Category: Stock Market News

The Medicines Co. said Wednesday it has agreed to sell its infectious disease unit to Melinta Therapeutics Inc. for $270 million in upfront consideration, guaranteed payments of $215 million in cash and $55 million of Melinta common stock, as well as tiered royalty payments of 5% to 25% on sales of Vabomere, Orbactiv and Minocin IV. Clive Meanwell, Chief Executive of The Medicines Co., said the deal will allow the company to achieve three critical goals. The first is to provide the cash to advance inclisiran, a hypercholesterolaemia treatment, through a Phase III program in the second half of 2019 and associated manufacturing development. The second is to provide the resources to promote inclisiran, which the company believes has blockbuster potential, and the third to recognize the value of the three drugs mentioned above. The deal is expected to close in the first quarter. The Medicines Co. shares fell 5.7% in premarket trade. Melinta stock surged 6% after resuming trade following a halt. The stock has gained 7% in 2017 through Tuesday, while the S&P 500 has gained 17%.

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The Trump administration doesn’t plan to recommend stripping regulators of their power to seize and unwind a failing financial firm in a crisis, the Wall Street Journal reported Wednesday, citing people familiar with the matter. Maintaining this power is seen as a substantial win for backers of the 2010 Dodd-Frank financial law. The Treasury Department, in an upcoming report on the Dodd-Frank provision known as orderly liquidation authority, plans to propose changes without scrapping the policy wholesale, the Journal reported. Repealing the orderly liquidation authority would require an act of Congress, but a recommendation from Treasury to toss out the provision would have added firepower to Republican lawmakers’ efforts to dismantle much of the post-financial crisis law.

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Police in Tampa, Fla., said Tuesday night they had a suspect in custody who would be arrested and charged in four fatal shootings over the past two months. The apparently random slayings, which all occurred in the Seminole Heights neighborhood, had neighbors and authorities worried a serial killer was roaming the area. The suspect was brought in for questioning earlier Tuesday after being confronted by police at a local McDonald’s following a tip, local news reports said. He was reportedly armed with a handgun that authorities suspect was used in the killings.

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Aratana Therapeutics Inc. canceled plans for a stock offering Tuesday afternoon, one day after it announced the equity issuance and saw its share price plunge in response. The pet-medicine company said in a news release late Tuesday that it was canceling the offering because “current market conditions are not conducive for an offering.” After announcing plans to sell at least $35 million in fresh shares Monday evening, Aratana stock plunged 19% in Tuesday’s regular trading session to close at $5.86. The stock rebounded after the offering was canceled Tuesday, gaining more than 10% to hit $6.50 in after-hours trading.

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A Canadian man pleaded guilty Tuesday to hacking Yahoo email accounts on behalf of Russian government agents in a breach that eventually netted information on 500 million Yahoo users. Karim Baratov, 22, admitted to tricking webmail users into providing their passwords, then selling the passwords to Dmitry Dokuchaev, who allegedly worked with two other Russians — Igor Sushchin and Alexsey Belan — to compromise Yahoo’s network with that access and access Yahoo accounts. Two of the three Russians are officers in the Russian Federal Security Service, or FSB, the FBI said; all three are at large in Russia while facing U.S. charges for the hack. The breach was one of two embarrassing hacks for Yahoo Inc., which eventually gave an acquisition discount to Verizon Communications Inc. because of the breaches. Baratov pleaded guilty to eight charges, and faces up to 26 years in prison when sentenced in February. As part of the plea agreement, he has agreed to pay restitution to the victims and a fine of up to $2.25 million, according to the Department of Justice’s announcement.

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The American Petroleum Institute reported Tuesday that U.S. crude supplies climbed by 1.8 million barrels for the week ended Nov. 24, according to sources. The API data showed a fall of 1.5 million barrels in gasoline stockpiles, while inventories of distillates climbed by 2.7 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a decline of 3 million barrels for crude inventories. They also forecast a rise of 1.1 million barrels for gasoline and an increase of 160,000 barrels for distillate supplies. January crude was at $57.75 a barrel in electronic trading, down from the settlement of $57.99 on the New York Mercantile Exchange.

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Shares of Teladoc Inc. fell nearly 8% after the Purchase, N.Y.-based company said it plans to sell shares of its common stock, 3.25 million shares offered by the company and 830,000 shares offered by certain stockholders. Underwriters have the option to buy up to an additional 612,000 shares from Teladoc, the company said. Proceeds of the primary portion of the offering will go to prepay debt, with the remaining proceeds used as working capital and for general corporate purposes, the company said. Teladoc will not receive any proceeds from the shares sold by the stockholders. Teladoc stock ended the regular trading day flat.

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A district court judge on Tuesday denied the request by Leandra English to issue a temporary restraining order against Mick Mulvaney that sought to deny him from being acting director of the Consumer Financial Protection Bureau. The ruling means that Mulvaney, also the director of the Office of Management and Budget, will stay at the CFPB as its acting director. English had been appointed by the outgoing CFPB director, Richard Cordray, to fill the director role.

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Wells Fargo & Co. said late Tuesday it will stop providing personal-insurance products by early next year, in keeping with its goal to simplify and streamline its product lineup. The bank, which has offered auto, homeowners, renters and umbrella personal insurance products since 2003, said it will wind down operations “in a measured and responsible way” for existing customers and it expects to complete the exit in the first quarter. The personal insurance business is the last remaining insurance brokerage agency in Wells Fargo’s portfolio, and its financial contribution was not material to the company, the bank said in a statement. The decision does not impact Wells Fargo’s Wealth and Investment Management’s life insurance practice, it said. Shares of Wells Fargo fell 0.2% in late trading Tuesday after ending the regular session up 3%.

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Marvell Technology Group Inc. shares rose in the extended session Tuesday after the chipmaker’s quarterly results and outlook topped Wall Street views. Marvell shares advanced 2.7% to $23.90 after hours. The company reported third-quarter net income of $200.2 million, or 40 cents a share, compared with $72.6 million, or 14 cents a share, in the year-ago period. Adjusted earnings were 34 cents a share. Revenue declined to $616.3 million from $623.7 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 33 cents a share on revenue of $613.7 million. For the fourth quarter, Marvell estimates adjusted earnings of 29 cents to 33 cents a share. Analysts expect earnings of 28 cents a share. Last week, Marvell offered to buy Cavium Inc. in a deal valued at about $6 billion.

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