On Tuesday, Masco Corporation (NYSE:MAS)’s shares inclined 0.81% to $27.28.
Masco Corporation (MAS) declared that its Board of Directors has approved the formerly-declared spin-off of TopBuild Corp. (NYSE:BLD), which will, upon completion of the spin-off, hold the assets and operations of Masco’s Installation and Other Services businesses.
In the spin-off, Masco will distribute 100% of the shares of common stock of TopBuild. The distribution of TopBuild shares is predictable to be accomplished after the New York Stock Exchange market closing on June 30, 2015, with Masco stockholders receiving one share of TopBuild common stock for every nine shares of Masco common stock held at the close of business on the record date of June 19, 2015.
Masco Corporation manufactures, distributes, and installs home improvement and building products worldwide. The company’s Cabinets and Related Products segment provides cabinetry for kitchen, bath, storage, home office, and home entertainment applications; and kitchen countertops, and integrated bathroom vanity and countertop solutions. Its Plumbing Products segment offers faucets, showerheads, handheld showers, valves, bathing units, and toilets; acrylic tub and shower systems, bath and shower enclosure units, shower trays, and laundry tubs, in addition to spas; and brass and copper plumbing system components, and other plumbing specialties.
Neurocrine Biosciences, Inc. (NASDAQ:NBIX)’s shares dropped -5.12% to $42.96.
Neurocrine Biosciences, Inc. (NBIX) declared the grant of an inducement award to Mr. Benevich following Rule 5635(c)(4) of the NASDAQ Listing Rules. In connection with his employment with Neurocrine, Mr. Benevich was granted an inducement award comprising of a stock option to purchase 60,000 shares of Neurocrine common stock. The stock option will vest over a period of four years, with 25% vesting on the first anniversary of the grant date and the balance vesting each month over the remaining three years. Mr. Benevich also received 25,000 restricted stock units which vest in full after three years of continuous service. These awards are subject to the terms and conditions of Neurocrine’s Inducement Plan. These awards were effective on June 1, 2015, the first business day of the first calendar month following the commencement of his employment with Neurocrine, and the stock option has an exercise price of $41.78 per share, which was the closing price of Neurocrine’s common stock on the NASDAQ Global Select Market on that date. The award was granted as an inducement material to Mr. Benevich’s employment following Rule 5635(c)(4) of the NASDAQ Listing Rules.
Neurocrine Biosciences, Inc. discovers and develops pharmaceuticals for the treatment of neurological and endocrine-related diseases and disorders in the United States. The company’s products in clinical development stage comprise elagolix, which is in Phase III study for endometriosis; elagolix that is in Phase IIb study for uterine fibroids; Corticotropin-Releasing Factor Receptor1 Antagonist, which is in Phase I/II study for congenital adrenal hyperplasia and stress-related disorders; and Vesicular Monoamine Transporter 2 Inhibitor (VMAT2) that is in Phase III study for movement disorders, in addition to Phase I study for tourette syndrome.
At the end of Tuesday’s trade, DryShips Inc. (NASDAQ:DRYS)‘s shares showed no change to $0.710.
DryShips Inc. (DRYS) declared that Ocean Rig closed the formerly declared offering of 28,571,428 shares of its common stock, par value $0.01 per share, at a price of $7.00 per share. As part of the offering, George Economou, Ocean Rig’s Chairman, President and Chief Executive Officer, purchased $10 million, or 1,428,571 shares, of common stock in the offering at the public offering price, a number of common shares that maintains his direct ownership in Ocean Rig, represent about five percent of its common stock.
Clarksons Platou Securities, Inc., Pareto Securities Inc. and Seaport Global Securities LLC acted as joint lead managers, joint bookrunners and placement agents in the offering. Clarksons Platou Securities AS and Pareto Securities AS are acting as placement agents. The total net proceeds to Ocean Rig from the offering, after deducting offering fees and expenses, were about $193.9 million. Ocean Rig intends to use the net proceeds from the offering for working capital and general corporate purposes, counting the acquisition of drilling rigs.
DryShips Inc. provides ocean transportation services for drybulk and petroleum cargoes, and offshore deepwater drilling services. The company operates through Drybulk, Tanker, and Drilling segments. The Drybulk segment provides drybulk commodities transportation services for the steel, electric utility, construction, and agri-food industries.
Immunomedics, Inc. (NASDAQ:IMMU), ended its Tuesday’s trading session with -9.47% loss, and closed at $4.54.
Immunomedics, Inc. (IMMU) declared an interim analysis of a mid-stage clinical study showed that its first-in-class antibody-drug conjugate (ADC), labetuzumab govitecan, produced encouraging survival results in patients formerly treated with at least one prior irinotecan-containing regimen for their metastatic colorectal cancer (mCRC).
For the 33 patients who received the ADC at the 8 or 10 mg/kg dose levels, the interim median progression-free survival (PFS), a measure of the length of time the patient is living without their disease getting worse from the starting of their labetuzumab govitecan treatments, was 4.4 months, with 22% of these patients still benefiting from their cancer not progressing.
Immunomedics, Inc., a biopharmaceutical company, focuses on the development of monoclonal antibody-based products for the targeted treatment of cancer, autoimmune, and other diseases in the United States. Its clinical programs comprise epratuzumab, which is in two Phase III clinical trials for the treatment of lupus; and Yttrium-90 labeled clivatuzumab tetraxetan that is in Phase 3 registration study for the treatment of pancreatic cancer.
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