During Tuesday’s Afternoon trade, Shares of DepoMed Inc. (NASDAQ:DEPO), surged 32.97% to $27.45, hitting its highest level.
Depomed, confirmed that it has received an unsolicited, highly conditional, non-binding proposal from Horizon Pharma plc (HZNP) to acquire all of the outstanding shares of Depomed in an all-stock transaction valued at $29.25 per share.
Depomed noted that Horizon’s Proposal is identical in all material respects to the Horizon proposal received by Depomed on May 27, 2015 and reiterated on June 12, 2015 (the “Preceding Proposal”). The Depomed Board, after careful consideration and in consultation with its financial and legal advisors, unanimously determined that it was not in the best interests of Depomed or its shareholders to pursue the Preceding Proposal. The Board is confident that ongoing to execute on its planned plan is the best path forward for the Company and its shareholders at this time.
Depomed, Inc., a specialty pharmaceutical company, develops products for pain and other central nervous system conditions in the United States. It offers Gralise (gabapentin), an once-daily product for the administration of postherpetic neuralgia; CAMBIA (diclofenac potassium for oral solution), a non-steroidal anti-inflammatory drug indicated for acute treatment of migraine attacks in adults.
Shares of Prima Biomed Ltd. (NASDAQ:PBMD), inclined 22.94% to $1.47, during its current trading session.
Prima BioMed, declared that it has received positive Scientific Advice from the European Medicines Agency on the development path for its lead product, IMP321 in metastatic breast cancer.
The EMA, located in London, is the agency responsible for the scientific evaluation of medicines developed by pharmaceutical companies for use in the European Union. After dialogue between Prima and the EMA, the Agency has now confirmed in writing its endorsement of the development program of IMP321 in metastatic breast cancer.
Encouragingly, the planned Phase IIb study, to be called AIPAC (Active Immunotherapy PAClitaxel) is considered well designed by the Agency. AIPAC is now predictable to initiate in Europe during the 4th quarter of 2015. While the EMA never endorses any statement on the likelihood of future regulatory decisions, the Agency’s communication has suggested that the achievement of certain clinical endpoints may lead to Marketing Authorization in the EU based on this one pivotal study.
Prima BioMed Ltd. researches, develops, and commercializes medical biotechnology products in Australia. The company develops immunocellular therapeutic products for the treatment of cancer. Its lead product is CVac, an autologous dendritic cell-based product presently in clinical trials for ovarian and pancreatic cancer patients. Prima BioMed Ltd. is based in Sydney, Australia.
Finally, Plug Power Inc. (NASDAQ:PLUG), gained 9.87%, and is now trading at $2.45.
Plug Power, highlighted strong fuel cell and hydrogen infrastructure shipments and installations in the second quarter of 2015 allowing for a record revenue quarter. The company is on track to achieve its formerly declared 2015 financial targets.
Plug Power’s flagship fuel cell product, GenDrive, displaces lead-acid batteries to power electric lift trucks. The company shipped 888 GenDrive units during the quarter to customers. This compares to 419 GenDrive units shipped in the first quarter of 2015 and 687 in the second quarter of 2014.
Plug Power continues to lead the way in building new hydrogen storage and dispensing infrastructures. In the second quarter of 2015, the company built four new GenFuel sites and made construction progress on an additional four hydrogen fueling stations in North America intended for completion in the third quarter.
Plug Power Inc., an alternative energy technology provider, engages in the design, development, manufacture, and commercialization of fuel cell systems for the industrial off-road markets worldwide. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, and fuel cell/battery hybrid technologies.
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