On Wednesday, Shares of Kythera Biopharmaceuticals, Inc. (NASDAQ:KYTH), surged 22.05% to $74.11, hitting its highest level.
Allergan plc (AGN), a leading global pharmaceutical company, and KYTHERA Biopharmaceuticals, Inc. (KYTH), declared that they have reached a definitive agreement under which Allergan has agreed to acquire KYTHERA in a cash and equity transaction valued at $75 per KYTHERA share, or about $2.1 billion, subject to the fulfillment of certain customary conditions summarized below. The fixed-value transaction consideration will be payable 80 percent in cash and 20 percent in new AGN shares issued to KYTHERA shareholders. Allergan’s 2015 earnings-per-share forecast offered on May 11, 2015 is unchanged as a result of the acquisition. The acquisition is predictable to be breakeven in 2016 and accretive thereafter. 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 KYTHERA right away enhances Allergan’s global facial aesthetics portfolio with the addition of KYBELLA™ (deoxycholic acid) injection, the first and only approved non-surgical treatment for contouring moderate to severe submental fullness, commonly referred to as double chin. KYBELLA™ was approved by the U.S. Food and Drug Administration (FDA) on April 29, 2015. KYBELLA™ injection is also being developed for potential introduction into international markets; KYTHERA has presented KYBELLA™ injection for regulatory approval in Switzerland, Canada and Australia, with other market applications to follow. The acquisition will also add KYTHERA’s development product setipiprant (KYTH-105), a novel compound for the prevention of male pattern baldness, in addition to additional early-stage development candidates.
KYTHERA Biopharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of prescription products for the aesthetic medicine market in the United States and internationally. Its product candidate ATX-101, is an injectable drug in late-stage clinical development for the the reduction of submental fat.
Shares of Magnum Hunter Resources Corp. (NYSE:MHR), inclined 4.13% to $1.26, during its last trading session, despite oil prices in New York dipped on Wednesday, following a mixed US petroleum supply report that showed lower crude supplies but a rise in gasoline stocks.
US benchmark West Texas Intermediate for delivery in July slipped five cents to US$59.92 a barrel on the New York Mercantile Exchange. European benchmark Brent oil for August delivery added 17 cents at US$63.87 a barrel in London.
Commercial oil stocks in the US fell by 2.7 million barrels in the week ending June 12, marking the seventh straight weekly decline, according to data from the US Department of Energy.
Magnum Hunter Resources Corporation, an independent oil and gas company, explores for, exploits, acquires, develops, and produces crude oil, natural gas, and natural gas liquid resources in the United States. The company operates through the U.S. Upstream, Midstream, and Oilfield Services segments.
Finally, Mitsubishi UFJ Financial Group, Inc. (NYSE:MTU), ended its last trade with -1.82% loss, and closed at $7.02.
Mitsubishi UFJ Financial Group, declared that it ranks among DiversityInc’s 2015 Top 10 U.S. Regional Companies for Diversity, ranking sixth on the “Regional Companies” specialty list. MUFG typically outperforms larger banks on Diversity Inc’s list of the Top 50 Companies for Diversity.
The Top 10 Regional Companies for Diversity list recognizes companies for inclusive practices in the following four areas:
1) CEO/Leadership Commitment, counting accountability, personal communications, and visibility
2) Equitable talent development, counting Employee Resource Groups (ERGs)
3) Pipeline, counting workforce demographics and recruitment
4) Supplier diversity, counting working with small businesses in disadvantaged areas and other underrepresented and underserved groups
Mitsubishi UFJ Financial Group, Inc., through its auxiliaries, provides financial services in Japan and internationally. Its Integrated Retail Banking Business Group segment offers a range of banking products and services, counting financial consulting services; deposit products comprising non-interest-bearing deposit accounts; asset administration and administration services; trust products; and other investment products. This segment also provides insurance products, such as annuity, single premium whole life, flat-rate premium whole life, medical, cancer, and nursing-care insurance; testamentary trust services; housing loans; and Internet banking services, in addition to is involved in credit card business.
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