On Monday, Builders FirstSource, Inc. (NASDAQ:BLDR)’s shares surged 67.68% to $11.57, hitting its highest level, as Builders FirstSource to attain ProBuild.
A leading supplier and manufacturer of structural and related building products for residential new construction in the United States, recently declared that it has reached a definitive purchase contract to attain ProBuild Holdings LLC, one of the nation’s largest professional building materials suppliers, in an all-cash transaction valued at about $1.63 billion. The transaction, which was approved by the Builders FirstSource Board of Directors, is subject to customary closing conditions and regulatory approvals and is predictable to close in the second half of 2015.
ProBuild was created in 2006 by Devonshire Investors, the private equity firm associated with FMR LLC, the parent company of Fidelity Investments. With about $4.5 billion in proceed in 2014, ProBuild is one of the largest distributors of building materials to professional builders, contractors and project-oriented consumers in the United States. ProBuild operates lumberyards, component facilities, millwork shops, gypsum yards and retail stores across 40 states. Together, Builders FirstSource and ProBuild will have an improved portfolio of products with raised breadth and depth within its categories, counting lumber, windows, doors, millwork, hardware, roof and floor trusses, engineered wood products, gypsum, roofing, metal and concrete products, cabinets and countertops. In addition, the combined company will better serve its customer base through its broader scale and operating footprint, enabling it to deliver products and services more effectively and efficiently.
Floyd Sherman, Chief Executive Officer of Builders FirstSource, said, “We are very happy to declare this compelling combination with ProBuild to create a more diversified company with improved scale and an improved geographic footprint that will drive noteworthy value for our customers and stockholders. As the U.S. housing market continues its recovery, we believe now is the ideal time to position Builders FirstSource for its next phase of growth and value creation. Together we will establish a broader, more efficient platform of manufacturing and distribution capabilities, supported by high-quality service from the best talent in the industry. In addition, each of our companies has complementary strengths, and we plan to learn from each other by implementing best practices across the combined company. Builders FirstSource and ProBuild have two of the best sales forces in the industry and share a commitment to enhancing the deep, long-standing customer relationships that each company has cultivated. We look forward to working with the ProBuild team to plan for a seamless integration that will enable us to create exciting new opportunities.”
Paul S. Levy, Chairman of the Board of Builders FirstSource and Founder of JLL Partners, said, “Since JLL Partners founded Builders FirstSource in 1998 and took the company public in 2005, we have been intently focused on creating a leading platform that professionalizes the building products industry through a best practices approach to conducting business. We are accomplishing our objective by providing a variety of products and services in addition to personalized attention to our customers at the local level, and the combination declared recently will significantly advance these efforts across a broader operating footprint. We are confident that the substantial additional resources that ProBuild brings to Builders FirstSource will assist drive noteworthy value creation over the long-term.”
David A. Barr, Managing Director, Co-Head of Industrial and Business Services, Warburg Pincus, commented, “When we first partnered with Builders FirstSource, we saw noteworthy opportunities for the company to pursue attainments in the highly fragmented building products distribution industry. Builders FirstSource has established itself as a leader in its field, and this combination with ProBuild will enable the Company to continue to capitalize on favorable market trends in the housing market.”
Builders FirstSource, Inc. manufactures and supplies structural and related building products for residential new construction primarily in the southern and eastern United States. The company offers prefabricated components, counting floor trusses, roof trusses, wall panels, stairs, and engineered wood; and window and door products, such as aluminum and vinyl windows, and pre-hung interior and exterior doors, in addition to assembles and distributes interior and exterior door units.
Celladon Corporation (NASDAQ:CLDN)’s shares gained 9.65% to $18.87, during the last trading session on Monday, as on March 30, a clinical-stage biotechnology company, declared financial results for the quarter and year ended December 31, 2014 and recent corporate highlights.
“In the last year, Celladon has made noteworthy progress in our clinical programs and pre-commercial planning for MYDICAR, counting preparations for commercial manufacturing and other long lead-time activities. Our CUPID2 trial is evaluating the use of MYDICAR to treat systolic heart failure, known as HFrEF, and we received Breakthrough Therapy designation for this program from the FDA in April of last year. The CUPID2 trial is proceeding according to plan and we look forward to un-blinding and announcing top-line data from this trial in late April 2015. Following last year’s financing activities, we are well positioned to advance our pipeline and development initiatives in 2015,” said Krisztina Zsebo, Ph.D., Chief Executive Officer of Celladon.
Celladon Corporation, a clinical-stage biotechnology company, focuses on developing cardiovascular gene therapy and calcium dysregulation. The company’s lead product candidate comprises MYDICAR that uses genetic enzyme replacement therapy to correct the Sarco/endoplasmic reticulum Ca 2+ -ATPase 2a enzyme deficiency in heart failure patients that result in inadequate pumping of the heart.
