principal amount of its outstanding, unregistered 4.750% Notes due 2025 (the “Original Notes”) for an equivalent amount of 4.750% Notes due 2025 which have been registered under the Securities Act of 1933 (the “Exchange Notes”).
The terms of the Exchange Notes will be substantially identical to the terms of the Original Notes, except that the Exchange Notes will be registered under the Securities Act of 1933, and the transfer restrictions, registration rights and payment of additional interest in case of non-registration applicable to the Original Notes will not apply to the Exchange Notes.
The Exchange Offer will expire at 11:59 p.m., New York City time, on January 11, 2016, subject to Flex’s right to extend the expiration date for the Exchange Offer. A tender of Original Notes following the Exchange Offer may be withdrawn at any time before the expiration date.
Flextronics International Ltd. provides design, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. The company offers innovation services, such as innovations labs for supporting customer design and product development services from early concept stages; collective innovation platform, an ecosystem of technology solutions; Lab IX startup accelerator program; centers of excellence solutions in critical areas; interconnect technology center for printed circuits; and CloudLabs that enables customers to accelerate a spectrum of cloud, converged infrastructure, and datacenter strategies. It also provides design and engineering services, counting contract design and joint development manufacturing services, which cover various technical competencies, such as system architecture, user interface and industrial design, mechanical engineering, technology, enclosure systems, thermal and tooling design, electronic system design, reliability and failure analysis, and component level development engineering; and systems assembly and manufacturing services, such as enclosures, testing services, and materials procurement and inventory administration. In addition, the company provides component product solutions, counting rigid and flexible printed circuit board fabrication, and power supplies; after-market supply chain logistics services; and reverse logistics and repair services, such as returns administration, exchange programs, complex repair, asset recovery, recycling and e-waste administration for consumer and midrange products, printers, smart phones, consumer medical devices, notebooks, PC’s, set-top boxes, game consoles, and infrastructure products. The company serves medical, automotive, defense, aerospace, mobile devices, consumer electronics, computing, industrial and emerging, and integrated network solutions industries. Flextronics International Ltd. was founded in 1990 and is headquartered in Singapore.
Shares of Ariad Pharmaceuticals Inc. (NASDAQ:ARIA), inclined 2.56% to $6.02, during its last trading session.
ARIAD Pharmaceuticals, declared the initiation of a randomized Phase 3 trial of Iclusig® (ponatinib) in second-line patients with chronic myeloid leukemia (CML) in the chronic phase (CP). The OPTIC-2L (Optimizing Ponatinib Treatment In CML, Second Line) trial is designed to investigate the efficacy and safety of ponatinib, administered at two starting doses, contrast with nilotinib, in patients who are resistant to front-line treatment with imatinib. The primary endpoint of the OPTIC-2L study, now open for patient enrollment, is major molecular response (MMR) by 12 months. About 600 patients are predictable to be enrolled at clinical sites in Europe, Asia, Latin America and Canada.
“Physicians treating CML patients will be extremely interested in the outcome of this clinical trial in which ponatinib — at two different doses — will be contrast to nilotinib in patients resistant to imatinib,” stated Dr. D. Selleslag, Department of Hematology, St-Jan Bruges-Ostend Hospital in Belgium. “By comparing ponatinib to nilotinib in the second-line setting, we will garner valuable, randomized clinical data to better understand the potential utilization of ponatinib in this broad patient population.”
Major Design Features of the Trial
This study is designed to demonstrate superiority of ponatinib over nilotinib and will enroll patients with CP-CML who have become resistant to imatinib and have received no other tyrosine kinase inhibitor. These patients will be randomized to receive once-daily administration of ponatinib at a starting dose of either 30 mg (cohort A) or 15 mg (cohort B), or 400 mg of nilotinib administered twice daily (cohort C). Patients will be randomized in a ratio of 1:2:1 respectively. Upon reaching MMR, patients in cohort A will have their daily dose of ponatinib reduced to 15 mg and patients in cohort B will have their dose reduced to 10 mg.
The primary endpoint of the trial is MMR by 12 months for each cohort. Secondary endpoints comprise rate of vascular occlusive events in each cohort, rates of adverse events and rates of serious adverse events.
ARIAD Pharmaceuticals, Inc., an oncology company, engages in the discovery, development, and commercialization of medicines for cancer patients. The company offers Iclusig (ponatinib), a tyrosine kinase inhibitor (TKI) for the treatment of adult patients with chronic myeloid leukemia (CML), and Philadelphia chromosome-positive acute lymphoblastic leukemia in the United States, Europe, and other territories. It also develops Brigatinib, an investigational inhibitor of anaplastic lymphoma kinase for the treatment of various patients with a form of non-small cell lung cancer; and AP32788, an orally active TKI for treating non-small cell lung cancer and various other solid tumors. The company sells and markets Iclusig through specialty pharmacies and specialty distributors in the United States. It has license agreements with Medinol Ltd. and ICON Medical Corp. to develop and commercialize stents and other medical devices to deliver ridaforolimus. ARIAD Pharmaceuticals, Inc. was founded in 1991 and is headquartered in Cambridge, Massachusetts.