On Thursday, Shares of Alpha Natural Resources, Inc. (NYSE:ANR), gained 2.52% to $0.28.
Alpha Natural Resources, declared that its wholly-owned partner, Pennsylvania Services Corporation (PSC), has attained the 50% interest in its natural gas exploration and production joint venture, Pennsylvania Land Resources Holding Company, LLC (PLR), owned by EDF Trading Resources, LLC (EDFTR). The $126 million transaction, which makes PSC the sole owner and operator of the venture, allows Alpha to expand and control a highly economic natural gas development program composed of over 25,000 net acres and associated infrastructure in the Marcellus Shale.
EDFTR and PSC initially formed the PLR joint venture in May 2013 to exploit a large, concentrated Marcellus Shale gas resource in Greene County, Pennsylvania. The concentrated acreage position is considered to be in the “core of the core” of the Marcellus Shale, one of the most profitable natural gas plays in the United States, and located adjacent to some of the most productive wells in the basin to date. PLR’s large, contiguous acreage position will allow efficient development of the resource with long laterals, maximizing both well productivity and returns. Noteworthy existing pipeline capacity located adjacent to or crossing PLR’s leased acreage also provides strong transportation optionality.
Alpha Natural Resources, Inc., together with its auxiliaries, engages in extracting, processing, and marketing steam and metallurgical coal in Kentucky, Pennsylvania, Virginia, West Virginia, and Wyoming. It operates through two segments, Eastern Coal Operations and Western Coal Operations.
Shares of Gentex Corp. (NASDAQ:GNTX), declined -0.42% to $16.42, during its last trading session.
Gentex Corporation, declared that it will release its 2015 second quarter financial results on Thursday, July 23, 2015, before the market opens. The company will host a conference call for the investment community at 10:30am EDT to talk about the results. The call will also be accessible to the general public via a live audio webcast.
Gentex Corporation designs, develops, manufactures, and markets automatic-dimming rearview mirrors and electronics for the automotive industry; dimmable aircraft windows for the aviation industry; and commercial smoke alarms and signaling devices for the fire protection industry worldwide.
Finally, Allergan Inc. (NYSE:AGN), ended its last trade with 0.20% gain, and closed at $307.51.
Allergan, and Oculeve, a development-stage medical device company focused on developing novel treatments for dry eye disease, declared that they have reached a contract under which Allergan will acquire Oculeve in an all-cash transaction. Under the terms of the agreement, Allergan will acquire Oculeve for a $125 million upfront payment and commercialization milestone payments related to Oculeve’s lead development program OD-01. The agreement also comprises the acquisition of an additional earlier-stage dry eye device development program. Allergan’s 2015 earnings-per-share forecast offered on May 11, 2015 is unchanged as a result of the acquisition. The Company remains committed to de-levering to below 3.5x debt to Adjusted EBITDA by the end of the first quarter of 2016.
The acquisition of Oculeve adds novel, complementary dry eye development programs to Allergan’s current eye care research and development programs, counting OD-01, a non-invasive nasal neurostimulation device that enhances tear production in patients with dry eye disease. Oculeve has accomplished four clinical studies of OD-01 to date in more than 200 patients, showing positive safety and efficacy of the device. Allergan plans to conduct two additional pivotal trials preceding to FDA submission, which is predictable in 2016 with potential commercial launch in 2017.
The transaction is subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Pending approvals, Allergan anticipates closing the transaction in the third quarter of 2015.
Allergan, Inc. discovers, develops, and commercializes pharmaceuticals, biologics, medical devices, and over-the-counter products in the Unites States and internationally. It operates through two segments, Specialty Pharmaceuticals and Medical Devices.
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