At the end of Monday’s trade, Sysorex Global Holdings Corp. (NASDAQ:SYRX)’s shares skyrocketed 55.92% to $2.37, as Big data software solutions and infrastructure provider, declared that its Lilien Systems partner, has once again been named to The Channel Company’s CRN® Tech Elite 250. This annual list recognizes an elite group of IT solution providers that have invested in the training and education needed to earn the most advanced technical certifications from leading vendors. This is the third time that Lilien Systems has been named to the Tech Elite list.
“We are happy to once again be recognized for our dedication to education and training. Our Professional Services Group has years of experience working with leading technologies in all types of environments,” said Lilien Systems’ President Bret Osborn. “Collectively, our knowledgeable staff holds over 200 technical certifications for products and solutions that span the data center and beyond,” he added.
Sysorex Global Holdings Corp., through its auxiliaries, provides data analytics and location based solutions and services to commercial and government customers worldwide. It operates through four segments: IT Commercial, IT Government, eSolutions, and Location-Based Technology.
Finally, Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC), ended its Monday’s trading session with 12.92% gain, and closed at $1.05, as on March 24, a biopharmaceutical company, stated its financial results and business highlights for the fourth quarter and full year ended December 31, 2014.
The Company’s net loss applicable to ordinary shareholders for the fourth quarter ended December 31, 2014 was $4.8 million, or $0.21 per basic and diluted share, contrast to net loss applicable to ordinary shareholders of $3.6 million, or $0.20 per basic and diluted share for the fourth quarter ended December 31, 2013. As of December 31, 2014, cash and cash equivalents totaled $24.2 million. Following the Company’s public offering of ordinary stock in March, 2015, proforma cash and cash equivalents is about $34.6 million.
“2014 was a defining year for Cyclacel as we accomplished enrollment of our SEAMLESS study, one of the largest Phase 3 trials as front-line treatment of elderly patients with acute myeloid leukemia (AML), and also accomplished Investigational New Drug (IND)-directed development of CYC065, a cyclin dependent kinase (CDK) inhibitor, the area of research Cyclacel was founded to pursue,” said Spiro Rombotis, President and Chief Executive Officer of Cyclacel. “Although the SEAMLESS independent Data Safety Monitoring Board (DSMB) determined in an interim analysis of about half of the required events that the futility boundary had been crossed, they saw no reason for the trial to be suspended and recommended recruited patients should stay on study. We will follow-up patients until the prespecified number of events has been observed, which we expect to occur between the second half of 2015 and the first half of 2016. Subject to the outcome of SEAMLESS, we are preparing for potential regulatory submissions.
Business Highlights:
Sapacitabine
- Accomplished enrollment in the SEAMLESS, pivotal, Phase 3 study for front-line treatment in patients aged 70 years or older with AML, in about 110 U.S. and European sites, one of the largest studies in this patient population.
- The SEAMLESS Data Safety Monitoring Board (DSMB) conducted the final planned safety review of 470 randomized patients with at least 60 days of follow-up and found no safety concerns.
- The DSMB determined that the futility boundary had been crossed after 247 events and determined that it would be unlikely for the study to reach statistically noteworthy improvement in survival; however, the DSMB saw no reasons why patients should discontinue treatment on their assigned arm and recommended that recruited patients stay on treatment.
- About 28% of the prespecified events remain to be observed until mature data becomes accessible for analysis.
- Accomplished enrollment of patients in an additional part of the ongoing MDS Phase 2 study evaluating better dosing regimens.
- Revealed projected myelodysplastic syndromes (MDS) study design for a Phase 2b randomized controlled trial (RCT) in patients aged 60 years or older with intermediate-2 or high-risk MDS who have failed preceding hypomethylating agent therapy.
- Conducted feasibility study and determined that the projected MDS Phase 2b RCT design is feasible.
CYC065 (2nd generation CDK inhibitor)
- Accomplished IND-directed development. Preparation for IND submission to the U.S. Food and Drug Administration (FDA).
- Presented preclinical data at the 2014 Society of Hematologic Oncology (SOHO) meeting demonstrating therapeutic potential of CYC065 to treat acute leukemias, and in particular AML and acute lymphocytic leukemia (ALL) with rearrangements in the MLL gene.
Other:
- Designated Samuel L. Barker, Ph.D., to the Board of Directors.
Cyclacel Pharmaceuticals, Inc., a biopharmaceutical company, focuses on developing and commercializing small molecule drugs for the treatment of cancer and other serious diseases.
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