On Friday, American International Group Inc (NYSE:AIG)’s shares declined -2.46% to $59.48.
American International Group, Inc. (AIG) declared the formation of a new Executive Leadership Team, designed to execute AIG’s planned preceding ties and provide value to its about 90 million clients around the world.
“Our new administration structure will ensure we have strong end-to-end accountability within the customer segments, so we can transform into a more efficient, less complex organization with accelerated decision-making in response to our clients’ needs,” said Peter D. Hancock, AIG President and Chief Executive Officer. “We are moving forward with a continued sense of urgency on our four planned preceding ties: narrowing our focus on clients, products, and geographies where we can grow profitably; driving for efficiency; growing through innovation, and optimizing our data assets and client relationships; and returning excess capital to shareholders.
“The Executive Leadership team is a dynamic, highly skilled group of executives, with deep experience in successful execution,” added Mr. Hancock.
American International Group, Inc. provides insurance products and services for commercial, institutional, and individual customers in the United States, the Asia Pacific, and internationally.
Horizon Pharma PLC (NASDAQ:HZNP)’s shares dropped -6.91% to $18.99.
Horizon Pharma plc (NASDAQ: HZNP) declared it has entered a definitive agreement to acquire Crealta Holdings LLC for $510 million in cash.
“The Crealta acquisition further diversifies our portfolio of medicines and aligns with our focus of acquiring value-enhancing, clinically differentiated, long-life medicines that treat orphan diseases,” said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma plc. “We have a proven track record of strong commercial execution and the ability to generate volume growth for clinically differentiated medicines. With our practiced rheumatology sales force and orphan expertise, we expect to expand the number of patients identified and treated with KRYSTEXXA. As with all of our orphan medicines, we plan to maximize additional development opportunities of KRYSTEXXA.”
Planned and financial benefits of the transaction:
- Anticipate transaction to add $70 to $80 million in net sales and $45 to $50 million in adjusted EBITDA in the first twelve months following closing.
- Leverages rheumatology infrastructure and 41-person sales force presently promoting RAYOS and PENNSAID 2% to rheumatologists.
- Adds a biologic medicine in an orphan disease with strong intellectual property protection through 2027 and further diversifies net sales.
- Reinforces focus of Company’s long-range plan where orphan business is predictable to be about 60 percent of net sales in 2020.
Horizon Pharma plc, a specialty biopharmaceutical company, engages in identifying, developing, acquiring or in-licensing, and commercializing medicines for the treatment of arthritis, pain, inflammatory, and/or orphan diseases in the United States and internationally.
At the end of Friday’s trade, Vishay Intertechnology (NYSE:VSH)‘s shares dipped -2.19% to $11.59.
Vishay Intertechnology, Inc. (VSH) declared that it has reached an amended and restated $640 million credit facility. The senior secured facility matures on December 10, 2020. The Company’s previous credit agreement was planned to mature on August 8, 2018.
Borrowings under the Amended and Restated Credit Facility bear interest at LIBOR plus an interest margin. The applicable interest margin is based on Vishay’s leverage ratio. Based on Vishay’s current leverage ratio, borrowings bear interest at LIBOR plus 1.75%. Vishay also pays a fee, also based on its leverage ratio, on undrawn amounts. The undrawn commitment fee, based on Vishay’s current leverage ratio, is 0.35% per annum. The previous credit agreement required Vishay to pay facility fees on the entire commitment amount.
The Amended and Restated Credit Facility allows an unlimited amount of defined “Restricted Payments,” which comprise cash dividends and share repurchases, offered the Company’s pro forma leverage ratio is less than 2.25 to 1. If the Company’s leverage ratio is greater than 2.25 to 1, the Amended and Restated Credit Facility allows such payments up to $75 million per annum (subject to a cap of $225 million for the term of the facility).
Vishay Intertechnology, Inc. manufactures and supplies discrete semiconductors and passive components in the United States, Europe, and Asia. The company operates in five segments: MOSFETs, Diodes, Optoelectronic Components, Resistors & Inductors, and Capacitors.
