On Monday, Freeport-McMoRan Inc (NYSE:FCX)’s shares declined -6.30% to $6.47.
Freeport-McMoRan declared additional actions in response to market conditions, counting further revisions to its oil and gas capital spending plans, additional curtailments in copper and molybdenum production and the suspension of its common stock dividend.
Mining Review. FCX continues to review its capital projects and costs to maximize cash flow in a weak commodity price environment and to preserve its resources for anticipated improved future market conditions. FCX formerly declared a 25 percent reduction in its capital spending for its mining business for 2016 (from $2.7 billion to $2.0 billion, counting $0.6 billion in sustaining capital) and declared curtailments at its North America and South America mines totaling 250 million pounds of copper and 20 million pounds of molybdenum per year. FCX is undertaking further actions involving plans for a full shut-down of its Sierrita mine in Arizona and adjustments to its operating plans from its primary molybdenum mines, which will improvement its curtailments to about 350 million pounds of copper and 34 million pounds of molybdenum per annum. FCX is ongoing to evaluate its mining operating plans in response to market conditions and will make further adjustments as required.
FCX is also evaluating other financing alternatives, the potential sale of minority interests in certain mining assets and other actions to provide additional proceeds for debt reduction. FCX has a broad set of natural resource assets that provide alternatives for future actions to enhance its financial flexibility.
Freeport-McMoRan Inc., a natural resource company, engages in the acquisition of mineral assets, and oil and natural gas resources. It primarily explores for copper, gold, molybdenum, cobalt, silver, and other metals, in addition to oil and gas.
Dyax Corp. (NASDAQ:DYAX)’s shares gained 0.13% to $37.41.
Dyax Corp. (DYAX) declared it has set a date for a special meeting of its stockholders to consider and vote on the formerly declared projected acquisition of Dyax by Shire plc and certain other related matters. The special meeting will be held on January 21, 2016, at 1:00 p.m. Eastern Time, at the offices of Dyax, 55 Network Drive, Burlington, Massachusetts 01803.
Dyax stockholders of record as of the close of business on December 11, 2015 are entitled to notice of, and to vote at, the special meeting. The projected acquisition is subject to approval by Dyax’s stockholders and certain other customary closing conditions.
Dyax Corp., a biopharmaceutical company, identifies, develops, and commercializes treatments for hereditary angioedema (HAE) and other plasma-kallikrein-mediated (PKM) disorders. It offers KALBITOR for the treatment of acute attacks of HAE. The company distributes KALBITOR through a network of wholesale, hospital, and specialty pharmacy arrangements.
At the end of Monday’s trade, Endo International plc - Ordinary Shares (NASDAQ:ENDP)‘s shares surged 0.54% to $57.43.
Endo International plc (ENDP) (ENL.TO) declared the extension of its exclusive U.S. marketing rights for the presently marketed prescription medicine Voltaren® Gel (diclofenac sodium topical gel) 1% in addition to for the product’s Authorized Generic, should Endo opt to commercially launch it in the future. Endo, through an indirect wholly owned partner, has reached a licensing agreement with Sandoz Inc. and Novartis AG through June 30, 2023 .
“We are very proud of Voltaren® Gel’s market leading position and are therefore very happy to extend our marketing rights and continue this successful commercialization,” said Rajiv De Silva , President and CEO of Endo. “Endo has a long-standing commitment to supporting the pain community. With this agreement, we can now continue to provide Voltaren® Gel as an important product in our innovative pain product portfolio.”
Under the terms of the seven-year agreement, Endo will make additional payments so long as there is no entry of a generic competitor product and the same minimum sales royalties and tiered, double-digit royalties on net sales of Voltaren® Gel in the U.S. as the current licensing agreement. Sandoz will continue to supply the product to Endo.
Endo will provide more detail regarding the anticipated financial impact of this license extension on its future performance when the Company provides full 2016 financial guidance.
Endo International plc, a specialty healthcare company, focuses on branded and generic pharmaceuticals and devices worldwide. It operates through four segments: U.S. Branded Pharmaceuticals, U.S. Generic Pharmaceuticals, Devices, and International Pharmaceuticals.