On Thursday, PTC Therapeutics, Inc. (NASDAQ:PTCT)’s shares gained 3.28%, and closed at $71.77, after PTC Therapeutics declared the appointment of Eric Pauwels as Senior Vice President and General Manager Commercial Operations, Americas. Eric will be responsible for the commercial strategy, organizational build out and launch of Translarna in the US, Canada and Latin America.
Eric brings 33 years of global healthcare experience from several top-tier US and global pharmaceutical companies. Most recently, Eric was the Chief Commercial Officer at NPS Pharmaceuticals and President of NPS Pharmaceuticals International. At NPS, Eric built global commercial operations for the launch of Gattex/Revestive and prepared the pre-launch strategy for Natpara, both orphan biological therapies approved by the FDA for patients suffering from rare gastrointestinal and endocrine diseases. From 2005 to 2010, Eric served as Senior Vice President, Global Commercial Operations, at Shire Human Genetic Therapies, with oversight of more than 400 employees in 30 countries and $800 million in proceeds. Eric also held global marketing and general administration functions in the US, Europe and China with Shire, Bayer, Fournier and J&J. Eric holds a BSc. degree from California State Polytechnic University.
PTC Therapeutics, Inc., a biopharmaceutical corporation, focuses on the discovery, development, and commercialization of orally administered, small molecule drugs that target post-transcriptional control processes.
Infinera Corporation (NASDAQ:INFN)’s shares jumped 3.27%, and settled at $20.07, during the last trading session on Thursday, after Infinera declared its offer to attain Transmode, a leader in metro packet-optical networking through a recommended public offer to the shareholders of Transmode. Transmode is headquartered in Stockholm, Sweden, and listed on Nasdaq Stockholm (TRMO).
The Board of Directors of Transmode has unanimously recommended to Transmode’s shareholders to accept the Offer. Pod Investment AB, the largest shareholder, which holds about 33 percent of the total shares and voting rights in Transmode, has undertaken to accept the Offer subject to customary conditions.
Under the terms of the Offer, for every 10 shares of Transmode, shareholders will receive SEK 300 in cash and 4.705 Infinera shares. The purchase price implies a price per share of about SEK 109, and a total equity value for Transmode of about $350 million. In aggregate, Infinera will deliver about $96 million in cash, funded from its balance sheet, and will issue about 13.0 million new Infinera shares to Transmode shareholders. As of December 27, 2014, Infinera’s total cash holdings were about $391 million. Post-transaction, Transmode shareholders will own 8.7 percent of the combined corporation on a fully diluted basis. The attainment has been approved by the board of directors of Infinera, and unanimously recommended by the board of directors of Transmode.
The Offer is predictable to close in the third quarter of Infinera’s fiscal year 2015, subject to certain closing conditions, counting acceptance by more than 90 percent of the total number of shares of Transmode and other customary conditions. The transaction is predictable to be neutral to slightly dilutive to Infinera’s non-GAAP earnings in the second half of 2015, and accretive to Infinera’s non-GAAP earnings in 2016.
Infinera Corporation provides optical transport networking equipment, software, and services for telecommunications service providers, Internet content providers, cable operators, wholesale and enterprise carriers, research and education institutions, and government entities worldwide.
At the end of Thursday’s trade, FMC Technologies, Inc. (NYSE:FTI)’s shares climbed 3.18%, and closed at $39.30, as on March 22, FMC Technologies and Technip signed an contract to form an exclusive alliance and to launch Forsys Subsea, a 50/50 joint venture that will unite the skills and capabilities of two subsea industry leaders. This alliance will redefine the way subsea fields are designed, delivered and maintained.
Bringing the industry’s most talented subsea professionals together early in the project concept phase, Forsys Subsea will have the technical capabilities, products and systems to significantly reduce the cost of subsea field development and provide the technology to maximize well performance over the life of the field.
By combining the industry-leading technologies of the parent companies, Forsys Subsea will reduce the interfaces of the subsea umbilical, riser and flowline systems (SURF) and subsea production and processing systems (SPS). It will also simplify the seabed layout, reducing complexity, accelerating time to first oil, and maximizing sustainable peak production. This unique combination will drive a new, step-change approach to how equipment designs and installation methods converge in a new generation of subsea architecture.
Gathering the expertise and experience of its parent companies, Forsys Subsea will focus on:
- Early involvement in the concept selection phase of front-end engineering and design, when ability to influence cost is greatest.
- Integrated life-of-field well surveillance, monitoring, data interpretation and advisory services.
- Joint R&D to drive technological innovations that will boost efficiency and further reduce development costs.
In addition, the alliance will be uniquely positioned to deliver and install a seamless subsea infrastructure from seabed to topside by eliminating interfaces and by integrating SPS with SURF, attaining the highest reliability and uptime and the lowest total ownership cost accessible in the industry.
FMC Technologies, Inc. provides technology solutions for the energy industry worldwide. The corporation operates through Subsea Technologies, Surface Technologies, and Energy Infrastructure segments. The Subsea Technologies segment offers subsea systems for the offshore production of crude oil and natural gas; and well access and flow administration services, counting installation and workover tools, service technicians for installation assistance, and field support services.
Pengrowth Energy Corporation (NYSE:PGH), ended its Thursday’s trading session with 3.17% gain, and closed at $3.25, after Pengrowth Energy declared that its May 15, 2015 cash dividend will be Cdn $0.02 per ordinary share. The ex-dividend date is April 20, 2015. The dividend will be payable to all shareholders who hold Pengrowth shares at the close of business on the record date of April 22, 2015.
The dividend of Cdn $0.02 per ordinary share is equivalent to about U.S. $0.016 per ordinary share using a Canadian/U.S. dollar exchange rate of Cdn $1.00:U.S. $0.795. The actual U.S. dollar equivalent of the dividend will be based upon the actual Canadian/U.S. dollar exchange rate in effect on the payment date, net of applicable Canadian withholding taxes for U.S. residents who hold their Pengrowth shares in taxable accounts.
The above dividend has been designated as an “eligible dividend” for Canadian revenue tax purposes. Pengrowth’s dividends are also considered “qualified dividends” for U.S. revenue tax purposes.
Pengrowth’s Board of Directors and administration regularly review the level of dividends. Pengrowth’s Board considers a number of factors, counting expectations of future commodity prices, capital expenditure requirements and the availability of debt and equity capital. Dividends can and may fluctuate in the future as a result of the volatility in commodity prices, changes in production levels and capital expenditure requirements.
Pengrowth Energy Corporation engages in the attainment, development, exploration, and production of oil and natural gas assets in the Alberta, British Columbia, Saskatchewan, and Nova Scotia provinces in Canada. It primarily explores for crude oil, bitumen, natural gas, and natural gas liquids.
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