On Friday, Mylan N.V. (NASDAQ:MYL)’s shares gained 0.21% to $70.24, while its weekly performance remained better, showing an upward trend up to 20.90%.
Perrigo Company plc, noted the declaration made by Mylan NV (MYL). Perrigo confirms that it has received an unsolicited, indicative proposal from Mylan regarding a possible offer for the Company.
The Board of Perrigo will meet to talk about the Proposal and a further declaration will be made when appropriate.
There can be no certainty that any offer will be made.
Mylan N.V., through its auxiliaries, develops, licenses, manufactures, markets, and distributes generic, branded generic, and specialty pharmaceuticals worldwide. The company provides generic or branded generic pharmaceutical products in tablet, capsule, injectable, or transdermal patch forms, in addition to active pharmaceutical ingredients (APIs).
Synta Pharmaceuticals Corp. (NASDAQ:SNTA)’s shares gained 6.22% to $2.39, during the last trading session on Friday, while its weekly performance remained Best, showing an upward trend up to 20.71%.
This week, Synta Pharmaceuticals declared the closing of its underwritten public offering of 25,300,000 shares of ordinary stock, counting 3,300,000 shares sold following the full exercise of the option to purchase additional shares formerly granted to the underwriters, at a public offering price of $1.75 per share. Gross proceeds to Synta are about $44.3 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Synta.
Jefferies LLC and Cowen and Company, LLC acted as joint book-running managers for the offering, and JMP Securities LLC and Roth Capital Partners, LLC acted as co-managers for the offering.
Synta Pharmaceuticals Corp., a biopharmaceutical company, focuses on the research, development, and commercialization of novel oncology medicines for cancer patients.
At the end of Friday’s trade, Comstock Resources Inc. (NYSE:CRK)’s shares were up 2.51% to $4.49, while its weekly performance remained better, showing an upward trend up to 20.70%.
Formerly on March 23, Comstock Resources, declared that it will reduce its 2015 capital spending plan by about 22% to $248 million, a savings of over $69 million as compared to its formerly declared budget on December 18, 2014. In addition to seeing improving drilling and completion costs, the recent success of the Company`s first Haynesville shale refrac will allow the Company to release one of its operated rigs drilling in the Haynesville shale at the end of March. As a result, the Company now plans to spend $95 million and drill nine (8.3 net) long lateral new wells in the Haynesville shale during 2015. Comstock is also increasing capital allocated toward the Haynesville shale refrac program. The Company now plans to spend $23 million on 14 Haynesville refracs. There are no other noteworthy changes to the 2015 capital program. The Company will incur a $2.4 million early termination fee on the released rig.
Comstock`s first refrac well in the Haynesville, the Pace #33, is presently flowing at 4 million cubic feet per day (“MMcf/d”) of natural gas on a 22/64-inch choke. Before the refrac, the well had been flowing at 0.5 MMcf/d. Following the refrac, the well practiced an eight-fold raise in flowrate and a three-fold raise in flowing pressure. Total cost for the refrac of the well was about $2 million. The Company anticipates to achieve cost reductions on future refrac projects of 10% to 15% below the costs for the Pace #33, and estimates internal rates of return of 40% to 69% on the refrac program assuming natural gas prices of $3.00 to $3.50 per thousand cubic feet. The Company has identified about 185 future Haynesville refrac candidates. Comstock is also studying potential oil well refrac candidates on its Eagle Ford shale properties in South Texas.
In the new Haynesville shale extended lateral drilling program, Comstock has reached total depth for the first three wells, the Pyle #6-7, Shahan #5-8, and Boggess #5-8, and has recently spudded the Horn 8-17 #2. Completion operations on the Pyle #6-7 will start this week. Accomplished well costs for the first four wells are predictable to be below $11 million with further cost reductions predictable later this year.
Based on the new capital budget, Comstock now estimates that 2015 natural gas production will average between 130 to 155 MMcf/d. 2015 oil production is still predictable to average between 9,500 to 10,500 barrels per day.
Comstock Resources, Inc., an independent energy company, attains, develops, explores, and produces oil and natural gas properties in the United States. Its oil and gas operations are primarily located in East Texas/North Louisiana and South Texas. The company owns interests in 1,596 producing oil and natural gas wells.
C&J Energy Services, Ltd. (NYSE:CJES), ended its Friday’s trading session with 2.16% gain, and closed at $13.69, while its weekly performance remained better, showing an upward trend up to 20.40%.
Formerly on March 27, C&J Energy, and Nabors Industries Ltd. declared the completion of the combination of C&J with Nabors’ completion and production services business. The resulting combined company, which has been renamed C&J Energy Services Ltd., is one of the largest completion and production services providers in North America led by the current C&J administration team, with Josh Comstock serving as Chief Executive Officer and Chairman of the Board, and Randy McMullen serving as President and Chief Financial Officer. New C&J is headquartered in Bermuda and its ordinary shares have been listed on the NYSE under the ticker symbol “CJES”. Nabors received about $688 million in cash from C&J as a portion of the consideration for the transaction and now owns about 53% of the outstanding and issued ordinary shares of New C&J, with the remainder held by former C&J shareholders.
The transaction was originally declared on June 25, 2014, with the execution of a definitive merger contract to combine C&J with Nabors’ completion and production services business in the U.S. and Canada. Under the terms of the transaction contracts, Nabors separated its completion and production services business in the United States and Canada from the rest of its operations and merged this business under New C&J. A Delaware partner of New C&J then merged into C&J, with C&J surviving the merger as a partner of New C&J. Effective upon closing of the transaction, ordinary shares of C&J have been converted into ordinary shares of New C&J on a 1-for-1 basis.
At closing, Nabors received total consideration valued, based on C&J’s closing stock price on March 23, 2015, at about $1.4 billion, comprised of about 62.5 million New C&J ordinary shares and about $688 million in cash. Nabors has agreed not to sell any ordinary shares received in the transaction for a period of 180 days following closing.
New C&J financed the transaction with term loans and borrowings under its new $600 million revolving credit facility. Specifically, the financing compriseed of $90 million drawn under the combined company’s new revolving credit facility, together with a new term loan B comprised of a $575 million term loan B-1 that matures 5 years after closing and a $485 million term loan B-2 that matures 7 years after closing.
C&J Energy Services, Ltd. provides well construction, well completions, and well services to the oil and gas industry in the United States. The company operates through three segments: Stimulation and Well Intervention Services, Wireline Services, and Equipment Manufacturing.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should might occur.
