On Monday, Apollo Global Administration LLC (NYSE:APO)’s shares declined -3.61% to $18.16.
OM Group, Inc. (OMG), a technology-driven diversified industrial company, recently declared that it has reached a definitive agreement to be attained by funds managed by associates of Apollo Global Administration, LLC (APO) (together with its merged auxiliaries, “Apollo”, and such funds, collectively, the “Apollo Funds”), for $34.00 per share in cash. The purchase price represents a premium of about 28% over OM Group’s closing share price on May 29, 2015.
Platform Specialty Products (“Platform”) (PAH) will acquire OM Group’s Electronic Chemicals and Photomasks businesses, which combined represented about $28 million of adjusted EBITDA in 2014, from the Apollo Funds in two separate transactions for total cash consideration of $365 million. Platform believes there is a synergy opportunity in excess of $20 million over the next two years from the combination of these complementary assets. Following the transactions, the Apollo Funds will own OM Group’s Magnetic Technologies, Battery Technologies and Advanced Organics businesses.
Apollo Global Administration, LLC is a publicly owned investment manager. It primarily provides its services to endowment and sovereign wealth funds, in addition to other institutional and individual investors. The firm manages client focused portfolios. It launches and manages hedge funds and mutual funds for its clients. The firm also manages real estate funds and private equity funds for its clients.
Rubicon Minerals Corp. (USA) (NYSEMKT:RBY)’s shares dropped -3.97% to $0.720.
Rubicon Minerals Corporation (RBY) reports on the progress of the Phoenix Gold Project (the “Project”).
Rubicon is presently focused on executing its stoping plan to bring the Project into projected commercial production and is encouraged by its progress to-date. The current development plan comprises the following:
- The main extractive technique presently being used is long-hole sub-level stoping with Alimak access;
- Trial mining is well underway on the initial trial stope (305-030) between the 244- and 305-metre levels. This stope is about 50 percent complete. It is anticipated that about 20,000 tonnes will be mined from the trial stope by the end of September. SRK Consulting (Canada) Inc. (“SRK”) has been hired to audit current operational procedures and to assess the reconciliation of gold ounces from in-situ mineral resource estimation through to process plant recovered gold, once adequate material has been processed. In addition, SRK will be making recommendations to optimize procedures and future stope designs. Once the reconciliation has been accomplished, the Company will provide an update;
Rubicon Minerals Corporation engages in the acquisition, exploration, and development of gold properties in Canada and the United States. It primarily holds a 100% interest in Phoenix Gold project comprising of 16 patented mining claims, 25 licenses of occupation, 1 mineral lease, and 1 unpatented mining claim located in Bateman Township, Municipality of Red Lake, Ontario. The company was founded in 1996 and is headquartered in Toronto, Canada.
At the end of Monday’s trade, Northrop Grumman Corporation (NYSE:NOC)‘s shares dipped -3.23% to $160.01.
The board of directors of Northrop Grumman Corporation (NOC) declared a quarterly dividend of $0.80 per share on Northrop Grumman common stock, payable Sept. 16, 2015, to shareholders of record as of the close of business Aug. 31, 2015.
Northrop Grumman Corporation, a security company, provides systems, products, and solutions in aerospace, electronics, information systems, and technical service areas to government and commercial customers worldwide. The company’s Aerospace Systems segment designs, develops, integrates, and produces manned aircraft, unmanned systems, spacecraft, high-energy laser systems, microelectronics, and other systems and subsystems.
Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI), ended its Monday’s trading session with -2.29% loss, and closed at $6.83.
Spectrum Pharmaceuticals, Inc. ( SPPI), a biotechnology company with fully integrated commercial and drug development operations with a primary focus in hematology and oncology, declared recently financial results for the three-month period ended June 30, 2015.
Pipeline Update:
Two Potential Blockbusters, One Near-term FDA Decision and One Near-term NDA Submission
- SPI-2012, a novel long-acting GCSF: In Phase 2 trials earlier this year, SPI-2012’s efficacy was shown to be non-inferior at the middle dose, and superior to the blockbuster drug pegfilgrastim at the higher dose tested. Based on talk aboution with the FDA, the Company plans to initiate a Phase 3 study this year, and is seeking an SPA for this study that would be powered at over 90% to demonstrate non-inferiority and at 80% to demonstrate superiority to pegfilgrastim.
- EVOMELA, a propylene-glycol free formulation of melphalan with improved stability: NDA review is ongoing and is on track for an FDA decision on October 23, 2015. This drug is predictable to be launched using Spectrum’s existing sales force, and pre-launch activities have commenced.
Spectrum Pharmaceuticals, Inc., a biotechnology company, develops and commercializes oncology and hematology drug products. The company markets five drug products, counting FUSILEV for the treatment of patients with metastatic colorectal cancer, rescue after high-dose methotrexate therapy in osteosarcoma, and to diminish the toxicity and counteract the effects of impaired methotrexate elimination and of inadvertent overdosage of folic acid antagonists; FOLOTYN, a folate analogue metabolic inhibitor for the treatment of patients with relapsed or refractory peripheral T-cell lymphoma (PTCL); ZEVALIN injection for patients with follicular non-Hodgkin’s lymphoma; MARQIBO, a sphingomyelin/cholesterol liposome-encapsulated formulation of the anticancer drug vincristine for the treatment of adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; and BELEODAQ injection for patients with relapsed or refractory PTCL.
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