On Wednesday, Shares of Gilead Sciences Inc. (NASDAQ:GILD), lost -0.70% to $102.27.
Gilead Sciences, and EpiTherapeutics ApS, a privately-held Danish company, declared the signing of a definitive agreement following which Gilead has attained EpiTherapeutics for $65 million, subject to certain purchase price adjustments, to be financed through accessible cash on hand.
EpiTherapeutics has generated a library of first-in-class, selective small molecule inhibitors of epigenetic regulation of gene transcription, in particular histone demethylases. The company’s lead pre-clinical compounds are being studied for the treatment of certain cancers.
Investors in EpiTherapeutics are NOVO Seeds, SEED Capital, Lundbeckfond Emerge, MS Ventures and Astellas Venture. Back Bay Life Science Advisors of Boston advised EpiTherapeutics on the transaction.
EpiTherapeutics is developing novel innovative cancer drugs based on epigenetics, a therapeutic area researched by renowned scientist Professor Kristian Helin and his group at Biotech Research & Innovation Centre (BRIC) at University of Copenhagen.
Gilead Sciences, Inc., a biopharmaceutical company, discovers, develops, and commercializes medicines in areas of unmet medical nee in North America, South America, Europe, and the Asia-Pacific. The company’s products comprise Stribild, Complera/Eviplera, Atripla, Truvada, Viread, Emtriva, Tybost, and Vitekta for the treatment of human immunodeficiency virus (HIV) infection in adults; and Harvoni, Sovaldi, Viread, and Hepsera products for the treatment of liver disease.
Shares of Office Depot, Inc. (NASDAQ:ODP), declined -0.54% to $9.19, during its last trading session.
Office Depot, declared results for the first quarter ended March 28, 2015.
Divisional Results
Retail Division sales were $1.7 billion in the first quarter of 2015, a decline of 9% contrast to the preceding year period, primarily due to planned store closures in the fiscal twelve months through March 28, 2015. Same-store sales declined 2%, primarily due to lower average order value.
Retail Division operating income was $86 million, or 5.2% of sales, in the first quarter of 2015 contrast to $37 million, or 2.0% of sales, in the first quarter of 2014. The enhance contrast to the preceding year quarter resulted largely from a decrease in occupancy costs driven by store closures, a decrease in selling, general, and administrative expenses counting advertising and payroll, in addition to improvement in the gross margin rate; all of which were partially offset by the negative flow-through impact of lower sales.
Office Depot ended the first quarter of 2015 with a total of 1,725 retail stores in the North American Retail Division. During the quarter, the company closed 20 stores.
Office Depot, Inc., together with its auxiliaries, supplies office products and services. The company’s North American Retail division sells an assortment of merchandise, counting office supplies, technology products and solutions, business machines and related supplies, facilities products, and office furniture under various brands through its chain of office supply stores.
At the end of Wednesday’s trade, Shares of The Allstate Corporation (NYSE:ALL), lost -3.84% to $67.31.
The Allstate Corporation, stated financial results for the first quarter of 2015.
First Quarter Operating Results
The Property-Liability combined ratio of 93.7 in the first quarter was 1.0 point favorable to the preceding year quarter, and resulted in underwriting income of $467 million, an enhance of 25.5% contrast with the preceding year quarter. The underlying combined ratio of 89.0 for the first quarter was 0.6 points unfavorable contrast with the same period of last year.
Auto losses were elevated in the first quarter, reflecting seasonal winter weather and higher non-weather levels of frequency and severity in all three brands where we underwrite risk. Allstate brand auto had a first quarter combined ratio of 96.8, and an underlying combined ratio of 95.6, which was 1.8 points unfavorable to the preceding year quarter. Allstate brand bodily injury frequency raised 6.8% from low levels in the first quarter of 2014. Property damage frequency raised 2.1%, and was influenced in part by adverse winter weather practiced predominantly in the east, in addition to higher frequency trends broadly across the country. Preceding year reserve reestimates negatively influenced the Allstate brand auto recorded combined ratio by 0.8 points in the first quarter of 2015, with about half due to litigation settlement accruals. While losses were elevated in the quarter, Allstate brand auto continued to generate a good combined ratio. Price enhances in auto insurance originally planned for later in 2015 have been accelerated due to raised non-weather related loss trends.
Allstate brand homeowners margins were excellent, with strong results during a quarter with moderate levels of catastrophe losses. The first quarter 2015 recorded combined ratio for Allstate brand homeowners was 78.7, resulting in $348 million in underwriting income. The underlying combined ratio of 64.5 was 1.3 points better than the first quarter of 2014. Allstate brand other personal lines also had a strong first quarter, recording a combined ratio of 89.3, and an underlying combined ratio of 82.1.
The Allstate Corporation (ALL) is the nation’s largest publicly held personal lines insurer, protecting about 16 million households from life’s uncertainties through auto, home, life and other insurance offered through its Allstate, Esurance, Encompass and Answer Financial brand names. Allstate is widely known through the slogan “You’re In Good Hands With Allstate®.”
Finally, Host Hotels & Resorts, Inc. (NYSE:HST), ended its last trade with -1.92% gain, and closed at $19.45, hitting its lowest level.
Host Hotels & Resorts, declared that Host Hotels & Resorts, L.P. (“Host L.P.”), for whom the Company acts as sole general partner, has priced its offering of $500 million aggregate principal amount of 4% Senior Notes due 2025. In contemplation of this Offering, Host L.P. reached interest rate hedging transactions with associates of certain of the underwriters settling recently that effectively reduces the yield to Host L.P. on the Notes to 3.93%. The Offering is predictable to close on May 15, 2015, subject to the satisfaction or waiver of customary closing conditions.
The net proceeds of the Offering of about $495 million, after deducting the underwriting discount, fees and expenses, together with cash on hand, will be used to redeem all of Host L.P.’s $500 million aggregate principal amount of 5-7/8% Series X Senior Notes due 2019.
Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are the joint book-running managers for the Offering.
Host Hotels & Resorts, Inc. is a publicly owned real estate investment trust (REIT). The firm primarily engages in the ownership and operation of hotel properties. It invests in the real estate markets of United States.
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